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Old 08-05-2019, 09:36 PM   #1
NannySlayer
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Default Approved to buy my first home!

I’ve just been approved to buy my first home! Hired a realtor and scoping some places out this weekend. Got a great deal on interest rate and hitting the ground running.

What are your suggested do’s & donts for a first time home buyer?

I’m uneducated on this process but my lender is helping me along quite a bit...


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Old 08-05-2019, 09:43 PM   #2
whitetailtrail
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Whatever they say you can afford, you can't! Don't be house broke. Enjoy the process and stick to whatever your numbers tell you is right for your budget, if you have one. Homes can be emotional purchases but always good to check yourself with realistic numbers. Ask about taxes, hoa, trash pick up, ask for recent electric, gas and water bills to get an idea of what expenses might look like.
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Old 08-05-2019, 09:44 PM   #3
AntlerCollector
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Lol. I was gonna say the same as above. They will sell you more house than you can afford. Get what you need. Get what you want later. Congrats on a first home.
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Old 08-05-2019, 09:46 PM   #4
HogHunter34
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If you can buy in a good reputable school district is always good for future quick sales if you decide to relocate or upgrade. I try and be present during home inspection to ask questions & allow inspector to explain findings so it’s visual and sometimes more informational than a report
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Old 08-05-2019, 09:47 PM   #5
mikeyb_23
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Remember as your house appreciates your mortgage goes up to. Make sure to give yourself some breathing room on your mortgage.
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Old 08-05-2019, 09:47 PM   #6
RascalArms
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First of all, congrats Steph! Secondly, totally agree with the aforementioned folks....don’t over extend anymore than you know you can afford. It’s tough when you are being held hostage by a mortgage.

Oh.......and get a DARN GOOD HOME INSPECTOR!
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Old 08-05-2019, 09:51 PM   #7
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Congratulations. Agreeing with what has already been said
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Old 08-06-2019, 06:43 AM   #8
flywise
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Dont get an ARM
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Old 08-06-2019, 06:52 AM   #9
Rick
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dont over extend yourself, good rule of thumb is total payment being 25% of takehome, you will qualify for a lot more
don't buy into a HOA unless you are sure you want that added expense/oversight
get seller to pay for home warranty for year or 2, then drop it, keep a fund for repairs
use a good home inspector


congrats!!!
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Old 08-06-2019, 06:56 AM   #10
Uncle Saggy
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Congrats. All the above is good advice


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Old 08-06-2019, 06:59 AM   #11
RR 314
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Originally Posted by flywise View Post
Dont get an ARM
With the Chinese devaluing their currency this will result, almost certainly, in historically low interest rates in the US in the short term. Should be able to get a great rate but certainly you will want a fixed rate vs ARM.
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Old 08-06-2019, 07:01 AM   #12
lilbradford
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Quote:
Originally Posted by NannySlayer View Post
I’ve just been approved to buy my first home! Hired a realtor and scoping some places out this weekend. Got a great deal on interest rate and hitting the ground running.

What are your suggested do’s & donts for a first time home buyer?

I’m uneducated on this process but my lender is helping me along quite a bit...


Sent from my iPhone using Tapatalk
As a new home sales professional, I would recommend you make a list of things that are important to you. 3 car garage, storage, separate tub/shower for master, etc. whatever you lost may be. It might even be to not buy something used so you don’t have to cover things that break or are workmanship defects. (Not trying to sell you something, I’m in Houston.)

Get a 3rd party inspector. Atleast get 2-3 more mortgage quotes and make them fight for your business.

Don’t go look at 500 houses. Use that list you made and narrow it down. It will get overwhelming.

If you buy new, make sure the builders lender or your lender are fully disclosing property taxes based on the full value of the home, not just the land value. That’s one way lenders/builders will make their quotes look better, then boom. 1 year later your payment is $500 higher.

Make sure wherever you go you have your realtor with you or have your realtors card. Some open houses/builders won’t sell you the home and pay your realtor if the realtor is not there. I’ve seen this happen to several people here in houston.

