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It's hit the fan.....
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<blockquote data-quote="witzend" data-source="post: 542837" data-attributes="member: 99"><p>A word about downsizing - </p><p></p><p>husband and I did A LOT to our house in Oregon. Our realtor advised us to take an offer $20 under our asking price. Our asking price was enough to pay her commission and walk away. We were lucky enough to get a second offer at our asking price and get a bidding war going. We ended up getting our asking price, and paying nothing more other than our own closing costs, which are negligible. Our monthly mortgage payment with taxes and insurance on that house was $1,950. Our interest rate which we had refi-ed several times was at 5.625% on a 30 year loan and we didn't have enough equity to lower it again. We probably could have rented it out for $1,500 - $1,700, which would still <em>seem</em> like a loss.</p><p></p><p>Fast forward to our new house. It is a brand new house. There are still empty lots on either side of us. It's the same size inside, everything is new, our lot is 1/2 an acre larger, and our interest rate is 3.25% on a 20 year loan. I understand that as of yesterday you can go down to 2.65% on a 30 year loan. In any case, our current monthly mortgage plus taxes and insurance is $1,215. I could have left the house that I was in, rented it out, bought a new house and <em>still </em>made a profit until the market improved. It's something to think about if relocating is in your plans.</p></blockquote><p></p>
[QUOTE="witzend, post: 542837, member: 99"] A word about downsizing - husband and I did A LOT to our house in Oregon. Our realtor advised us to take an offer $20 under our asking price. Our asking price was enough to pay her commission and walk away. We were lucky enough to get a second offer at our asking price and get a bidding war going. We ended up getting our asking price, and paying nothing more other than our own closing costs, which are negligible. Our monthly mortgage payment with taxes and insurance on that house was $1,950. Our interest rate which we had refi-ed several times was at 5.625% on a 30 year loan and we didn't have enough equity to lower it again. We probably could have rented it out for $1,500 - $1,700, which would still [I]seem[/I] like a loss. Fast forward to our new house. It is a brand new house. There are still empty lots on either side of us. It's the same size inside, everything is new, our lot is 1/2 an acre larger, and our interest rate is 3.25% on a 20 year loan. I understand that as of yesterday you can go down to 2.65% on a 30 year loan. In any case, our current monthly mortgage plus taxes and insurance is $1,215. I could have left the house that I was in, rented it out, bought a new house and [I]still [/I]made a profit until the market improved. It's something to think about if relocating is in your plans. [/QUOTE]
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