Home Buying & Real Estate Thread

[Raji Lowenthal]

Where are you looking?

What kinda math is that?! Unless you’re putting a huge amount down. My interest rate is lower, loan is lesser and I still pay well over 2k and no pmi.

0 down. Not sure if it's accurate but it's where I got my numbers from. It doesn't include taxes and insurance just P&I. My property taxes are 900 a month alone smh https://www.forbes.com/advisor/mortgages/mortgage-calculator/

 

[solewoman]

0 down. Not sure if it's accurate but it's where I got my numbers from. It doesn't include taxes and insurance just P&I https://www.forbes.com/advisor/mortgages/mortgage-calculator/

Yeah nah, dosent include taxes or insurance or pmi. Those online calculations are always mostly wrong. But I get the point you were trying to make.

 

[アミーゴ]

Yeah nah, dosent include taxes or insurance or pmi. Those online calculations are always mostly wrong. But I get the point you were trying to make.

Hope you have the cash ready - a lot of opportunity

 

[solewoman]

Hope you have the cash ready - a lot of opportunity

I’m good for now. Looking at out of country spots.

 

[Raji Lowenthal]

Yeah nah, dosent include taxes or insurance or pmi. Those online calculations are always mostly wrong. But I get the point you were trying to make.

The buyers spending power is way down due to the rate hike. Most people look for a house in their price range, meaning what they can afford to pay a month. If your budget is 3k a month your looking at different properties than you were 3 months ago.

 

[solewoman]

The buyers spending power is way down due to the rate hike. Most people look for a house in their price range, meaning what they can afford to pay a month. If your budget is 3k a month your looking at different properties than you were 3 months ago.

Don’t disagree with you. Like I said I knew what you were getting at those numbers just screamed at me.

 

[turbospartan]

Hope you have the cash ready - a lot of opportunity

You thinking this will be an extended amount of time for this opportunity, or a quick turnaround? Trying to determine if I should be trying to sell ASAP or drag it out a bit to buy myself time

 

[アミーゴ]

I’m good for now. Looking at out of country spots.

Where we goin?

 

[アミーゴ]

You thinking this will be an extended amount of time for this opportunity, or a quick turnaround? Trying to determine if I should be trying to sell ASAP or drag it out a bit to buy myself time

This is extended - my neighbors are taking the house off the market and bringing it back in 2 years

 

[moderndarwin]

What’s a good rate for a 30 year conventional as of today?

I have a 800+ score and am putting 10% down on a purchase price around $850k.

I got one guy quoting me like 6.5% lol. That seems high when I do a quick google search. I got 3 lenders competing but am clueless.

 

[solewoman]

Where we goin?

Caribbean

 

[solewoman]

What’s a good rate for a 30 year conventional as of today?

I have a 800+ score and am putting 10% down on a purchase price around $850k.

I got one guy quoting me like 6.5% lol. That seems high when I do a quick google search. I got 3 lenders competing but am clueless.

Hell no. For exceptional credit you should be lower then 5.5 right now. My credit is similar and I’m at 2.2. But I got in during pandemic

 

[アミーゴ]

Caribbean

Send location - excited to have a place not too far from my crib in El Salvy!

 

[solewoman]

Send location - excited to have a place not too far from my crib in El Salvy!

Bruh you get on my nerves lol.

 

[アミーゴ]

Bruh you get on my nerves lol.

“This is what I dooooo” - Obama voice

 

[solewoman]

Hire me already damn

 

[アミーゴ]

Hire me already damn

I got you sooner rather than later #NT

 

[s0lefunk]

Was considering a cashout refi months ago but with interest rates increasing I don’t want to lose my current rate of 3%. Really want to get this backyard done so now I’m looking at a HELOC. Market has cooled but based on comps our real estate agent sent we have at least 200k in equity. Looking for a 100k credit line to cover the backyard now and basement a little later.

Would it make sense to apply for a HELOC now before home values fall? And would the bank look at my credit only or my wife’s too?

 

[onthenephs]

Bro the heloc is added debt to your mortgage. I think the safest play right now is not to add more debt.

In terms of price and real estate market fluctuations , you risk making your mortgage higher than house value by borrowing against it right now.

You say you have 200k in equity and wanna borrow a hundred. Making it now only 100k in equity. Based on what’s happened That’s about .25% interest rate hike for that to get wiped out.

Of course Unless you are in it long term. Than all this doesn’t matter and go for it.

 

[s0lefunk]

We aren’t moving anytime soon and the HELOC is for home improvement projects only that theoretically would add value to the home. But again, we aren’t looking to sell. Just want to put the equity to work while we have it.

My plan would be to withdraw 30k now for the backyard. Pay that balance down with the interest if not completely off within the next 2-3 years. Then withdraw another 50-80k to finish the basement. (#s based on quotes we received recently.) Figured a HELOC would give more flexibility than a straight up loan right now since these are projects we want to complete over the next 5+ years.

My main concern is the impact on our credit limit if home values fall. Also concerned about the impacts of inflation and fed rates on what fixed rates the banks would offer on a HELOC if the economic outlook doesn’t improve.

 

[datznasty]

What’s a good rate for a 30 year conventional as of today?

I have a 800+ score and am putting 10% down on a purchase price around $850k.

I got one guy quoting me like 6.5% lol. That seems high when I do a quick google search. I got 3 lenders competing but am clueless.

theyre quoting me 5.625% right now with a ~600 credit score and no money down. Shop around

 

[DCAllAfrican]

I’m good for now. Looking at out of country spots.

To live or to rent out?

If to live, why and when?

I come in peace.

 

[アミーゴ]

To live or to rent out?

If to live, why and when?

I come in peace.

are you a buyer in this market?

 

[Canadian Destroyer]

I almost got into a new build. The prices were high but the location of the community and incentives the builders were giving were very tempting. Then I looked up reviews, peoples experiences and the all the steps the buyers should take along the way and maaan I was not ready for that. Sub contractors doing half *** jobs, getting your own inspector and showing up to the job site every week to make sure things are being done right, being on the Superintendents ***. I showed up to the site on a weekend off hours when no one was there and saw beer bottles everywhere, cheap materials and got a bad vibe so I got out of that quick. Feel like I dodged a bullet.
We'll be waiting to see what the resell market has now that sales are slowing and buyers are going back into hibernation. The problem is sellers are also going into hibernation so the market is stale. Nothing but ugly *** houses left around here. I guess sellers just figured they'd hold on to their property for a few more years instead of dropping prices.

 

[solewoman]

To live or to rent out?

If to live, why and when?

I come in peace.

A little of both. Yearly vacation spot for the family. Rent out when not there and both my kids will have a home here and out the country always.