Recommend
2 
 Thumb up
 Hide
72 Posts
1 , 2 , 3  Next »   | 

BGG» Forums » Gaming Related » PBEM » The Village Square

Subject: Homeowner Thread rss

Your Tags: Add tags
Popular Tags: [View All]
Jage
United States
Greensboro
North Carolina
flag msg tools
badge
Avatar
mbmbmbmbmb
I need to know quickly whether I should lock my rate now, or hope for the best and that the rates will be unchanged or lower on monday morning.

Anyone have any idea? At all? I feel like it's just a crapshoot. Like, how are you supposed to know?

I'd rather go to vegas and gamble the $2000 than deal with this; at least in Vegas I know what my odds are...

soblue


Edit: The hour has passed. I now christen this the Homeowner Thread!
1 
 Thumb up
 tip
 Hide
  • [+] Dice rolls
United States
Cincinnati
Ohio
flag msg tools
designer
Avatar
mbmbmb
Re: I need some help, this thread will be pointless in one hour...
It's a gamble.

Last I recall, rates were on a general trend up a little, so I'd personally gamble on the lock now. YMMV.
 
 Thumb up
 tip
 Hide
  • [+] Dice rolls
Michael Mesich
United States
Minneapolis
Minnesota
flag msg tools
Horta chortles.
badge
Avatar
mbmbmbmbmb
Re: I need some help, this thread will be pointless in one hour...
Rates are on the rise but even today it's at an irresponsibly low level for our economy.

Pull the trigger, stop fretting about THIS and start fretting about the move.



There honestly isn't enough room for a sudden drop to make a meaningful difference to your monthly payment anyway.
3 
 Thumb up
 tip
 Hide
  • [+] Dice rolls
United States
Cincinnati
Ohio
flag msg tools
designer
Avatar
mbmbmb
Re: I need some help, this thread will be pointless in one hour...
Source: refinanced last month and sort of watched the rates around then.
 
 Thumb up
 tip
 Hide
  • [+] Dice rolls
Michael Mesich
United States
Minneapolis
Minnesota
flag msg tools
Horta chortles.
badge
Avatar
mbmbmbmbmb
Re: I need some help, this thread will be pointless in one hour...
 
 Thumb up
 tip
 Hide
  • [+] Dice rolls
Clint Herron
United States
Bethel
Ohio
flag msg tools
designer
♜ ♞ ♝ ♛ ♚ ♝ ♞ ♜ ♟ ♟ ♟ ♟ ♟ ♟ ♟ ♟
badge
♙ ♙ ♙ ♙ ♙ ♙ ♙ ♙ ♖ ♘ ♗ ♕ ♔ ♗ ♘ ♖
Avatar
mbmbmbmbmb
Re: I need some help, this thread will be pointless in one hour...
I'd lock it now. These rates are crazy awesome -- even if they drop lower, there's nothing wrong with where they're at now.
 
 Thumb up
 tip
 Hide
  • [+] Dice rolls
Barry
United States
Alexandria
Virginia
flag msg tools
Avatar
mb
Re: I need some help, this thread will be pointless in one hour...
Yep. Rates are on the rise. Lock now.
 
 Thumb up
 tip
 Hide
  • [+] Dice rolls
Jage
United States
Greensboro
North Carolina
flag msg tools
badge
Avatar
mbmbmbmbmb
Re: I need some help, this thread will be pointless in one hour...
mmesich wrote:
Rates are on the rise but even today it's at an irresponsibly low level for our economy.

Pull the trigger, stop fretting about THIS and start fretting about the move.



There honestly isn't enough room for a sudden drop to make a meaningful difference to your monthly payment anyway.
Yeah, the thing is if I wait until Monday I'm in the last 45 day bracket so I save about $800 if I buy some points, which I think I am.
 
 Thumb up
 tip
 Hide
  • [+] Dice rolls
Jage
United States
Greensboro
North Carolina
flag msg tools
badge
Avatar
mbmbmbmbmb
Re: I need some help, this thread will be pointless in one hour...
Otherwise I'd just lock.

And rates rose this week, but have declined the past day. So I'm hoping they'll stay the same Monday morning.
 
