Purchasing new home... my options?
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Thread created 01-13-2013 by MissionHockey
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Banks don't do it like that though...you don't ADD $10k to a loan to get out of PMI...that wouldn't make sense... Because your Value to Loan ratio would just get worse... Did they do that for you? ...
Purchasing new home... my options?
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Thread created 01-13-2013 by MissionHockey
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You only save if you are paying less in interest than you are paying in principal AND the house isn't depreciating in value. If your house is depreciating, you are losing money. Maybe not cash out...
Purchasing new home... my options?
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Thread created 01-13-2013 by MissionHockey
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I am not disagreeing but I would love to hear your logic on this one!
Purchasing new home... my options?
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Thread created 01-13-2013 by MissionHockey
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Nothing has been saved, just instead of paying rent he has been paying interest on his mortgage. He has still lost principal.
Purchasing new home... my options?
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Thread created 01-13-2013 by MissionHockey
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If you'd like to keep your current home then you'd have to qualify for both payments plus have 6 months reserves for your new payment and 6 months reserves for your old house payment after your down...
Purchasing new home... my options?
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Thread created 01-13-2013 by MissionHockey
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Save up and move to the neighborhood you desire, when you can afford it.
Purchasing new home... my options?
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Thread created 01-13-2013 by MissionHockey
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Hello everyone,
My wife and I currently own our home. We want to move approximately twenty minutes away where the schools are much better. I figured I would see if you guys could think of any...
Purchasing new home... my options?
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Thread created 01-13-2013 by MissionHockey
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We can afford more of a mortgage right now. We purchased our home in 2009... someone walked away from it and it was bank owned. We got a really good deal on it but prices continued to drop. Prices...
Purchasing new home... my options?
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Thread created 01-13-2013 by MissionHockey
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I am no expert, but you basically have not got a good solution imo. You can break even on the sale, move and pay about what you pay now on a new mortgage (but you probably do not have the down...
Purchasing new home... my options?
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Thread created 01-13-2013 by MissionHockey
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In response to crazygrow:
The house sold three years prior to us purchasing it for $420,000 and we purchased it for $213,000. Home prices continued to drop and it's worth about $195,000. The...
Purchasing new home... my options?
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Thread created 01-13-2013 by MissionHockey
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I don't want you to feel like I'm being an ass, but I wouldn't consider any investment where I lost money a good one. But we all take risks. I bought a short sale when we moved to Utah two years...
Purchasing new home... my options?
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Thread created 01-13-2013 by MissionHockey
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Because you have good credit and double income, you MIGHT be able to get a mortgage without much money down. You'll need to talk to a bunch of lenders. However, you'll definitely need to pay PMI. ...
Purchasing new home... my options?
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Thread created 01-13-2013 by MissionHockey
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I had a very similar experience accept I had equity ($200k) to put on the new house plus $100k from my 401k. We lived in the worst school district in the county. It was either private schools, home...
Purchasing new home... my options?
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Thread created 01-13-2013 by MissionHockey
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When I refinanced, my mortgage company allowed me to do what I said. As I stated, it's YMMV. We had put 10% down on our house. The house dropped a bit in value to where we were around 92-93% LTV...
Purchasing new home... my options?
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Thread created 01-13-2013 by MissionHockey
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Well, if you want to look at it as an investment, then you need to factor in the "income" which in this case would be the rent he would have paid had he not purchased a house. Lets say the rent would...
Purchasing new home... my options?
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Thread created 01-13-2013 by MissionHockey
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I had a brain fart.......i need to rest :sleepy:, i failed to factor in interest which is mainly what you are paying early on. The true saving would be the difference between what he would have paid...
Purchasing new home... my options?
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Thread created 01-13-2013 by MissionHockey
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I guess it depends on your debt-to-income ratio, and how the real estate market is doing in that market.
If the market is slow or sluggish, you might be able to get the owner to carry a 2nd note...
Purchasing new home... my options?
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Thread created 01-13-2013 by MissionHockey
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if you lump pmi into you mortgage sum -- meaning that instead of having a 100k mortgage, you have a 107k mortgage -- you can't "undo" it. It's part of your mortgage. The benefit is that instead of...
Purchasing new home... my options?
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Thread created 01-13-2013 by MissionHockey
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Sounds like you need to really buckle down and save for a few years.
Purchasing new home... my options?
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Thread created 01-13-2013 by MissionHockey
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prices will start going up soon waitt for forclosures to clear
Purchasing new home... my options?
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Thread created 01-13-2013 by MissionHockey
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Sorry, but if prices continued to decline after you bought the house, you did not get "a really good deal."
Purchasing new home... my options?
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Thread created 01-13-2013 by MissionHockey
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Depending on the location of the area you want to move to, a USDA Guaranteed Loan may be an option, No down payment is needed.
Purchasing new home... my options?
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Thread created 01-13-2013 by MissionHockey
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Are you sure this is true? If I remember correctly, you only have to pay PMI until the Loan To Value (LTV) is 80%- that is, until the loan is equal to or less than 80% of the value of the property....
