Yes, $3600payment to roughly $2300 payment. Not quite a millionaire, but I’m older and have worked very hard for what I own. Not in debt. Just taking advantage of a lower interest rates. Preparing to get screwed by Biden’s tax increases for my tax bracket.
I'm hoping for a legal settlement cto get here before that and I'm asking a loan from my boomer well off parents. I need to buy a house with my son on the way. And our family is going somewhere much more rural.
I’m not a financial expert. Just make sure you’re not buying too high. I saw this happening in 2008. Next door neighbor bought their house for 2x what I bought mine for. Market crashed and they were way underwater. People in my new neighborhood are moving from Cali and paying waaaaay too much for homes here.
I wouldn't wait around for something that may or may not happen but that's just my opinion.
You will definitely get a better deal if there is a crash but you've also got to consider the quality of life for the next 2-3 years for your family living in an apartment.
Prices may just continue to rise due to inflation. If you're barely able to afford it now then it might be better to move sooner rather than later. Since its generally cheaper, a 10% increase might not really impact you much (house going from 150k to 165k or something). I would recommend exploring the areas you're interested in and talking to people in the areas now though if you want to pull the trigger soon.
Go to a bank and tell them you want to refinance. You won't need a down payment unless you want to pay the loan fees instead of rolling them into the mortgage, or if you want lower payments.
You’ve still got a few months left to refinance your house. Start the process now!! Lock in that 2.5% interest rate.
Already done, plus upvote for visibility.
I just completed this a couple months ago. Thank God. Good advice.
Did this a couple months ago. Thank God.
Smart! I went from 4.95% to 2.5% saving $1300 a month!!
By my calculations, that would equate to a loan of almost $1 million.
Not quite, but close.
$1300 a month????
You're either a millionaire or in waaaay too much debt.
I hope you don't have to cave to the vaccine because you're in too much debt.
Yes, $3600payment to roughly $2300 payment. Not quite a millionaire, but I’m older and have worked very hard for what I own. Not in debt. Just taking advantage of a lower interest rates. Preparing to get screwed by Biden’s tax increases for my tax bracket.
I'm hoping for a legal settlement cto get here before that and I'm asking a loan from my boomer well off parents. I need to buy a house with my son on the way. And our family is going somewhere much more rural.
Just be careful. You’re buying in a very hot housing market which will surely crash in a few years.
If you're gonna live tgere,it doesn't really matter.
You don't lose money on a house unless you sell at a loss. No different than investing
So what do you suggest I do if I want to get a semi rural property? Wait on it?
I’m not a financial expert. Just make sure you’re not buying too high. I saw this happening in 2008. Next door neighbor bought their house for 2x what I bought mine for. Market crashed and they were way underwater. People in my new neighborhood are moving from Cali and paying waaaaay too much for homes here.
I wouldn't wait around for something that may or may not happen but that's just my opinion.
You will definitely get a better deal if there is a crash but you've also got to consider the quality of life for the next 2-3 years for your family living in an apartment.
Prices may just continue to rise due to inflation. If you're barely able to afford it now then it might be better to move sooner rather than later. Since its generally cheaper, a 10% increase might not really impact you much (house going from 150k to 165k or something). I would recommend exploring the areas you're interested in and talking to people in the areas now though if you want to pull the trigger soon.
What do I even need to go about this? Am I going to need to front fora new down payment? I keep getting IRRRL shit and I'm just lost.
Go to a bank and tell them you want to refinance. You won't need a down payment unless you want to pay the loan fees instead of rolling them into the mortgage, or if you want lower payments.