 Thumb up
 tip
 Hide
  • [+] Dice rolls
Barry
United States
Alexandria
Virginia
flag msg tools
Avatar
mb
Re: I need some help, this thread will be pointless in one hour...
jageroxorz wrote:
mmesich wrote:
Rates are on the rise but even today it's at an irresponsibly low level for our economy.

Pull the trigger, stop fretting about THIS and start fretting about the move.



There honestly isn't enough room for a sudden drop to make a meaningful difference to your monthly payment anyway.
Yeah, the thing is if I wait until Monday I'm in the last 45 day bracket so I save about $800 if I buy some points, which I think I am.
Buying points? How long do you plan on living there?
 
 Thumb up
 tip
 Hide
  • [+] Dice rolls
Jage
United States
Greensboro
North Carolina
flag msg tools
badge
Avatar
mbmbmbmbmb
Re: I need some help, this thread will be pointless in one hour...
ChickenSedan wrote:
jageroxorz wrote:
mmesich wrote:
Rates are on the rise but even today it's at an irresponsibly low level for our economy.

Pull the trigger, stop fretting about THIS and start fretting about the move.



There honestly isn't enough room for a sudden drop to make a meaningful difference to your monthly payment anyway.
Yeah, the thing is if I wait until Monday I'm in the last 45 day bracket so I save about $800 if I buy some points, which I think I am.
Buying points? How long do you plan on living there?
I don't know.

Buying points today pays itself back in 10 years. Buying points Monday pays itself back in 8 years.

Should I just lock today and not buy points? I'd only delay to save money on the points buying.
 
 Thumb up
 tip
 Hide
  • [+] Dice rolls
Pone McPoneface
United States
Dublin
Ohio
flag msg tools
There is a road, no simple highway, between the dawn and the dark of night, and if you go no one may follow, that path is for your steps alone. Ripple in still water, when there is no pebble tossed, nor wind to blow.
badge
To seek the sacred river Alph, to walk the caves of ice, to break my fast on honey dew and drink the milk of paradise... I had heard the whispered tales of immortality, the deepest mystery, from an ancient book I took a clue.
Avatar
Microbadge: Ukiyo-e fanMicrobadge: Ukiyo-e fanMicrobadge: Ukiyo-e fanMicrobadge: Ukiyo-e fanMicrobadge: Ukiyo-e fan
Re: I need some help, this thread will be pointless in one hour...
Though rates are going up there might be a reason to wait for a drop.

http://www.theonion.com/articles/financial-sector-thinks-its...
shake

Sadly, I believe there is some truth to this humorous article.
 
 Thumb up
 tip
 Hide
  • [+] Dice rolls
Jage
United States
Greensboro
North Carolina
flag msg tools
badge
Avatar
mbmbmbmbmb
Re: I need some help, this thread will be pointless in one hour...
Screw it, I just locked and I'm not buying points.


I think I need the money now more anyway, since I'm broke.

I just can't believe the week an offer was acceptes on a house was the week of the sharpeat rise in interest rates in the past 27 years...


shake
 
 Thumb up
 tip
 Hide
  • [+] Dice rolls
Jage
United States
Greensboro
North Carolina
flag msg tools
badge
Avatar
mbmbmbmbmb
Re: I need some help, this thread will be pointless in one hour...
Can you not delete threads?

Oh well, carry on. You can ignore this now.

If I never buy a house again it will be too soon.
 
 Thumb up
 tip
 Hide
  • [+] Dice rolls
Barry
United States
Alexandria
Virginia
flag msg tools
Avatar
mb
Re: I need some help, this thread will be pointless in one hour...
jageroxorz wrote:
Can you not delete threads?

Oh well, carry on. You can ignore this now.

If I never buy a house again it will be too soon.
Have any pics of the house? You could change the thread to the Homeowner Thread.
 
 Thumb up
 tip
 Hide
  • [+] Dice rolls
Jage
United States
Greensboro
North Carolina
flag msg tools
badge
Avatar
mbmbmbmbmb
Re: I need some help, this thread will be pointless in one hour...
ChickenSedan wrote:
jageroxorz wrote:
Can you not delete threads?

