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Scarlett
ParticipantYou may not see assumptions nowadays because the rates are so low. The realtors & brokers here, if they’ve been in the field for more than 20 years can tell you if they’ve seen many assumptions in the past, when the rates were really high.
You may see, however a larger number of assumptions in a few years when/if the rates for conventionals FRM go through the roof – when people who bought in the last year or two are selling…
ParticipantYou may not see assumptions nowadays because the rates are so low. The realtors & brokers here, if they’ve been in the field for more than 20 years can tell you if they’ve seen many assumptions in the past, when the rates were really high.
You may see, however a larger number of assumptions in a few years when/if the rates for conventionals FRM go through the roof – when people who bought in the last year or two are selling…
ParticipantYou may not see assumptions nowadays because the rates are so low. The realtors & brokers here, if they’ve been in the field for more than 20 years can tell you if they’ve seen many assumptions in the past, when the rates were really high.
You may see, however a larger number of assumptions in a few years when/if the rates for conventionals FRM go through the roof – when people who bought in the last year or two are selling…
ParticipantYou may not see assumptions nowadays because the rates are so low. The realtors & brokers here, if they’ve been in the field for more than 20 years can tell you if they’ve seen many assumptions in the past, when the rates were really high.
You may see, however a larger number of assumptions in a few years when/if the rates for conventionals FRM go through the roof – when people who bought in the last year or two are selling…
ParticipantYou may not see assumptions nowadays because the rates are so low. The realtors & brokers here, if they’ve been in the field for more than 20 years can tell you if they’ve seen many assumptions in the past, when the rates were really high.
You may see, however a larger number of assumptions in a few years when/if the rates for conventionals FRM go through the roof – when people who bought in the last year or two are selling…
ParticipantIf someone assumes an FHA loan, they assume the balance owed AND remaining term.
They have to pay the difference of (SALES PRICE- the amount owed on mortgage at time of sale) in CASH…Potential buyers may be strapped for cash.
Keep in mind also the high mortgage insurance premium for FHA loans.
It really depends when you sell it, and how much you’ve paid off.
Here is a recent article that discuss this aspect a bit
http://www.boston.com/realestate/news/articles/2010/02/08/finding_value_in_loan_assumptions/?page=fullParticipantIf someone assumes an FHA loan, they assume the balance owed AND remaining term.
They have to pay the difference of (SALES PRICE- the amount owed on mortgage at time of sale) in CASH…Potential buyers may be strapped for cash.
Keep in mind also the high mortgage insurance premium for FHA loans.
It really depends when you sell it, and how much you’ve paid off.
Here is a recent article that discuss this aspect a bit
http://www.boston.com/realestate/news/articles/2010/02/08/finding_value_in_loan_assumptions/?page=fullParticipantIf someone assumes an FHA loan, they assume the balance owed AND remaining term.
They have to pay the difference of (SALES PRICE- the amount owed on mortgage at time of sale) in CASH…Potential buyers may be strapped for cash.
Keep in mind also the high mortgage insurance premium for FHA loans.
It really depends when you sell it, and how much you’ve paid off.
Here is a recent article that discuss this aspect a bit
http://www.boston.com/realestate/news/articles/2010/02/08/finding_value_in_loan_assumptions/?page=fullParticipantIf someone assumes an FHA loan, they assume the balance owed AND remaining term.
They have to pay the difference of (SALES PRICE- the amount owed on mortgage at time of sale) in CASH…Potential buyers may be strapped for cash.
Keep in mind also the high mortgage insurance premium for FHA loans.
It really depends when you sell it, and how much you’ve paid off.
Here is a recent article that discuss this aspect a bit
http://www.boston.com/realestate/news/articles/2010/02/08/finding_value_in_loan_assumptions/?page=fullParticipantIf someone assumes an FHA loan, they assume the balance owed AND remaining term.
They have to pay the difference of (SALES PRICE- the amount owed on mortgage at time of sale) in CASH…Potential buyers may be strapped for cash.
Keep in mind also the high mortgage insurance premium for FHA loans.
It really depends when you sell it, and how much you’ve paid off.
Here is a recent article that discuss this aspect a bit
http://www.boston.com/realestate/news/articles/2010/02/08/finding_value_in_loan_assumptions/?page=fullParticipantYou may also want to think about school districts. If you really care and want some ofthe “best”, (e.g. DelMar, PUSD) you will have to sacrifice a lot in terms of house size/type. But it could be also a shorter commute (don’t know where u work). Or, you could buy a pretty nice house in a “lesser” school district for less money (but maybe longer commute?), and then when kids are of school age (in 5-6 years), sell and move in “better” districts. But it may not make sense to buy if you plan to be in it only 5-7 years. Better school districts keep the home values more stable. Just a thought.
I still think you are better off renting and saving.
ParticipantYou may also want to think about school districts. If you really care and want some ofthe “best”, (e.g. DelMar, PUSD) you will have to sacrifice a lot in terms of house size/type. But it could be also a shorter commute (don’t know where u work). Or, you could buy a pretty nice house in a “lesser” school district for less money (but maybe longer commute?), and then when kids are of school age (in 5-6 years), sell and move in “better” districts. But it may not make sense to buy if you plan to be in it only 5-7 years. Better school districts keep the home values more stable. Just a thought.
I still think you are better off renting and saving.
ParticipantYou may also want to think about school districts. If you really care and want some ofthe “best”, (e.g. DelMar, PUSD) you will have to sacrifice a lot in terms of house size/type. But it could be also a shorter commute (don’t know where u work). Or, you could buy a pretty nice house in a “lesser” school district for less money (but maybe longer commute?), and then when kids are of school age (in 5-6 years), sell and move in “better” districts. But it may not make sense to buy if you plan to be in it only 5-7 years. Better school districts keep the home values more stable. Just a thought.
I still think you are better off renting and saving.
ParticipantYou may also want to think about school districts. If you really care and want some ofthe “best”, (e.g. DelMar, PUSD) you will have to sacrifice a lot in terms of house size/type. But it could be also a shorter commute (don’t know where u work). Or, you could buy a pretty nice house in a “lesser” school district for less money (but maybe longer commute?), and then when kids are of school age (in 5-6 years), sell and move in “better” districts. But it may not make sense to buy if you plan to be in it only 5-7 years. Better school districts keep the home values more stable. Just a thought.
I still think you are better off renting and saving.
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