Community Chat

[tansy]

I am acknowledging your response, terrier. We'll talk again when you are ready to retire. I gave birth to a successful financial guy

[terrier3]

On 7/9/2014 tansy said: I am acknowledging your response, terrier. We'll talk again when you are ready to retire. I gave birth to a successful financial guy

I said when I retire I'm paying off my house...but I am lucky to be in a business where I won't have to retire at 66.

[tansy]

On 7/9/2014 terrier3 said:

On 7/9/2014 tansy said: I am acknowledging your response, terrier. We'll talk again when you are ready to retire. I gave birth to a successful financial guy

I said when I retire I'm paying off my house...but I am lucky to be in a business where I won't have to retire at 66.

I hope you stay healthy and are able to do that, terrier. My husband went past 66, too. Not many places force people out at 66 anymore.

[scotttie]

On 7/9/2014 terrier3 said:

On 7/9/2014 scotttie said:

On 7/9/2014 terrier3 said:

If she pays off a 4% mortgage, she will be making a lot LESS money than keeping the $66,000 and investing it in the market. It is very easy to make more than the 4% mortgage rate.

What about that simple fact do you not "get"?

Correct. And you don't have to invest in risky stocks either.

I never said you have to invest in risky stocks. There are plenty of investments (NOT CDs or savings accounts though) where you can make more than 4%.

I was agreeing with you. Chill.

[terrier3]

On 7/9/2014 scotttie said:

On 7/9/2014 terrier3 said:

On 7/9/2014 scotttie said:

On 7/9/2014 terrier3 said:

If she pays off a 4% mortgage, she will be making a lot LESS money than keeping the $66,000 and investing it in the market. It is very easy to make more than the 4% mortgage rate.

What about that simple fact do you not "get"?

Correct. And you don't have to invest in risky stocks either.

I never said you have to invest in risky stocks. There are plenty of investments (NOT CDs or savings accounts though) where you can make more than 4%.

I was agreeing with you. Chill.

Sorry...I'm touchy tonight!

[scotttie]

On 7/9/2014 terrier3 said:

On 7/9/2014 scotttie said:

On 7/9/2014 terrier3 said:

On 7/9/2014 scotttie said:

On 7/9/2014 terrier3 said:

If she pays off a 4% mortgage, she will be making a lot LESS money than keeping the $66,000 and investing it in the market. It is very easy to make more than the 4% mortgage rate.

What about that simple fact do you not "get"?

Correct. And you don't have to invest in risky stocks either.

I never said you have to invest in risky stocks. There are plenty of investments (NOT CDs or savings accounts though) where you can make more than 4%.

I was agreeing with you. Chill.

Sorry...I'm touchy tonight!

I understand.

[terrier3]

On 7/9/2014 scotttie said:

On 7/9/2014 terrier3 said:

Sorry...I'm touchy tonight!

I understand.

THX!

[151949]

Last year we made enough money on our investments to buy ourselves a new camper trailer - so we did - when DH called our finance guy to get the money to pay for it he recommended we get a home equity line instead and pay the low interest - less than 3 % - and let our money grow in the market. We took his advice. Our money has grown way way more than the poultry amount we pay in interest on our line of credit, and we increased our monthly payout from our investments to make the monthly payment.

[tansy]

I'm feeling cranky today, terrier, so we're even

[EastCoastViewer]

You don't have peace about it because it's not right. Did you even have a home inspection? BEWARE for 5 reasons:

(1) I don't know where you live but a condo is not very marketable unless what you are calling a "condo" is a 2+ bedroom townhouse OR the condo you are buying is located in a TRENDY, high-rent, metropolitan area. A townhouse is marketable nationwide but a condo is NOT because there are often high condo fees, restrictive condo regulations and a condo is typically nothing more than a glorified apartment. If you don't want to be bothered with the upkeep, i.e., grass cutting, snow removal, make sure the condo is in the best location and I mean absolute best in your town.

(2) You should NEVER purchase anything without your own representation. The lawyer and seller are probably very nice and appear trustworthy but rest assured, they are only interested in selling and NOT making sure you get a fair deal. Plus, should something go wrong, you have no one to blame but yourself and few legal options. Once you sign, you are stuck.

(3) If you are confused by the mortgage terms, you should definitely NOT buy without representation. Once you sign, you are stuck and loan officers get paid on commission and structure loans to give them the best profit margin. Loan officers want to make the deal work so they can get paid more....at your expense if need be,

(4) Getting your own Realtor will give you access to a lawyer, a real estate professional and personal representation. I don't know where you live, but in many jurisdictions, the buyer's Realtor commission is paid from the seller's proceeds so there is nothing to lose.

(5) A Single, woman buying a home is a target for sharks and thieves in the industry and I say this from working as a real estate consultant since 2000.

What I would do:

(1) Don't sign anything else: tell the seller and his attorney, you want to take a pause and stand your ground. Stop taking and pick up the phone to do #2

(2) Contact no fewer than three (3) high-profile Realtors in your area who have been in the business for at least 20 years, full-time with consistent success and interview each and pick one. With 800 credit scores and 20% to put down, you will be highly sought after and which ever one you choose will give you lots of attention. Make them work for you and earn their commission. Be attentive to listen and slow to sign. (A Realtor is a real estate agent who belongs to the National Association of Realtors.)

(3) Don't settle on anything that doesn't absolutely FEEL right to you no matter what anyone, even your high-profile, Realtor says. You have to pay for the house, not the Realtor, seller or his/her Realtor or attorney. Make sure you love your new home and have peace about what you are about to buy before you sign.

(4) While working with Realtor, go online and keep watch on the market yourself. Sites such as zillow.com and realtor.com are good, popular sites.

I wish you the very best. And congratulations on purchasing your new home.