If you are buying new and you have any questions and just want to bounce ideas off somebody in the industry PM me. Either way, good luck out there!
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Old 08-06-2019, 07:01 AM   #13
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Location is a thing ... a BIG thing.
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Old 08-06-2019, 07:03 AM   #14
tps7742
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Congratulations on this new opportunity in life’s path. It’s exciting times I am sure. As stated above keep your mortgage payment plus escrow within your budgeted amount. Buy what you need starting out because you can always buy a different house later. Try and put money back for house hold uh ohs. You may want to consider a home warranty if the house is older. If I rember correctly they aren’t that expensive. Again congratulations on accomplishing this on your own.
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Old 08-06-2019, 07:05 AM   #15
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Do NOT GET AN ARM, do not overextend yourself! It’s a whole lot better to own a house, but don’t let the house own you!
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Old 08-06-2019, 07:38 AM   #16
NannySlayer
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What’s an ARM?

I asked for a specific amount to be approved for what equates to what I wanted my monthly mortgage to be so I wouldn’t get sucked into “you can have this much and never be able to make payments”... is


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Old 08-06-2019, 07:41 AM   #17
Rick
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Quote:
Originally Posted by NannySlayer View Post
What’s an ARM?

I asked for a specific amount to be approved for what equates to what I wanted my monthly mortgage to be so I wouldn’t get sucked into “you can have this much and never be able to make payments”... is


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Adjustable Rate Mortgage - it starts w a low interest rate and increases after a year or two...they will also tell you that it could go down...get a fixed rate for term of loan
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Old 08-06-2019, 07:42 AM   #18
Uncle Saggy
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An adjustable rate mortgage


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Old 08-06-2019, 07:43 AM   #19
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Quote:
Originally Posted by NannySlayer View Post
What’s an ARM?

I asked for a specific amount to be approved for what equates to what I wanted my monthly mortgage to be so I wouldn’t get sucked into “you can have this much and never be able to make payments”... is


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ARM- Adjustable Rate Mortgage
Meaning for 5 to 10 years your rate is fixed, then can adjust after that term to what the current rate is... usually capped at 2% or so but could turn a 4% rate into a 6% rate and inflate your payment.
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Old 08-06-2019, 07:47 AM   #20
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Be sure to buy at least a 3 bdrm home. I have owned a few 2 bedroom farm houses and they are tough to sell.
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Old 08-06-2019, 07:48 AM   #21
muzzlebrake
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Personally I would never buy in a POA or HOA. Ain't no nosey old biddy gonna snope around my crib and tell me what kind of flowers I can and can't plant or what flag I can't fly or tell me I can't have a MAGA sign on my truck or in my yard.
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Old 08-06-2019, 07:50 AM   #22
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Three things, location, location, location.
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Old 08-06-2019, 07:51 AM   #23
Texastaxi
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Quote:
Originally Posted by NannySlayer View Post
What’s an ARM?

I asked for a specific amount to be approved for what equates to what I wanted my monthly mortgage to be so I wouldn’t get sucked into “you can have this much and never be able to make payments”... is


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Ask if that amount included your insurance and taxes ... known as escrow.
You can get a lot of house, for a relatively low payment, BUT you're going to have to pay the property taxes and insurance somewhere. Most people choose to have those payments added to your montly P&I (principle and interest). The other option is to pay them yourself, every year, but you have to be disciplined enough to put that money aside every month or you'll have to shell out a large chunk, once a year.
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Old 08-06-2019, 07:56 AM   #24
hunt247
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Put enough money down to avoid PMI.
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Old 08-06-2019, 07:56 AM   #25
Charles
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Make sure the home is in the most desirable school district in the area.
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Old 08-06-2019, 08:02 AM   #26
NannySlayer
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Can I PM someone what the lender sent me so we can break it down what this all means?

Thanks for all the help.


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Old 08-06-2019, 08:06 AM   #27
gemini2759
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Compare what you can afford on a 15 year mortgage vs a 30 year. Also, look at the difference in interest paid.

