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re: When buying a house
Posted on 5/15/13 at 3:31 pm to CP3LSU25
Posted on 5/15/13 at 3:31 pm to CP3LSU25
are you planning on living in this house forever? If so, then put as much down as you can (20%), if not then put down as little as you can (3.5-5%).
If you are going to resell the house eventually, it makes more sense to use borrowed money at a the current interest rate and use the money you save to invest in something that will draw more interest. Also, your house will likely appreciate over time and you can eventually turn a profit by using borrowed money.
If you are going to resell the house eventually, it makes more sense to use borrowed money at a the current interest rate and use the money you save to invest in something that will draw more interest. Also, your house will likely appreciate over time and you can eventually turn a profit by using borrowed money.
1
Posted on 5/16/13 at 1:18 pm to Delacroix
quote:
re you planning on living in this house forever
probably 5 years
Posted on 5/16/13 at 2:46 pm to CP3LSU25
if you need a mortgage quote shoot me an email..hawkeye70739@gmail.com
Posted on 5/16/13 at 4:02 pm to CP3LSU25
quote:
probably 5 years
If probably becomes definitely I'd do a 5/1 ARM
Posted on 5/19/13 at 10:39 am to ItNeverRains
quote:
If probably becomes definitely I'd do a 5/1 ARM
Posted on 5/20/13 at 10:35 am to CP3LSU25
quote:
Is the norm to put 30%
Nope, not even close to the norm. 20% is what is needed to avoid PMI. If you're a conventional loan and go below 10% there's a big bump in PMI as well. With rates so low, it may not be worth putting more than 20% down.
Posted on 5/21/13 at 7:44 pm to BayouBengal
I can get 3.445 on 30 with 5% down...this includes PMI
Or I can get 3.845 on 30 with 5% down no PMI ...save 50 per month ...break even is at 8.5 years which is where I begin to get hurt by higher rate overall about a 12K difference if loans are retired at 30 years...thoughts?
Or I can get 3.845 on 30 with 5% down no PMI ...save 50 per month ...break even is at 8.5 years which is where I begin to get hurt by higher rate overall about a 12K difference if loans are retired at 30 years...thoughts?
Posted on 5/22/13 at 7:14 am to sandjunky
quote:
I can get 3.445 on 30 with 5% down...this includes PMI Or I can get 3.845 on 30 with 5% down no PMI ...save 50 per month ...break even is at 8.5 years which is where I begin to get hurt by higher rate overall about a 12K difference if loans are retired at 30 years...thoughts?
How long do you plan on staying in house? Do you expect to appraise for 17% more than paid in less than 8.5 years? Are you getting considerations towards closing from seller?
Posted on 5/22/13 at 7:49 am to CP3LSU25
At least 20%. I'm fricking paying PMI and it's a drag. It's in my wife's name, so I'm looking to get on the note and get it converted to a VA loan to eliminate the PMI.
Posted on 5/22/13 at 7:53 am to sandjunky
(no message)
This post was edited on 5/22/13 at 7:55 am
Posted on 5/22/13 at 12:57 pm to wegotdatwood
As a general rule as a buyer, you should never buy a house through the agent that is listing the house. That agent is hired to represent the seller. Whether its your friend or not, don't call the agent on the sign. Call your own independent agent. 
Posted on 5/22/13 at 1:19 pm to theoldwiseone33
quote:
As a general rule as a buyer, you should never buy a house through the agent that is listing the house. That agent is hired to represent the seller. Whether its your friend or not, don't call the agent on the sign. Call your own independent agent.
When I'm presented with a dual agency situation. I always get another agent on my team to write offer for buyer and pay them 1% for their time, which allows my seller to save 2% on commissions or to be split by buyer/seller.
I never have and never will represent both parties, or the rare exception it isn't an ethical dilemma, the risk/reward is simply not worth it.
This post was edited on 5/22/13 at 1:20 pm
Posted on 5/22/13 at 3:55 pm to CP3LSU25
save that 10% because shite is gonna break just sayin
Posted on 5/23/13 at 4:22 am to hawkeye007
I swear I had a friend who put down like 5% on his house. I just smh.
Posted on 5/23/13 at 8:14 am to FootballNostradamus
95/5 conventional with upfront PMI is a great product for many buyers IMO
Posted on 5/23/13 at 8:44 am to ItNeverRains
quote:I think this is by far the best way to go if you are a young couple who will be in the house for 5-10 years. You will still build equity for when you sell but you leave enough cash in the bank to start a family
95/5 conventional with upfront PMI is a great product for many buyers IMO
Posted on 5/23/13 at 11:00 am to CP3LSU25
CP3, if you are still unsure about which Realtor to use you can always sign up on Dave Ramsey's ELP website and you are guaranteed to get one of the top 3 agents in your area.
Posted on 5/23/13 at 11:55 am to theoldwiseone33
quote:
CP3, if you are still unsure about which Realtor to use you can always sign up on Dave Ramsey's ELP website and you are guaranteed to get one of the top 3 agents in your area.
And people say there is no humor on the Money board.
Posted on 5/23/13 at 12:24 pm to theoldwiseone33
quote:
Dave Ramsey's
Stopped reading right there.
Posted on 5/23/13 at 3:27 pm to ItNeverRains
quote:This!quote:If probably becomes definitely I'd do a 5/1 ARM
probably 5 years
I'm generally an ARM hater in this environment; but if a buyer is certain about a 5yr period, ARM should be strongly considered.
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