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Started By
Message
re: Cash or mortgage?
Posted on 2/13/19 at 2:33 pm to TigerDat
Posted on 2/13/19 at 2:33 pm to TigerDat
quote:
The floorplan we want is from Steve Madden in Denham. So our plan was to go to him and get them altered and blueprints printed.
Should we decide on a builder first just by showing them the floorplan or get the blueprints and then have it bid out by diff builders from the blueprint?
Considering the builder is the most important part, I would finalize your builder before finalizing the floor plan. Not everyone will do completely custom homes. Giving them a sample floor plan up front is a great idea but I wouldn't waste time finalizing it before you have a builder. Your builder should be able to give you great guidance on cost impacts and/or experience with different designs/features.
You want to make sure EVERYONE is comfortable with the plan from the get go.
This post was edited on 2/13/19 at 2:35 pm
1
Posted on 2/13/19 at 3:09 pm to notsince98
To reiterate: you need to consider the area & whether the house & land will appraise for the build cost. In very rural areas with limited comps, this can be a problem. You can't get a mortgage if the appraisal comes in low.
Posted on 2/13/19 at 3:13 pm to hungryone
quote:
To reiterate: you need to consider the area & whether the house & land will appraise for the build cost. In very rural areas with limited comps, this can be a problem. You can't get a mortgage if the appraisal comes in low
This shouldn't be an issue there have been multiple custom homes built of higher value than ours recently.
Posted on 2/17/19 at 10:20 pm to TigerDat
25 years in the mortgage industry. Licensed in AL and FL, I assume you are in Louisiana? I cannot help you but could refer to to a licensed LO for your state or you can see link below and call one of the branches in your state.
The company (licensed in all 50) I work for has program called the All in One Mortgage. It is a 1st lien Line of Credit. You can research the product detail at All in One Mortgage. you can use the interactive calculator to see how it helps you pay off the balance quicker.
The good thing with this and your situation is that you can set the line for higher than your initial draw. You can pay the balance to $0.00 at any time. If you ever needed funds you can access equity in the home. You only pay interest in the daily balance.
It is a 30 year loan, first 10 years you have access to the full line, then it decreases 1-240th over the next 20 years.
Seems like this might be a good option for you.
Good luck!
The company (licensed in all 50) I work for has program called the All in One Mortgage. It is a 1st lien Line of Credit. You can research the product detail at All in One Mortgage. you can use the interactive calculator to see how it helps you pay off the balance quicker.
The good thing with this and your situation is that you can set the line for higher than your initial draw. You can pay the balance to $0.00 at any time. If you ever needed funds you can access equity in the home. You only pay interest in the daily balance.
It is a 30 year loan, first 10 years you have access to the full line, then it decreases 1-240th over the next 20 years.
Seems like this might be a good option for you.
Good luck!
Posted on 2/18/19 at 3:45 am to TigerDat
No one needs a 500k home, unless you have 7 kids.
Posted on 2/18/19 at 5:03 am to TigerDat
I don't have any clue how much money you have in total OP, but $500k house plus the land? So over $600k possibly? Realize a custom home is likely to go up in cost once the building begins. That's a lot of house for someone with a household income of $110k. Simply because you are paying more in insurance, maintenance, property taxes, etc. So I'd be very careful there.
If you have $500k+ in retirement you are are doing fantastic in your 30s. I'm just saying, you are in what appears to be a great financial situation now be careful and be conservative.
If you have $500k+ in retirement you are are doing fantastic in your 30s. I'm just saying, you are in what appears to be a great financial situation now be careful and be conservative.
Posted on 2/19/19 at 11:30 pm to baldona
quote:
lus the land?
Already had the land. 15 acres.
quote:
$500k house
Not necessarily gonna be a 500k house, but we have 500k set aside.
Posted on 2/19/19 at 11:31 pm to LSU6262
quote:
No one needs a 500k home, unless you have 7 kids
It will be 4 bedrooms, not exactly a mansion.
2500 living. 4100 total
This post was edited on 2/19/19 at 11:34 pm
Posted on 2/21/19 at 4:31 pm to TigerDat
quote:
Bunch of jealous people here or something?
I'm a bit jealous, but didn't downvote.
Good luck with the new home.
Posted on 2/21/19 at 5:04 pm to REB BEER
Finance for 30 years.
Put down 20%.
Put the rest of the money to work for you. Immediately.
Buy your rate down as much as humanly possible.
Do not take a 15 year note.
Do not-EVER-finance a house using a Line of Credit if you have those types of assets in the bank. Dude earlier is giving reckless advice and looking for a recco. No offense but that's total BS and you should feel bad recommending sh!t like that here.
Have your Mortgage Broker work out your PITI (Principal, Interest, Taxes & Insurance) payment.
Divide it by 12.
Add that to your regular PITI payment.
Pay that every month.
Designate the overage be applied to principal.
If you wanna go faster than that (you're gonna knock approximately 5-7 years off term just doing 1 and a 12th monthly) then do it. But don't hamstring yourself from a payment perspective into a higher note via a shorter term. Just pay the higher amount monthly to pay it off in the term you'd prefer. If something ever happens to you or your spouse (God forbid) you can drop down to a more manageable monthly obligation as a result.
Average rates around 4.3-4.5 (YMMV). The $ you have set aside now could go to work for you in a major way and generate a great return.
Don't put it all down in cash.
Put down 20%.
Put the rest of the money to work for you. Immediately.
Buy your rate down as much as humanly possible.
Do not take a 15 year note.
Do not-EVER-finance a house using a Line of Credit if you have those types of assets in the bank. Dude earlier is giving reckless advice and looking for a recco. No offense but that's total BS and you should feel bad recommending sh!t like that here.
Have your Mortgage Broker work out your PITI (Principal, Interest, Taxes & Insurance) payment.
Divide it by 12.
Add that to your regular PITI payment.
Pay that every month.
Designate the overage be applied to principal.
If you wanna go faster than that (you're gonna knock approximately 5-7 years off term just doing 1 and a 12th monthly) then do it. But don't hamstring yourself from a payment perspective into a higher note via a shorter term. Just pay the higher amount monthly to pay it off in the term you'd prefer. If something ever happens to you or your spouse (God forbid) you can drop down to a more manageable monthly obligation as a result.
Average rates around 4.3-4.5 (YMMV). The $ you have set aside now could go to work for you in a major way and generate a great return.
Don't put it all down in cash.
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