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Our favorite debate-housing market-new article
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Kidsaplenty
Sister love
Member since 2/06 5971 total posts
Name:
Stephanie
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Re: Our favorite debate-housing market-new article
Is there any way to look at foreclosure listings without paying? Every site that I see wants $ for it.
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Posted 5/9/06 1:20 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Our favorite debate-housing market-new article
Posted by SweetestOfPeas
Posted by Sassyz75
Posted by SweetestOfPeas
Posted by Sassyz75
I have a question.
My friend has been in her home for like 2 years and has refinanced tHREE times.
Doesn't that cost money?
I don't understand why she keeps doing that.
and I think she's taking equity out- so how will she have any equity in her house if she keeps taking it out- i'm confused.
yea! she has to pay closing costs everytime, at least $10K. some of it you can write off, but not all.
shut up.
so for a house that was $225 she paid $30k in closing costs.
YOWZER!
yup!
She's banking on her home. She is hoping that the house will continue to appreciate and she will end up selling for a profit even with the refis.
Also, that's not counting the initial closing fees.
Unless she got some crazy good rate, I would say it's nuts. A heloc would have made much more sense.
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| Posted 5/9/06 1:34 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Our favorite debate-housing market-new article
there is a new kind of mortgage coming out- for people with good credit they will lend you 25% more then your home is worth
I don't see why people are getting themselves into these messes- esp someone who already has great credit- why take the risk? to keep up with some one else who is faking it too?
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| Posted 5/9/06 2:38 PM |
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MsMBV
:P
Member since 5/05 28602 total posts
Name:
Me
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Re: Our favorite debate-housing market-new article
Posted by KellyFG
Posted by Sassyz75
I have a question.
My friend has been in her home for like 2 years and has refinanced tHREE times.
Doesn't that cost money?
I don't understand why she keeps doing that.
and I think she's taking equity out- so how will she have any equity in her house if she keeps taking it out- i'm confused.
I don't know your friend's whole situation, but many people are using their home equity like everyday money & not realizing your equity should STAY in the home because $hit happens & you may need it. Everyone in my family 1 generation up(parents, aunts, uncles, etc) said they never even considered refi's. You never touched your house because it was your cushion. Back in the day people saved up till they could afford the things they wanted.
Our generation(they mortgage industry we know) is different. People use their homes like checking accounts. Too weird.
The only reason we are going to refi is to get a better rate. DH wants to take a HELOC so badly, but I want to see what the market does first. I do not wnat to be upside-down on the mortgage
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| Posted 5/9/06 3:18 PM |
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Sassyz75
Turning a new page
Member since 5/05 9731 total posts
Name:
Dina
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Re: Our favorite debate-housing market-new article
Posted by KellyFG
Posted by Sassyz75
I have a question.
My friend has been in her home for like 2 years and has refinanced tHREE times.
Doesn't that cost money?
I don't understand why she keeps doing that.
and I think she's taking equity out- so how will she have any equity in her house if she keeps taking it out- i'm confused.
I don't know your friend's whole situation, but many people are using their home equity like everyday money & not realizing your equity should STAY in the home because $hit happens & you may need it. Everyone in my family 1 generation up(parents, aunts, uncles, etc) said they never even considered refi's. You never touched your house because it was your cushion. Back in the day people saved up till they could afford the things they wanted.
Our generation(they mortgage industry we know) is different. People use their homes like checking accounts. Too weird.
I agree.
my mother never refinanced- she just kept paying off and was able to pay off her mortgage in like 10 years....
the funny thing is- she needs a kitchen and bath upgrade but she will not do it until she has the cash. It makes a lot of sense. There isn't anything WRONG with the bathroom & kitchen.. they work FINE- they just aren't the most modern... you know, the bathroom is that yellow/gold
blech.
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| Posted 5/9/06 3:41 PM |
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| Pages: 1 [2] |
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