- Apr 30, 2010
- 69,727
- 106,418
You'll owe so much over time, is it worth even buying at that rate?
Home Buying & Real Estate Thread
- Thread in 'General' Thread starter Started by TYE_The Time Traveler,
- Start date
- Mar 31, 2011
- 73,068
- 117,372
Prices still going up in a lot of areas despite rate hike.
“Marry the house, date the rate”
sneakaprince
Supporter
- Apr 29, 2007
- 16,590
- 20,410
Honestly it's killed my drive to search for investment properties.
The rates are killing my numbers and I'm not in an extreme HCOL area so I'm uncomfortable asking for an exhorbant amount for rents.
My jets are probably cooled until we get back down to 6%.
- Sep 20, 2007
- 13,236
- 14,711
I think you should marry the house price if you are gonna stay for a long time.. market could still take a major swing down at some point no? And in that case you’d be upside down
- Mar 22, 2003
- 28,990
- 17,662
Or just pay cash?
Giphy needs the straight cash homie Randy Moss
Giphy needs the straight cash homie Randy Moss
Last edited:
- Mar 31, 2011
- 73,068
- 117,372
Probably depends on what you consider a long time.
Certain areas here in MD are appreciating 20+% per year. If you wait a year for rates to come down a bit, same house could end up costing you more per month (even with the lower rate) on top of more cash added to your down payment.
- Sep 20, 2007
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Weren’t you just asking for cash handout last page?
- Mar 22, 2003
- 28,990
- 17,662
- May 31, 2007
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“Time in the market beats timing the market.”
For your primary residence all that matters is what you can afford to meet most of your needs. Property values can fluctuate but what does it matter if you are staying there for 5-10+ years? It takes once in a generation type events for sharp depreciation but real estate is as resilient as it gets.
- Mar 22, 2003
- 28,990
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True for anything in investing I hear
- May 31, 2007
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There are recessions, downturns, bubbles, corrections, etc. across all markets. You can’t predict them, no one can. But it’s safe to assume markets will rebound as they always have based on 100+ years worth of data. All you can do is position yourself to take advantage of the next downswing.
In the meantime, if you are fortunate enough to afford a house in the current market then do it. Let go of the 2-3% rate dreams. Those aren’t coming back without another series of events to shut down the entire world, again…
sneakaprince
Supporter
- Apr 29, 2007
- 16,590
- 20,410
Agreed we aren't seeing 2-3 again (maybe ever).
4/5 was a norm pre COVID. Let's just hope we get back there.
4/5 was a norm pre COVID. Let's just hope we get back there.
- Mar 22, 2003
- 28,990
- 17,662
That’s right brother - you sound like my friends in that PRIVATE EQUITY racket
- Feb 5, 2013
- 39,430
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3.1
lo que dios permito
lo que dios permito
- Sep 20, 2007
- 13,236
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Can someone break down a HELOC for me?
Wife and I are thinking of moving out of our current house in the next 5-6 years and will likely use it for our down on our next place.. likely renting out this house given we have a 2.9 on it.
Is this the best route to go?
Wife and I are thinking of moving out of our current house in the next 5-6 years and will likely use it for our down on our next place.. likely renting out this house given we have a 2.9 on it.
Is this the best route to go?
- Feb 5, 2013
- 39,430
- 40,973
- May 31, 2007
- 4,891
- 3,427
Took a HELOC out. 10-year draw period requiring payments on interest only, after that starts a 20-year repayment period (interest on outstanding balance + principle). We can also pay $100 to lock (or unlock) the interest rate on however much of the balance we want. This stuff varies by bank so shop around.
Nothing to really breakdown beyond that. It’s just a revolving credit line. You can transfer cash to a checking account and do whatever. Or use the bank card or convenience checks issued to access funds and complete transactions.
Can’t comment on using HELOC for a second property but that is a common use. You just have to crunch the numbers on your end to compare between your other alternatives (e.g., cash on hand, liquidating porfolio/assets). Though theoretically a HELOC would be one of the “cheapest” ways to access large sums of cash because the rates will be much lower than an unsecured loan as your home is the collateral.
