Open house for realtors yesterday - Page 2

151949 · ‎03-09-2010

We have a second showing this evening. Keeping my fingers crossed - hard to type with fingers crossed - please excuse typos.

stevieb · ‎03-10-2010

@151949 Some HOA's make rules that are superceded by local and state law. You might want to check into that on the off chance that your HOA made a rule they technically can't enforce.

In my pantry with my cupcakes...

homedecor1 · ‎03-09-2010

🤞🏻🤞🏻🤞🏻🤞🏻If your community is like ours houses sell fast & normally to 1st lookers!

Congrats on your new home -- after weeks of "estimates" from contractors & all $$$ we spent upgrading this place - I wish I moved to a new home (and area!).

They are building gorgeous homes around here BUT no Over 55 gated communities & grumpy, i.e., spouse doesn't want to live near kids or leave golf course!

151949 · ‎03-09-2010

Our town is a hot real estate market for sure. They aren't building much near the beaches. That is already all built up. Our house is only 1 1/2 miles from the water, & that's about as close as you'll get to the water here.

Our house has only been listed since last Saturday and has had 3 showings already.

ccassaday · ‎10-21-2010

wrote:
Our town is a hot real estate market for sure. They aren't building much near the beaches. That is already all built up. Our house is only 1 1/2 miles from the water, & that's about as close as you'll get to the water here.
Our house has only been listed since last Saturday and has had 3 showings already.

I hope you sell fast. What city are you in? Most of the country is really in a hot market right now. I read that mortgage aplications are down the last couple weeks because interest rates have gone up. We got 4.25 and I believe it’s up around 4.5. I don’t think we had any but down points.

151949 · ‎03-09-2010

Our builder has their own mortgage company and insurance - and if you get a $50,000 or more mortgage from them they pay your closing costs for you. So we got the mortgage even though we have the money to pay cash. I'm pretty certain it was 3.25% and we are required to keep the mortgage 90 days. So we will make 2 payments then pay off the total. That gives them enough time to sell the mortgage to someone else and make a profit despite the money they gave you for the closing costs. I'm certainly not paying thousands in closing costs if I don't have to.

ccassaday · ‎10-21-2010

wrote:
Our builder has their own mortgage company and insurance - and if you get a $50,000 or more mortgage from them they pay your closing costs for you. So we got the mortgage even though we have the money to pay cash. I'm pretty certain it was 3.25% and we are required to keep the mortgage 90 days. So we will make 2 payments then pay off the total. That gives them enough time to sell the mortgage to someone else and make a profit despite the money they gave you for the closing costs. I'm certainly not paying thousands in closing costs if I don't have to.

I don’t understand why people would pay all that prepaid interest by using a points buy down. Your payment doesn’t end up being that much lower’. We will have a mortgage. All my parents money is in investments. S their FP said to just take a monthly income instead of paying it in cash. Paying taxes on that money would of increased what we paid for the house substantially. We used our house proceeds to pay off the land. And the house we are building is 3x more.

That would be a pretty low interest rate if that’s what you got. I know interest rates can vary depending on your state. Do you live in tampa?

novamc1 · ‎07-02-2015

@ccassaday

Simple math and the time value of money is why people who plan to live in a home for many years and will be paying off a mortgage for a long time will initially "buy down" the interest they would ordinarily have to pay over many years.

Money out of pocket at the end of the loan will be much less.

There are many mortgage calculators available online to graphically illustrate this. Or borrowers should simply ask a lender to compare the financial outcome of "paying points on a loan" versus not doing so.

151949 · ‎03-09-2010

Now a days , with interest rates so low you shouldn't need to pay points. We bought our first home in 1983 and the going interest rate was 15% - then you NEEDED to buy down your rate. We were fortunate that in a few years the rates dropped to 9% & we were able to refinance, but we paid off the remainder of that mortgage at 9%. The upside was - houses were relatively cheap when the interest rates were that high. We only paid $62,200 for a brand new, very nicely appointed home then.

novamc1 · ‎07-02-2015

@151949

you wrote:

<<Now a days , with interest rates so low you shouldn't need to pay points.>>

Not only is paying points an individual decision based on one's financial means and goals. But saying interest rates are "so low" is not going to register with folks who even very recently were seeing rates far below where they are at this moment.

Today's buyers did not live through rates that ranged from 9 percent to 18 percent, and have been looking at rates FAR below anything we older folks could ever have imagined back when we needed home loans.

Also, what matters is the percentage of income used to buy a house. House prices AND salaries/wages are higher now than they were then. The percentage of income versus price of home shouldn't have changed that much when deciding what to pay for housing these days.