R3V home owners, now is the time to refinance......

[z31maniac]

man i need to move to OK or down south, $100k here will get you maybe 800sq ft and no garage. The houses i've looked at have the same specs as yours, sq footage doesn't include the basments though and they are in the $160k-$175k range.

I always tell people, it isn't glamorous here, but there is still lots to do (especially if you're an outdoors/lake/hunting type person) and all the money you save on living expenses allows you to do a lot of other stuff.

[mrmckie]

I always tell people, it isn't glamorous here, but there is still lots to do (especially if you're an outdoors/lake/hunting type person) and all the money you save on living expenses allows you to do a lot of other stuff.

I think that about Atlanta... its a gorgeous city and there is alot to do. For the same price or less i would pay here i can get a house twice as big and much newer if i was able to transfer to our Atlanta location and keep the same pay. There are thousand of good houses out there on foreclosure.

Only downside I see would be the finding a job if i just up and move as the unemployment rate is really high there and the commute, as the houses are usually pretty far away from jobs so i'll be spending a lot more on gas & car maintence.

I'm going to find one of those classes for first time home buyers so i can learn more about this mortage stuff and the do's and don'ts. I refuse to be that uninformed buyer that a mortgage broker tries to take advantage of

[z31maniac]

^Excellent idea.

[Massimo]

Wow your house prices are cheap. I will hopefully be a first home owner in a few weeks. Properties here on average are 350-400k for 1000sq meters, and to give you guys an idea on repayments for that. I require a 107k deposit for a 400k home loan that works out to be

$475pw

If we only have half that deposit it is

$540pw

This is all at a very low interest rate of 6.6% fixed for 5 years

[blefevre]

Wow your house prices are cheap. I will hopefully be a first home owner in a few weeks. Properties here on average are 350-400k for 1000sq meters, and to give you guys an idea on repayments for that. I require a 107k deposit for a 400k home loan that works out to be

$475pw

If we only have half that deposit it is

$540pw

This is all at a very low interest rate of 6.6% fixed for 5 years

Is "pw" = per week?

That doesn't add up. 1000 square meters is a big house. Your averages are about the same as they are here for me for that size of a house. Your payments just don't add up to me, what am I missing?

Your home loan is about 400k-107k = 293k
475 per week * 52 weeks/year * 5 years = 123,500

Or are you simply saying your interest rate is only fixed for the first 5 years?

[JeST]

My income building was at 5.75%. Just refinanced last month for 4%. Saving about $1g a month. Fucking win.

Now I'm fighting with my wife to finally let me have my damn porsche 7tt.

[Massimo]

Is "pw" = per week?

That doesn't add up. 1000 square meters is a big house. Your averages are about the same as they are here for me for that size of a house. Your payments just don't add up to me, what am I missing?

Your home loan is about 400k-107k = 293k
475 per week * 52 weeks/year * 5 years = 123,500

Or are you simply saying your interest rate is only fixed for the first 5 years?

1000sp meter property houses are usually 200sq meters. Yeh pw is per week. Unfortunatly I don't have my paperwork with me but.

If the home is worth 400k and we have a 50k deposit we are paying about $540pw

If we had the 107k deposit it is $475pw.

But you need to remember that we pay 6.6% interest here (30 year loan) Just for referance on the first year we only pay back about $3000 off the home the rest is in interest.

[blefevre]

1000sp meter property houses are usually 200sq meters. Yeh pw is per week. Unfortunatly I don't have my paperwork with me but.

If the home is worth 400k and we have a 50k deposit we are paying about $540pw

If we had the 107k deposit it is $475pw.

But you need to remember that we pay 6.6% interest here (30 year loan) Just for referance on the first year we only pay back about $3000 off the home the rest is in interest.

I was confused by your "6.6% interest for 5 years". It made it sound like you had only a 5 year loan.

Yes, with a 30 year loan it all makes sense now.