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CORONA:
I would not do Town house... there are many for and against why... look at it this way CJ.... when you bought that mini truck... you were happy for about 6 months... then little by little you wish you had bought a real full size truck... same way as a town home and a SFR....  if you cant afford a real house... wait until you can... with 20% down.   
ba
As far as paying points to lower the interest... if you can recoup your money in 3 or 4 years then maybe a good idea... or if your planning on staying in the home till the mortgage is paid off... then it may be wise... although life always changes and you may want to refi later for many reasons... that said, I would probably not.

Double_G:
good answers nick, I will take that into consideration, the home i'm looking for now will be a rental in 4-5 years anyway. I 100% cannot afford to buy the home I plan to be in for the next 20 years. but at these lower prices, it's making buying a house with a mortgage low enough to be covered by rent possible again.

as far as the buy down, i get what your saying also, I just wish it was a way to tell the difference, the calculator im using shows the savings over the full 30 years but you cant really tell what the interest savings is for the first 5 years. ( knowing you pay more interest in the begining that the end) also i plan to make biweekly payments to try to pay it off earlier than 30 years.

CORONA:
CJ.. let me make it clear for you....when one takes out a 30yr fixed mortgage, one pays same amount of interest RATE.... not necessarily the same amount of interest.

Heres why... lets say I borrowed $100,000 at 5%.  The interest for the year will be $5,000.
Now lets say after 20 years into the loan, I owe $50,000, with the same RATE of 5%, the interest for the year will be $2,500 simply because I owe less, therefore the interest amount will be less.

So, one only pays more interest amount at the begining of the loan because you owe a larger amount and the interest is on that amount.  I dont recommend paying biweekly because most likely it will negatively affect your liquidity and it is the same a making one extra payment a year.. so do that instead... this of course if you have no other debt, car, credit card, and have at least 6 months of emergency money saved. 


Your LO can easily tell you how long it will take to recoup money spent on points... ask them,

CORONA:

--- Quote from: CORONA NICK on August 17, 2007, 12:28:03 PM ---In my opinion, the housing market is a mess to say the least.... hope no one bought into the hype.... some used to say the housing market would recover by the end of the year.... now, just several months later.... most say its gonna be several years before things turn around... which means... more than likely, time is on the buyers side... since house prices are not expected to go up this year.... only stay flat or may go down further....

--- End quote ---


Back in 2007.... ;)

CORONA:
Soooo... 5 years later... houses in SOCAL lost about 50% in value... wow...  Today is 2012, and prices still are dropping, well at least from last year... with a drop of 3.7% according to DQ News... a respectable source for RE information.  Since 2007, people have been calling a bottom every year, but have been proven wrong.... today, interest rates are extremely low, making housing affordable.... only thing is, interest rates will not stay the same... and will eventually rise... and when that happens, the bottom will be evident in my opinion.... so until then, Im waiting on the sidelines, and in no rush to buy.

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