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re: Lets talk about the housing bubble
Posted on 3/1/18 at 11:37 am to cokebottleag
Posted on 3/1/18 at 11:37 am to cokebottleag
I bought at the end of 2008 for $190k(after all closing costs, etc). I am at $159k on the loan, and the comps put my house at $260 right now. I'm looking at pulling out about $25k-$30k with a cash out refi for improvements, paint, etc. I am currently at 5% on the mortgage rate.
Bad idea, or good?
Bad idea, or good?
1
Posted on 3/1/18 at 11:00 pm to SoulGlo
Similar to me. I bought a 2900 sq ft house in 2012 that was built and originally sold as a new home in 2008. The first owners paid $299. They had it listed for $299 in 2012 but we ended up getting it for $248 and put $30k down. I spent $15k and built out the basement myself to make it 4200 sq ft.. I had it appraised 3 weeks ago to refi to a 15 year mortgage and pull $30k out. It appraised for $499 and we only owed right at $200k. Doing $230k for 15 years(but pay off in 10 is the goal) and still have $270k in equity. Our situation has worked out well.
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