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Old 08-06-2019, 08:07 AM   #28
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Quote:
Originally Posted by mikeyb_23 View Post
Remember as your house appreciates your mortgage goes up to. Make sure to give yourself some breathing room on your mortgage.
^^^^This!! Property taxes are on the steady rise. Make sure you factor this in for the future
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Old 08-06-2019, 08:16 AM   #29
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Originally Posted by hunt247 View Post
Put enough money down to avoid PMI.
Now you know for a fact that’s hard to do....especially for a first time home buyer.
Avoiding PMI (Private Mortgage Insurance) requires 20% down payment of the loan, thereby establishing enough “equity” in the home to where the lender is protected somewhat.
If you have less than 20% of the sales price or value of a home to use as a down payment, you can basically do 2 things.
1. Establish 2 mortgages where you pay PMI on the first smaller loan (usually the amount under the 20% down payment you are lacking) and then pay the second mortgage until said mortgage reaches 78%, at which point the PMI mortgage can be eliminated.

2. The only other option I know of is pay a helluva lot higher interest rate without PMI.....provided you can qualify
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Old 08-06-2019, 08:18 AM   #30
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Get with Trey (tex_cattleman) on here and have him quote you too. He’ll walk you though it all and make sure you are staying where you want to be payment wise and that you understand the process
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Old 08-06-2019, 08:23 AM   #31
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+100000000 on buying what you NEED, not what you want, what someone convinces you to buy or what society tells you you need.

The only person looking out for your interests in this transaction is YOU, everyone else is out to get something from you.
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Old 08-06-2019, 08:29 AM   #32
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I highly recommend hiring your own home inspector, not one the realtor(s) suggest. Vet them through, and make sure they are working for you. I speak from experience when I bought my first home. Lots of stupid things on the house that should have been caught by the inspector. Unfortunately I didn't find them until after the 1 year period was up
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Old 08-06-2019, 08:48 AM   #33
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Budget in maintenance/ upkeep, and never forget about property tax
Pools are actually a liability, not a asset to a home
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Old 08-06-2019, 08:49 AM   #34
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Originally Posted by TxBowHntr View Post
I highly recommend hiring your own home inspector, not one the realtor(s) suggest. Vet them through, and make sure they are working for you. I speak from experience when I bought my first home. Lots of stupid things on the house that should have been caught by the inspector. Unfortunately I didn't find them until after the 1 year period was up
This for sure.
Inspectors and realtors work together.
The realtor wants to make a sale, and the inspector wants to be recommended by that realtor again.
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Old 08-06-2019, 08:55 AM   #35
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As mentioned don’t overextend your pocketbook, and definitely make sure you are in a good school district.
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Old 08-06-2019, 08:58 AM   #36
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Here is something that I didn't think about until after I moved in. If you like to entertain in the back yard, make sure it doesn't face west with no trees!
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Old 08-06-2019, 09:07 AM   #37
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Garage / Workshop is more important than the house. My next one will be a small apartment inside the shop.
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Old 08-06-2019, 09:08 AM   #38
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Congrats Steffanie!
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Old 08-06-2019, 09:13 AM   #39
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Here is something that I didn't think about until after I moved in. If you like to entertain in the back yard, make sure it doesn't face west with no trees!
I'd take a crap house facing the right direction over a much nicer house that doesn't.
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Old 08-06-2019, 09:22 AM   #40
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Quote:
Originally Posted by RascalArms View Post
Oh.......and get a DARN GOOD HOME INSPECTOR!

Besides the financial aspect, THIS IMO is the next most important. My wife and I bought a brand new house for our first house thinking we would have less issues. WRONG! We had more issues than the two older houses we lived in after that house. We had an inspector (3rd party) come in and he found a lot of issues but not all of them. A lot of it depends on the builder and how much they try to cut corners. But with that being said you will have some issues no matter what. Find one that makes you happy and that you can afford.

Congrats!!



Sierracharlie out…
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Old 08-06-2019, 09:29 AM   #41
NannySlayer
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My ex brother in law is an inspector so I’m not worried about finding someone there.


The house I’m interested in is in my sons school district. It’s not a new home. I’m going to look at it with my realtor on Saturday.


