Open house for realtors yesterday - Page 4

novamc1 · ‎07-02-2015

@151949

NO..............if the new law had taken away the deduction for home mortgage interest (and many legislators have tried to over the years).........you would have heard the loudest yelling in the world from the VERY powerful housing lobby----National Association of Realtors, National Association of Home Builders, mortgage brokers, banks and many others. Consumers would jump right in, too.

ccassaday · ‎10-21-2010

wrote:
wrote:
I would rather just pay extra every month towards the principle and pay my mortgage off early then give the bank prepaid interest.

We bought our last house in1978. So you can imagine what the interest rates were. I know we did refinance once in the following years. Yes houses were cheap. We only paid 53k for it back in 1978.
Giving all out all this information about your parents' financial situation is pretty tacky.

Were you involved in their financial affairs in the 70s as a toddler?

Oh please. Where in that post did I give out private financial info. I didn’t say anything more then the OP did when referencing what her interest rate was in the 80’s or how much she paid for her house back then. You need to get a grip.

Sorry OP someone had to come on here and be rude.

ccassaday · ‎10-21-2010

wrote:
@novamc1 I believe they took away the mortgage interest deduction with the new 2018 tax law .

I believe it was taken away if you were using your HELOC interest deduction. No longer can you deduct mortgage interest on your HELOC.

ccassaday · ‎10-21-2010

wrote:
@homedecor1 It has been shown 5 times in this first week - some of those were realtors though.The people who looked today were here over an hour. We came back at an hour after their appt. time and the cars were still outside so we went over our neighbors, and they left shortly after that.

That is a good sign if they stayed that long.

novamc1 · ‎07-02-2015

HELOC's aren't the type of mortgage loan that has been mentioned here. Improving a home or borrowing money against it with a HELOC isn't the same as taking out a home loan to purchase a primary residence.

Snowpuppy · ‎03-09-2010

Point is well made that a lender or builder will pay your closing costs, etc.

Make no mistake, you're paying for it in an inflated price somewhere. Nobody could afford to lend that way and stay in business.

151949 · ‎03-09-2010

wrote:
Point is well made that a lender or builder will pay your closing costs, etc.

Make no mistake, you're paying for it in an inflated price somewhere. Nobody could afford to lend that way and stay in business.

The builder doesn't make the profit on a mortgage from the homeowners - they make it on selling that mortgage to another lender who assumes they will make money over the years of the mortgage. If it works out as we plan - we will pay off the mortgage in total in the 90 days so the company buying the mortgage will get skunked in our case - but then it's a tax deduction for them.

NYC Susan · ‎03-13-2010

wrote:
wrote:
wrote:
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?
@ccassaday- everyone's needs and goals are different. Just because your parents financed their new home this way, doesn't make it right for everyone, in every situation. (and no one needs to know anyone's city unless they volunteer it, so probably shouldn't ask that repeatedly).
Woah. Where did that attitude come from. It was just a observation and making conversation. I was not asking what city because of mortgage interest. I was just curious where she lived in Florida. No need to get snotty.

JMO, but I didn't think @MJ12 had an attitude. I thought she made some good points. You might be reading a tone of voice that actually wasn't there. That can easily happen when all we have is the written word.

151949 · ‎03-09-2010

We have someone nibbling at the bait but they have not taken the hook yet. They looked at the house twice - were here over an hour the second time, and called the agent to ask about how much insurance & taxes are. My DH said I think if they are very budget conscious $800 for flood insurance could be a big turnoff, but we are in an A flood zone so it is expensive.

Continuing to keep fingers crossed.

riley1 · ‎03-10-2010

When I was selling my home, there was a couple that came 3 times. We would pack up our dogs and leave figuring on about an hour. Twice we came back and they were still at the house - the third time was a charm - they were sitting on our deck with another couple have something to drink!

As it turned out they did want the house, however, they had major issues to work out with their house and we were not going to wait until they had it settled - which I heard didn't happen for years -