Oh well, carry on. You can ignore this now.

If I never buy a house again it will be too soon.
Have any pics of the house? You could change the thread to the Homeowner Thread.
I'll have to wait until August for that, when I close. I probably will, though.
 
 Thumb up
 tip
 Hide
  • [+] Dice rolls
Barry
United States
Alexandria
Virginia
flag msg tools
Avatar
mb
jageroxorz wrote:
ChickenSedan wrote:
jageroxorz wrote:
Can you not delete threads?

Oh well, carry on. You can ignore this now.

If I never buy a house again it will be too soon.
Have any pics of the house? You could change the thread to the Homeowner Thread.
I'll have to wait until August for that, when I close. I probably will, though.
You could lift one from the MLS listing.
 
 Thumb up
 tip
 Hide
  • [+] Dice rolls
Asher D.
United States
Lexington
Massachusetts
flag msg tools
badge
Avatar
mbmbmbmbmb
jageroxorz wrote:
Can you not delete threads?

Oh well, carry on. You can ignore this now.

If I never buy a house again it will be too soon.
With your rate of mobility, I'd gamble on two years
Good calls on the lock and on no points. Points are a gamble you won't move or refinance in 8-10 years. And that's just to the break even point.
 
 Thumb up
 tip
 Hide
  • [+] Dice rolls
Jage
United States
Greensboro
North Carolina
flag msg tools
badge
Avatar
mbmbmbmbmb
adiamant wrote:
jageroxorz wrote:
Can you not delete threads?

Oh well, carry on. You can ignore this now.

If I never buy a house again it will be too soon.
With your rate of mobility, I'd gamble on two years
Good calls on the lock and on no points. Points are a gamble you won't move or refinance in 8-10 years. And that's just to the break even point.
Yeah...after I move again, I'll have moved 3 times in the past year.

3...

Ugh.

and 7 in the past 4

It's terrible. I'm done moving for awhile.

I did take mortgage interest instead of LPI, since I'm planning on paying additional payments on the principle. So it's kind of hedged both ways now.
 
 Thumb up
 tip
 Hide
  • [+] Dice rolls
Goo
United States
Yorba Linda
California
flag msg tools
badge
You can certainly try.
Avatar
mbmbmbmbmb
jageroxorz wrote:

If I never buy a house again it will be too soon.
Dude, I totally hear you. I am in a situation where my house is paid off but the kitchen and baths desperately need to be done and it is in serious need of some landscaping (yards have been in a death spiral since I started having kids).

I think the right move is to sell and buy a house that's ready to live in rather than go through all that with this house. I like my house, but it's too near the train, no laundry room, and tiny yards. If I felt like I were already in my dream home (or potential dream home), I'd just start getting the work done. As it is, I am being held back by:

a) Not wanting to go through buying a house again
b) Familiarity/resistance to change
c) Even a lateral move with increase my property taxes by about 2.5x
d) Moving all my crap (though I would be excited about the great purge)

The thing I don't know is whether it's bad to sit on a paid off house. My anti-debt drive tells me to stay. But I feel like if I upgrade, I can make more in appreciation than the interest on the loan (especially since I tend to live in one place for 10+ years at a time--I've been here for 17 years).
 
 Thumb up
 tip
 Hide
  • [+] Dice rolls
Jage
United States
Greensboro
North Carolina
flag msg tools
badge
Avatar
mbmbmbmbmb
Gelatinous Goo wrote:
jageroxorz wrote:

If I never buy a house again it will be too soon.
Dude, I totally hear you. I am in a situation where my house is paid off but the kitchen and baths desperately need to be done and it is in serious need of some landscaping (yards have been in a death spiral since I started having kids).

