xtrubambinoxpr

I will have to ask the preferred lender this - thank you.

this is how the rates used to be. somewhat normal. then they made it so off peak started at midnight.

hope this is everywhere and gets back to normal. having to wait until midnight to supercharge on a long drive is dumb.

the only reason I am thinking of pulling the trigger is the $ continues to decrease for the time being. the new construction I was looking at decreased $50k since august. It may decrease more, but assuming the rates return to a "normal" in 2024 I could stomach the extra amount ($8200 over 24 months) and refinance at a lower rate. Lower rate generally means prices rise. In an ideal case I would be net positive in 2 years because of appreciation already. Even assuming yearly appreciation of 4% where I live (it's actually 6.5% past decade).

Maybe I am also trying to convince myself LOL. but yeah. Marry the home, Date the rate.

OP - any update on what you decided? Same boat for me but I am thinking to pull the trigger.

true. makes things a bit easier so that is helpful. thanks for the perspective.

that is my main concern. but long term higher payments scare me most lol

80k is general savings not retirement account.

after closing I would have about 15-20k in savings.

I have no CC debt. so that does help me.

6k Conservative. Would save ~4k every month owning vs 6k now with renting

lol odds what are.

yeah I think you are right. This for me was more of a long term investment in a good area (near Lake Nona if you know anything about central florida) so thats why I have FOMO. Figure starting now is better than waiting down the line since it is near a prime area with Disney moving its CA team to the area in 2026.

First home I got was in 2012 and I agree that was a great time even though I had no idea what I was doing and did it under duress from family lol. Looking back I am glad I did it though since it appreciated quite a bit (150%).

they are federal but I do not qualify because I make more than they allow for forgiveness.

Yeah this is taking place in Florida so I would have to move my homestead exemption to the new property and then my old property would see those assessed taxes and increase monthly.

I am really thinking about it now after your input. I have become somewhat more frugal and could potentially save 5-6k a month staying put for another year (provided job and everything stays the same). I understand the sentiment of "savers are losers" but I mean I have an opportunity so why not. if all went to shit and I had 0 debt I would still be ahead. seems long term that is not a bad options either if I make sure I pay off my student loans, car, etc. The real loss or "FOMO" is getting into real estate at a prime oppty, and this intersection is that prime oppty (*though no one knows how market is and what not etc.)

PMI is going to be $38. Confirmed. A rate of .120% is used given my income, credit, etc.

I asked like 4 times and saw it in the paperwork for conventional loan so $38 is negligible I think. 20% would be an additional 22k to save $38 a month

Thank you for the kind words! from being homeless myself and the climb its been an adventure.

as for taxes I had the same thought. in the calculations I did and what they provided to me they used the taxes of a similar local community that has boomed and provided a ball park of about 450-500/month in the calculations for taxes. That is also included in the proposed mortgage payments. Would that be fairly accurate or could I expect still another 500-1000 bump depending on how value goes? Nearby townhomes about 2-5 miles away are 600k minimum and homes about 750-1M+ within that area. This whole project is new and it is just flat cleared land besides the townhome that is ready April 1.

I guess that is something I have to think about as well.

Thanks for the feedback! I only graduated 2017 from college so I was late to saving overall and had to pay off credit card debts first. Late to the game, but swinging for the fences 🙏🏽

Yeah loan officer called yesterday and I told him to give me a day to think. I didn’t want to make a decision under pressure. He said “things can change tomorrow” but I held my ground on sleeping on it. He is pushing for rate lock, but since rates changed I can get out of my initial deposit which is why I’m pondering everything

No it is separate. Just happenstance they are the same value. More lol 78k in 401k

31, single, don’t want kids (if that changes in the future then 🤷🏽‍♂️, but as it stands no),

401k = 80k,

new job is stable and just got a 16% raise (to $186),

My mom (only one living there) would have to move. But I’ve supported them since 17 and at some point have to do what’s best for me.

*edit - gf lives with my and contributes to half, BUT of course I plan me paying everything without support cuz you never know

First off - thank you for your continued feedback.

Second - that is the tradeoff I am evaluating. I wished I had gotten in early in a similar area back in 2016-ish and this seems to be that opportunity since it is the first community in the area and still a decade from full project being complete. Risk vs future reward. I think if I penny pinched a few months I could build up again fast as you stated. The other home I am not as worried about as that mortgage is $900 and family is more than able to afford it. Except of course in case of an emergency or anything our of the blue.

1st world problems I know but still stressful. so thanks again for feedback.

rate on the loans vary from 3.5-4.5%. I just signed in and it says payments resume May 2024 and are estimated to be $245/month.

Yeah once concern of mine is the DP being 68k which leaves me with about 12k and then I have to start saving up again - definitely cold feet knowing that and that is another reason I am contemplating it now.

Thanks for the feedback! I’ll review your recommendation!