[quote=sdrealtor]I bought new construction and thought is was risk free. I identified the community when it was being built as a sure thing to end up the most desireable neighborhood in my neck of the woods and its exceeded my expectations. We put 20% down and the mortgage was less than 2 times HH income. If I had to liquidate investments I could have paid cash. I didnt expect the market to skyrocket but expected steady appreciation for the market and well above the market average for my community. Again both have exceeded my expectations. I dont take the kind of chances you did.
So you did essentially buy a house for your dogs. LOL. I got a secret for you. You dont have to have dogs. You made a choice based upon the pets that could easily have blown up in your face even worse than it has. You say the loan you have is great and you would do it again but you got lucky. If interest rates were where they should be you probably would be sitting on a mortgage you couldnt afford right now. Its easy to cast stones at others decisions but dissected yours could be also.
BTW stop saying you P&I is less than rent. There are other costs you are conveniently ignoring again and again. You pay taxes, insurance and maintenance that renters dont.[/quote]
Lol, there is no way you could have known how a new construction tract would turn out. IMO, you took a HUGE risk in buying in an unproven, unseasoned CFD/HOA-encumbered area without nearby sales comps to support your purchase price!
For the record, my FICO score is now 851. It’s hovered between 804 and 851 since the nineties.
I don’t have more than one dog. I essentially bought the home for my kids. Hey, I thought I read somewhere that you had a dog – can’t remember…
My PITI is currently just under $1500.
I have plenty of equity and probably enough income to refinance to a low 15 or 30 yr rate. At all times since I owned I could have easily refinanced but chose not to because I don’t want to pay closing costs or wrap them into the loan. It is beginning to amortize quickly now and I want to sell it in a few years, anyway, and keep the assumable feature with the low assumption fee intact. How many Piggs have this as a selling point??
Let me ask you…would you refinance to a 4% fixed rate if you were currently paying a 4% adj rate and had been for many months? Isn’t your HELOC adjustable? (I’ve never met one that was fixed, lol.) Why would you take a risk like that with your children’s home?
Aren’t you an “expert?” Do you see mtg interest rates climbing thru the roof in the next 3 years??
You state “we” bought the home and that you qualified for it with two incomes. Does this mean you are only 50% owner??