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Old 08-06-2019, 09:33 AM   #42
Twipper333
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Originally Posted by NannySlayer View Post
Can I PM someone what the lender sent me so we can break it down what this all means?

Thanks for all the help.


Sent from my iPhone using Tapatalk
You can PM me, if you would like - my wife and I are 35, have had (3) houses built and bought and sold (4) - we are currently having one built in the DFW area and we have learned a lot of what to do and not do.

We have gotten pretty good at playing the markets.
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Old 08-06-2019, 09:34 AM   #43
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Quote:
Originally Posted by NannySlayer View Post
My ex brother in law is an inspector so I’m not worried about finding someone there.


The house I’m interested in is in my sons school district. It’s not a new home. I’m going to look at it with my realtor on Saturday.


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some real life things to think about are...… whatever your house payment is, double it. Your taxes and stuff will make your payment double.

Be sure and look at your MUD taxes and your neighborhood dues, they can get expensive.

Last but not least, don't become a slave to your house by not considering all of the monthly costs involved. House note, insurance, gas, etc
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Old 08-06-2019, 09:41 AM   #44
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First off, congratulations!

Second, I close on a house on Friday. I elected to do the 10 year ARM. It was a great rate and it is locked at that rate for 10 years. Why is that a bad idea for people? You can always refinance after 9.99 years and not have to deal with the giant jack up in price. I know it cost money to refinance but what am I missing????
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Old 08-06-2019, 09:42 AM   #45
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Originally Posted by mikeyb_23 View Post
Remember as your house appreciates your mortgage goes up to. Make sure to give yourself some breathing room on your mortgage.
Mortgage doesn't increase but your escrow may go up, if you have one. I personally prefer to pay my own escrow but it's not for everyone. Be sure and get a good faith estimate a few days before signing any mortgage papers and go over them to make sure it fit's in your budget.
It's best to put 20% down so you don't have PMI.
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Old 08-06-2019, 09:46 AM   #46
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Originally Posted by TildenHunter View Post
First off, congratulations!

Second, I close on a house on Friday. I elected to do the 10 year ARM. It was a great rate and it is locked at that rate for 10 years. Why is that a bad idea for people? You can always refinance after 9.99 years and not have to deal with the giant jack up in price. I know it cost money to refinance but what am I missing????
If your house and real estate market appreciates in value then it's good. If it depreciates then you may not be able to finance what you owe on the house. This happened to a lot of people about 10-15 years ago when the real estate market crashed and people owed more on the house than the value. The people that couldn't pay down on their houses got hit with 18-20% interest and lost their houses. It's a gamble with an ARM.
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Old 08-06-2019, 09:49 AM   #47
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If you know of any changes you want to make to the house do it before you move everything in(if possible)! It makes it a lot easier to do floors, paint, etc. without a ton of furniture in the way.
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Old 08-06-2019, 09:56 AM   #48
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Originally Posted by deerplanter View Post
If your house and real estate market appreciates in value then it's good. If it depreciates then you may not be able to finance what you owe on the house. This happened to a lot of people about 10-15 years ago when the real estate market crashed and people owed more on the house than the value. The people that couldn't pay down on their houses got hit with 18-20% interest and lost their houses. It's a gamble with an ARM.
Thanks for this. Sorry to hijack the thread.

In theory, after I sell my current home and recast my loan, I will have paid down 65% of house cost. I should be somewhat protected from the above mentioned scenario, correct?
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Old 08-06-2019, 10:00 AM   #49
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Originally Posted by TildenHunter View Post
Thanks for this. Sorry to hijack the thread.

In theory, after I sell my current home and recast my loan, I will have paid down 65% of house cost. I should be somewhat protected from the above mentioned scenario, correct?
You should be, it would take a very bad market to loose 65% but there is still a chance of loosing some value. I am not trying to talk you out of it, just telling you what could happen if things were bad. If things are good then you make/save money.
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Old 08-06-2019, 10:44 AM   #50
NannySlayer
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You can PM me, if you would like - my wife and I are 35, have had (3) houses built and bought and sold (4) - we are currently having one built in the DFW area and we have learned a lot of what to do and not do.



We have gotten pretty good at playing the markets.


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