I think the right move is to sell and buy a house that's ready to live in rather than go through all that with this house. I like my house, but it's too near the train, no laundry room, and tiny yards. If I felt like I were already in my dream home (or potential dream home), I'd just start getting the work done. As it is, I am being held back by:

a) Not wanting to go through buying a house again
b) Familiarity/resistance to change
c) Even a lateral move with increase my property taxes by about 2.5x
d) Moving all my crap (though I would be excited about the great purge)

The thing I don't know is whether it's bad to sit on a paid off house. My anti-debt drive tells me to stay. But I feel like if I upgrade, I can make more in appreciation than the interest on the loan (especially since I tend to live in one place for 10+ years at a time--I've been here for 17 years).
Move now. Start now.

Interest rates are going to rise drastically in the coming years. As soon as Bernake stops injecting money into the economy, rates are going to skyrocket.

Remember when 5% was amazing and we never thought we'd go lower? Now go back to the 80s with 15% interest rates.

If you wait, you'll just have to pay higher interest.

To be honest, buying a house isn't that bad. Get a good realtor. But rates are still great, but rising quickly. The train is a big "I need to move". You don't want to be in this house in 30 years, do you?

Not having a mortgage is great. The interest rates are only going to rise for probably the next 10 years. Unless you want to stay in your house forever, now's the time to jump.

(Actually, the time to jump was 6 months ago....but it's just gonna get worse from here on out).
1 
 Thumb up
 tip
 Hide
  • [+] Dice rolls
Jage
United States
Greensboro
North Carolina
flag msg tools
badge
Avatar
mbmbmbmbmb
There's nothing wrong with debt. There's something wrong with TOO MUCH debt. A mortgage is great. Plus, tax write-offs.

Move. Quickly. You don't want to be in that house for the next 20 years.

It's time to move into your dream home you want to live in for the rest of your life.
1 
 Thumb up
 tip
 Hide
  • [+] Dice rolls
Jage
United States
Greensboro
North Carolina
flag msg tools
badge
Avatar
mbmbmbmbmb
Plus, if you want to retire ever, you want to retire into a house that you have paid off, or close to it.

If you move now, it gives you years to pay off the house so that you can either stay in that house when you have lower income for retirement or you can sell that house, downsize, and have a chunk of change left over.

Interest rates are so good right now, you can't beat it. But I think if you want to move, you will only lose by waiting.

The question is basically:

Do I want to stay here for the next 30 years?

If yes, great. You have no mortgage. Awesome. Love if.

If no:

Waiting to buy only hurts you in the long run.
 
 Thumb up
 tip
 Hide
  • [+] Dice rolls
Jage
United States
Greensboro
North Carolina
flag msg tools
badge
Avatar
mbmbmbmbmb
Also, I feel like much of me hating the process has been my anxiety.

"Will they accept my offer? Will I have enough money? Will the house appraise for what I need it to? Will I actually qualify for the mortgage?" A lot of this is because it's my first time.

For you, you have a paid-off house, so that's a shit-ton of equity for a down payment. You're much more established then me with a higher income, so you have no problems qualifying. It's basically a cake-walk for you.

The actual process of looking at houses I enjoyed. I have a great realtor. If I didn't have such high anxiety, and if I didn't want the house so much, it wouldn't be nearly as bad.

Also, a lot of my problems come from unknowing where my life is going. I have no idea where I am going to be in 10 or 20 years.

You, on the other hand, have a clear and concise picture. You know where you are, you know where you're going. You want to find your dream home, the home you're going to live in for the rest of your life until you retire. You are going to stay in that house 20+ years, and pay it off. That answers most of the questions for you.

a.) You don't have to worry about mortgage interest, because of your current equity in your current house.

b.) You can buy as many points as you want, because you're going to stay in the house and you know if you want to pay it off sooner.

c.) You don't want to live in a house you don't really love while spending tens of thousands of dollars to renovate it.

It really sucks to live in a house during renovation. And, at the end of the day, with the house near the train, is it going to be worth it? Are you going to get your money back when you sell? I don't think so.
2 
 Thumb up
 tip
 Hide
  • [+] Dice rolls
Jage
United States
Greensboro
North Carolina
flag msg tools
badge
Avatar
mbmbmbmbmb
Ok, I'm done, I promise...



Goo, you need to get OCTGN and we can play netrunner online.
 
 Thumb up
 tip
 Hide
  • [+] Dice rolls
1 , 2 , 3  Next »   |