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Buying a House


RavensTillIDie

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18 hours ago, JaguarCrazy2832 said:

My loan advisor told me it drops automatically. Haven't reached it yet though since we just bought last year but hoping she's right

It will drop automatically when you've paid off 20% of the principal (22% for FHA), but you can have it dropped sooner if you call and your house appraises higher and your loan to value is 80% (78% FHA) or lower.  

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5 minutes ago, MKnight82 said:

It will drop automatically when you've paid off 20% of the principal (22% for FHA), but you can have it dropped sooner if you call and your house appraises higher and your loan to value is 80% (78% FHA) or lower.  

Interesting thanks! Probably not worth getting an appraisal yet though if we’ve only been here 16 months and only added on granite countertops and paint. We do pay an additional 20% a month hoping to get it paid off sooner and save on interest. Just didnt have the money for 20% down at the time and probably a bad time to think about refinancing 

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One thing I can't stress enough - and it may not be an option for everyone, but at least explore it with your agent because it's been a GODSEND for us - try to find a way to work buying solar and having it included in your home purchase; not renting the panels, buying particularly if you're in an area that doesn't give you a ton of snowfall.

Our scenario turned out not to be as unique as I'd initially thought, but we basically ended up offering below asking (and this was when the market wasn't favoring buyers quite as much), they countered - trying to get us closer to asking - so we came back with an offer that was above asking but included $18k ($15K of which was above asking) being put in escrow as a seller concession to cover the cash-purchase of the solar system and installation.  We have multiple kids, ran the A/C on the regular throughout the summer, and our average electric bill never exceeded $10/month.

As much as my wife loves having the island in the kitchen or the granite countertops, believe me, she loves being able to run the central air and heater with little concern for our utility bill being outrageous even more.

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12 minutes ago, The LBC said:

One thing I can't stress enough - and it may not be an option for everyone, but at least explore it with your agent because it's been a GODSEND for us - try to find a way to work buying solar and having it included in your home purchase; not renting the panels, buying particularly if you're in an area that doesn't give you a ton of snowfall.

Our scenario turned out not to be as unique as I'd initially thought, but we basically ended up offering below asking (and this was when the market wasn't favoring buyers quite as much), they countered - trying to get us closer to asking - so we came back with an offer that was above asking but included $18k ($15K of which was above asking) being put in escrow as a seller concession to cover the cash-purchase of the solar system and installation.  We have multiple kids, ran the A/C on the regular throughout the summer, and our average electric bill never exceeded $10/month.

As much as my wife loves having the island in the kitchen or the granite countertops, believe me, she loves being able to run the central air and heater with little concern for our utility bill being outrageous even more.

Depending what state you live in there can be extremely significant tax credits and savings from the install as well.

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4 minutes ago, BayRaider said:

Been a buyers market for the past several months imo. 

What does everyone think about buying land?

Im all for it if you have vision and capital to carry for two years. Municipalities are becoming increasingly difficult to deal with so the entitlement process is a pain. Construction costs are rising exponentially here because builders are too busy and the cost of living is too high, so there is a huge shortage of tradesman. 

 

Where in the Bay are you? I have a vacant lot for sale in Pacifica for 189k

 

It has only been a buyers market on the peninsula since the beg of October. I expect that to change early next year as the uncertainty in the markets ends. Corporate tax rates are so low and silicon valley is still printing money

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4 minutes ago, BayRaider said:

Been a buyers market for the past several months imo. 

What does everyone think about buying land?

Im all for it if you have vision and capital to carry for two years. Municipalities are becoming increasingly difficult to deal with so the entitlement process is a pain. Construction costs are rising exponentially here because builders are too busy and the cost of living is too high, so there is a huge shortage of tradesman. 

 

Where in the Bay are you? I have a vacant lot for sale in Pacifica for 189k

 

It has only been a buyers market on the peninsula since the beg of October. I expect that to change early next year as the uncertainty in the markets ends. Corporate tax rates are so low and silicon valley is still printing money

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2 hours ago, BayRaider said:

Been a buyers market for the past several months imo. 

What does everyone think about buying land?

Land is too long of a hold for my tastes.  I’d rather buy something that generates income, like a residential duplex or a rental home.  That way your rent can pay your loan for the investment.

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One more suggestion, because my girlfriend and I moved in yesterday - DO NOT (if you can avoid it) move in on a weekday that's early in the week. Pick a Saturday or a Friday to move in, and schedule that time off work.

I had to do all the moving yesterday while the girlfriend was at work, and had we not hired a moving company to assist it would've been a freakin' nightmare, but I will tell you that it SUCKS spending like 16+ hours moving and working all the way up to midnight, then getting up the next day for work when your stuff is still in boxes or there's still some remnants left at your old place. Don't do it. Move on a weekend and allow yourself 1 day for the initial move of all the big stuff and at least another day to finish up small things.

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27 minutes ago, AFlaccoSeagulls said:

One more suggestion, because my girlfriend and I moved in yesterday - DO NOT (if you can avoid it) move in on a weekday that's early in the week. Pick a Saturday or a Friday to move in, and schedule that time off work.

I had to do all the moving yesterday while the girlfriend was at work, and had we not hired a moving company to assist it would've been a freakin' nightmare, but I will tell you that it SUCKS spending like 16+ hours moving and working all the way up to midnight, then getting up the next day for work when your stuff is still in boxes or there's still some remnants left at your old place. Don't do it. Move on a weekend and allow yourself 1 day for the initial move of all the big stuff and at least another day to finish up small things.

Moving is one of the worst things ever.. but yes always move in on a Saturday with at least three people in total doing the moving. 

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