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Better Refinance Soon!

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Old 10-30-2002, 11:34 PM
  #11
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Man, what the hell you guys talking about?

Traviss...
Stay at home, live there FOREVER. Buy BIGGER, FASTER BOAT!



j/k, these guys are giving wise advice, but do what you want! Meeting someone, getting married, and house purchases all seem to coincide. Funny how that is. If I were single, I'd have one big pole barn.
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Old 10-31-2002, 08:51 AM
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The Wife and I are 25 looking at buying our first home soon(6 mos).

This has been weighing heavily on me lately. I hope they don't turn up too quickly.
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Old 10-31-2002, 09:16 AM
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you can' t buy money any cheaper than today.!!!

Today you can afford the most house. run an amortization once and see what 1% does to a 30 year loan. if your loan is 100k for example? a 1 % interest drop can buy you $10k more house!!!!!! for the same payment,
(OR REDUCE WHAT YOU CAN BUY FOR THAT SAME PAYMENT BY $10K if the RATES GO UP 1%!!)

If you are considering buying land ( a lot or a section, doesn't matter) the price of land is rising faster annually than I (or most of us) can offset in a years savings.
I searched for 4 years chasing land prices, always $10k short for what I wanted. finally realized it was rising $10k to $12k per year. NO WAY I could save that up in a year to buy that same piece at next years selling price. Land is becoming affordable by LESS of the population as time goes on. Just think about what your grandparents bought. and if you could buy that amount of property today , even having a better standard of living now then them in their day. you can afford a better car(or boat)then they ever could, but not land!!!
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Old 10-31-2002, 09:33 AM
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Hey Midnight, who do you work for? I am the Branch manager in Holland for Wells Fargo. Rates have been going up but the market has built in a rate cut as soon as the 6th of Nov. That may play havoc with us short term but I think in the end they will go lower. We are at 6.25 on a 30yr now, how about you? Want to work in Holland? 616-546-6309
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Old 10-31-2002, 09:37 AM
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Traviss I, am in the same situatuin that you are. Only my parents are AZ for 4 mos. a year. But like everyone has said, sell your Hooters stock and buy realestate. You cant go wrong with land even if its vacant, just hang on to it and live with your parents and watch your investment skyrocket in value over the years. Also like hp500 said buy a house and make money back off of it from renting it out. I know its hard to part with that kind of money at our age because realestate is boring and it is more fun to buy fast cars and boats, but you wont regret it in the future.
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Old 10-31-2002, 09:44 AM
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mortgage rates are partially impacted by the bond market. we are seeing large amounts of money leaving the stock market and entering the bond market, thus driving bond rates up.....

midnight is correct, if you are thinking of buying, do it. low interest opportunities do not come around very often. RE is a great investment these days.

jbk
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Old 10-31-2002, 09:48 AM
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Here is something else to consider, buy a small plot of land w/ road frontage build a shop on it and finish part of the shop to live in ( every single guy's dream), use your shop/home to start your own repair business on the side since you seem to be mechanically inclined. That way you are making money of of your investment plus you have a cool place to live. Then later on in life when you are married and need a real house to raise a family you can sell the shop as commercial real estate and make a fortune.
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Old 10-31-2002, 09:51 AM
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Traviss, stay at home as long as you can, I lived with the folks till I was 30, had all the toys one could want, it was great
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Old 10-31-2002, 10:16 AM
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Quote:
Originally posted by skatermike24
Traviss, stay at home as long as you can, I lived with the folks till I was 30, had all the toys one could want, it was great
Wish I would have done that! Left at the age of 19(not under bad circumstances-went to college) and been on mine own since. Sure was nice to have college paid for though
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Old 10-31-2002, 10:18 AM
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Quote:
Originally posted by MitchStellin
Hey Midnight, who do you work for? I am the Branch manager in Holland for Wells Fargo. Rates have been going up but the market has built in a rate cut as soon as the 6th of Nov. That may play havoc with us short term but I think in the end they will go lower. We are at 6.25 on a 30yr now, how about you? Want to work in Holland? 616-546-6309
Does that mean I should wait after NOV. 6th to see if rates may go lower then or should I contact someone now?!

Mike
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