- Sep 20, 2007
- 13,236
- 14,711
So you essentially put the dollar amount on the line you want from your equity and apply as if it’s a loan or credit line?
- May 31, 2007
- 4,891
- 3,427
The credit limit on the HELOC is determined by the value of the home, the equity built, and common creditworthiness factors. I believe you can request a limit up to 80% of the equity you have. What you actually get approved for may differ.
Again, it’s a revolving credit line completely separate from your mortgage. It’s no different than a credit card really. Except you can do cash transfers and withdrawals without an inflated cash advance rate. Its all under one balance subject to a floating rate that you may be able to convert to a fixed rate via a rate lock if the bank offers that.
- Sep 1, 2008
- 15,239
- 4,611
If I took out let’s say 80k of a heloc with today interest averages for it. How much would my monthly payment be?
- May 31, 2007
- 4,891
- 3,427
Credit Card Calculator
Free credit card calculator to find the time it will take to pay off a balance, or the amount necessary to pay it off within a certain time frame.
www.calculator.net
Depends... Assuming 8% APR and your bank offers ‘Interest Only’ payments during the 10-year draw period you’d be on the hook for $300 minimum for the interest payments + whatever principle payments you decide to make. During the 20-year repayment period it would be $670 (principle + interest).
- Nov 5, 2012
- 80,694
- 55,639
I'm with United Wholesale Mortgage. They flat-out told me that they do no accept appraisals to remove PMI. She said it emphatically and repeatedly when I tried to push back on it 
place is in so cal a block from the beach too
I went on reddit and people are saying the same thing and that lenders are refusing the appraisal route now since the appreciation was "artificial". Some people are still having success though so maybe it depends on each lender? This is BS!
I'm at $99 a month for PMI
Just gonna keep calling to see if someone else gives a different answer
place is in so cal a block from the beach tooI went on reddit and people are saying the same thing and that lenders are refusing the appraisal route now since the appreciation was "artificial". Some people are still having success though so maybe it depends on each lender? This is BS!
I'm at $99 a month for PMI
Just gonna keep calling to see if someone else gives a different answer
- Apr 5, 2012
- 4,051
- 4,980
I'm with United Wholesale Mortgage. They flat-out told me that they do no accept appraisals to remove PMI. She said it emphatically and repeatedly when I tried to push back on it
I went on reddit and people are saying the same thing and that lenders are refusing the appraisal route now since the appreciation was "artificial". Some people are still having success though so maybe it depends on each lender? This is BS!
I'm at $99 a month for PMI
Just gonna keep calling to see if someone else gives a different answer
my United Wholsale one was bought out by somebody else this is good to know. I hope I don’t have issues!
- Apr 5, 2012
- 4,051
- 4,980
Renting out my townhouse - better to do it myself or use a property manager?
What if something like the HVAC is old is it better to replace it or leave the working as is unit in until it fails and just something to coordinate with the renters to have it get fixed up.
I’m mainly concerned about long term stuff i want renters to keep the place decent like switch out air filters etc. Stuff that’s good for them obviously.
I grew up renting in apartments so don’t really get what people expect or not expect to do as renters of a house
What if something like the HVAC is old is it better to replace it or leave the working as is unit in until it fails and just something to coordinate with the renters to have it get fixed up.
I’m mainly concerned about long term stuff i want renters to keep the place decent like switch out air filters etc. Stuff that’s good for them obviously.
I grew up renting in apartments so don’t really get what people expect or not expect to do as renters of a house
- Sep 20, 2007
- 13,236
- 14,711
How old is your loan?I'm with United Wholesale Mortgage. They flat-out told me that they do no accept appraisals to remove PMI. She said it emphatically and repeatedly when I tried to push back on it
I went on reddit and people are saying the same thing and that lenders are refusing the appraisal route now since the appreciation was "artificial". Some people are still having success though so maybe it depends on each lender? This is BS!
I'm at $99 a month for PMI
Just gonna keep calling to see if someone else gives a different answer
WF told me the same until it reached 2 years of age.
Now I have the appraisal done just waiting for things to button up
