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should i buy a house with the new interest trates?

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Brownsfan2k5
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should i buy a house with the new interest trates?  Reply with quote  

First off i'd like to say that i LOVE this forum and i appreciate everyones advise!

Ok, so ive been looking at buying another rental in the next few weeks. With interest rates rising from 3.6 to 4.3 (for a 30 year morgage)in just 1 month, should i wait and see if the rates fall anytime soon?
Post Sun Jun 16, 2013 9:52 pm
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oldguy
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I wouldn't wait - I doubt that will be any meaningful interest rate drops, more likely that it will go up.

The NonOwnerOccupied premium seems to be around 1.5% right now, so anything under 5.5% would be great. Very Happy
Post Mon Jun 17, 2013 12:03 am
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Brownsfan2k5
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Ok thanks! Appreciate your input Oldguy.
Post Mon Jun 17, 2013 1:05 am
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Brownsfan2k5
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Oh by the way, I see your from Arizona. I'm going to be visiting Phoenix in the next few months. Lets meet up and you can give me all your great knowledge and advise!!! Smile
Post Mon Jun 17, 2013 1:07 am
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No-Brainer
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This is one case where "a bird in the hand is worth two in the bush" or another way of saying it is, wait too long and you might be saying, "you snooze, you lose"..

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Post Mon Jun 17, 2013 8:54 pm
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Brownsfan2k5
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Is there any advise you can give me on the closing costs? In Ohio (the state where I'm buying the house) the sellers can only pay a 2% max on the closing costs. I'm trying to get them to pay those costs to spare the least amount up front. I know the 20% up front is unavoidable, but is there any advise or tips to save on upfront costs?
Post Mon Jun 17, 2013 10:09 pm
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oldguy
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quote:
I'm trying to get them to pay those costs to spare the least amount up front. I know the 20% up front is unavoidable, but is there any advise or tips to save on upfront costs?


The seller probably doesn't care how closing costs are paid.

Eg, say a $100,000 deal. (over simpified)
The seller pays a $6000 sales commission and gets a check for $94,000.

The buyer pays a $20,000 down payment and owes ~$2000 loan closing costs. So you can either get an $80k loan and pay the $2000 - or get an $82k loan and let the loan company pay the $2000.

In either case, it is still a $100,000 deal to the seller.
Post Mon Jun 17, 2013 10:54 pm
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