NWR: I learned something new- thought I would share

So Jake and I were taking about houses again this weekend

He was saying how we should wait until next year- yada yada yada

I said but then wont rates go up- so wont the payment be the same- (a girl had posted it on here- so I was curious)

He said yes but you house would be worth less, if you buy a house for $500K and then the value drops to $400K- your house is worth negative $100K

and if you had to sell or refinace you would be introuble

so now I understand..I just tought I would share

**Jake owns are Mortage company**

Re: NWR: I learned something new- thought I would share

thanks for the words of wisdom

Re: NWR: I learned something new- thought I would share

At this point I would wait to see what the market does... but honestly prices may drop slightly but not too significantly....

Re: NWR: I learned something new- thought I would share

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Posted by Noiva06

At this point I would wait to see what the market does... but honestly prices may drop slightly but not too significantly....

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no ones what is going to happen, that's why we are not rushing into something right now

the prices of house seemed to be alittle less when I got a home magzine this month- it seemed like alot had a 'just reduced' sign in the corner

Re: NWR: I learned something new- thought I would share

Thanks for the info Beth!!

Re: NWR: I learned something new- thought I would share

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Posted by Beth1210

So Jake and I were taking about houses again this weekend

He was saying how we should wait until next year- yada yada yada

I said but then wont rates go up- so wont the payment be the same- (a girl had posted it on here- so I was curious)

He said yes but you house would be worth less, if you buy a house for $500K and then the value drops to $400K- your house is worth negative $100K

and if you had to sell or refinace you would be introuble

so now I understand..I just tought I would share

**Jake owns are Mortage company**

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My FH says the same thing. I'll have to let him know that an actual Mortgage Broker said the same thing. He'll feel so smart! HA!
He always says...you can always refinance... I'm sure the market will shift a few more times during the term of a mortgage.

Re: NWR: I learned something new- thought I would share

I always love hearing your advice about real estate beth! Thanks!

Re: NWR: I learned something new- thought I would share

Thanks Beth!!!!!

Re: NWR: I learned something new- thought I would share

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My FH says the same thing. I'll have to let him know that an actual Mortgage Broker said the same thing. He'll feel so smart! HA!
He always says...you can always refinance... I'm sure the market will shift a few more times during the term of a mortgage.

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he is right- it's better to get a better price on the house then a cheaper interest rate!

b/c you can always refinace later when rates drop again!

Re: NWR: I learned something new- thought I would share

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Posted by Beth1210

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My FH says the same thing. I'll have to let him know that an actual Mortgage Broker said the same thing. He'll feel so smart! HA!
He always says...you can always refinance... I'm sure the market will shift a few more times during the term of a mortgage.

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he is right- it's better to get a better price on the house then a cheaper interest rate!

b/c you can always refinace later when rates drop again!

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Absolutely! They're predicting the real estate bubble to burst sometime next year. Rent. co-op and condo prices can already be seen dropping in NYC-not significantly, but they are going down.

Beth thanks for your advice. Your FHubby knows what he is talking about obviously and thank you for sharing that with us. We want you to know that we appreciate it

Re: NWR: I learned something new- thought I would share

that make sence ...thanks for sharing ....now i can tell mike that so he stops tell me that we have to look NOW --- because i dont want to till this summer

thanks beth ...thanks jake

Re: NWR: I learned something new- thought I would share

Very interesting...thanks for the info. Unfortunately we're in no position to consider buying right now. Gotta save my pennies.