St. Mary's - buying a house

ylexot

ylexot

Super Genius
According to bankrate.com, current rates for 30-yr fixed mortgages are a little over 5%. Using their calculator for $200k and 5.5% got a payment of $1135.
 
terbear1225

terbear1225

Well-Known Member
I wish this stuff made more sense to me. went to look at the possibility of refinancing (since apparently I'm paying too much) I still don't understand how the larger loan could have such lower payments. I get the interest rate makes a difference, but I wouldn't think it would be that much difference.
 
crabcake

crabcake

But wait, there's more...
terbear1225 said:
I get the interest rate makes a difference, but I wouldn't think it would be that much difference.
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You're thinking wrong; it makes a HUGE difference. We refi'd our house in Tucson years ago ... dropped it 1.5 or 2% and it shaved off almost $200/month from the monthly payment.
 
crabcake

crabcake

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terbear1225 said:
i'd like to refinance but we don't have the money to do it right now.
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If you plan to stay in the house for awhile (5+ years), you can roll your closing/refi costs into the new loan in most cases. If you don't stay in the house, though, it's usually not worth it. Assuming SoMd remains a seller's market, though, it would probably pay itself off in 2 months.
 
terbear1225

terbear1225

Well-Known Member
interesting. will have to keep that in mind. I know the value of the house has increased since we bought in 03. would that make any difference in refinancing?
 
crabcake

crabcake

But wait, there's more...
terbear1225 said:
interesting. will have to keep that in mind. I know the value of the house has increased since we bought in 03. would that make any difference in refinancing?
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I'm not a mortgage broker so I can't say how that impacts things (though I'd think it'd be positively). :shrug:

But I'd talk to your bank ASAP if I were you and considering it. Rates are slowly creeping back up and you might miss the boat. :ohwell:
 
SeaRide

SeaRide

......
Lamini,

I feel your pain in searching for the house. I 've been searching since forever. Actually, I started searching about two years ago(2003). My offer was outbidden on two houses in a row after walking through about 20 houses. I was going to buy it as an investment property.

Forward to 2005, C (my finace) and I started looking for a home as a primary residence in Calvert. We went through so many homes in the market since last April. I 've lost count on how many times we lost the house, or how many times we had to counter offer. It was crazy for us. Once we hear there's a house coming on the market, we would leave work earlier and drive down to look at it quickly and decide quickly as possible. The key word is quickly as possible.

Finally we found the house where the sellers accepted our contract. That was last Thursday night (June 3rd). The house came on the market on Wednesday so we look at it quickly and turn in the offer same day.

Good luck on searching for the house.
 
K_Jo

K_Jo

Pea Brain
PREMO Member
crabcake said:
You're thinking wrong; it makes a HUGE difference. We refi'd our house in Tucson years ago ... dropped it 1.5 or 2% and it shaved off almost $200/month from the monthly payment.
Click to expand...
You sure do get around, Little Lady. :really:
 
R

remaxrealtor

Guest
terbear1225 said:
interesting. will have to keep that in mind. I know the value of the house has increased since we bought in 03. would that make any difference in refinancing?
Click to expand...

I really try to stay out of the real estate discussions on here, but yes it would on many levels. I'm not here to advertise so if you're interested, PM me and I'll give you some figures to help you figure out how to make a refi. work.
 
L

LeroyCRE

New Member
We had the same probs. We decided to build in Lusby. We had Quality Built Homes build us a house...took 3 months to build...we closed this FEB..paid $245..We just had it appraised in MAY for $300K - $340K.

Try an intrest only loan for the most house for the buck. If you choose intrest only, sell the house @ 3 years. IO loans are OK for 3 years or less. Any longer and their not worth it. Good Luck!

signed,
House-Poor
 
L

Lamini

Member
well, just found out the house I wanted got sold. :ohwell:

i got the feeling of being a teenager again and having a girl dump me
 
crabcake

crabcake

But wait, there's more...
K_Jo said:
You sure do get around, Little Lady. :really:
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That was back in my military days ... This last move to NC was my 10th move since 1993, but I'm pretty sure I'm where I'm gonna be for a long time ... well, after I find and buy a house down here. :lol:
 
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