Do you own your home???

[SheDevil]

Consider a refi today...may not cost you a dime and could lower your payment significantly!!!! The market tanked and rates are SUPER low!!!! Call your lender...see what they say!!

PS...no I don't work in the industry, but I'm all about saving the monthly penny

[northshore]

PPPPPssssshhhhhhhh who has 20% down these days? I don't even have 5% for an auction home which I still think is too expensive.

[Jordansrealm]

I actually put an offer down on a condo last week. They countered and I countered back over the weekend. I am hoping today I hear back from them and they accept my offer!!!!

[J_Sims]

I have an offer pending as well............

[dubjay]

The bank owns my house

[Jordansrealm]

Originally Posted by J_Sims

I have an offer pending as well............

Good luck!

[denmother]

Don't forget, some companies allow you to borrow from your 401K for a down payment. That's how I got my 1st home!!

[SheDevil]

Ok I have my Real Estate Lis (but don't use it)....so let me share....northshore....100% financing!!! It's all about your credit score.

Jordan and Jeff...congrats!!! Good time to do it with the rates....they say with a low rate like this it's like buying a house at half price, in the end your payment is lower like back in the days when a house was 100k but the rates were 10-12%

[nappyt]

Not yet. I can rent a bigger house than I could buy in this socal market. So I'll wait for rates to keep trending down and wait for the housing prices to slow. With rent so cheap I can put a lot more away in my investments. Who knows maybe when we hit the full blown recession I can get a deal. Problem right now is the two houses I looked at this week are bank owned and they want market value. The market value you know is a lot lower than it was before the sub prime collapse.

So from a dollars and cents point of view I'm better off, but I still want the pride of ownership someday.

[DeeZee]

Originally Posted by Jordansrealm

I actually put an offer down on a condo last week. They countered and I countered back over the weekend. I am hoping today I hear back from them and they accept my offer!!!!

[SheDevil]

Originally Posted by nappyt

Not yet. I can rent a bigger house than I could buy in this socal market. So I'll wait for rates to keep trending down and wait for the housing prices to slow. With rent so cheap I can put a lot more away in my investments. Who knows maybe when we hit the full blown recession I can get a deal. Problem right now is two houses I looked at this week are bank owned and they want market value. The market value you know is a lot lower than it was before the subprime collapse.

So from a dollars and cents point of view I'm better off, but I still want the pride of ownership someday.

Agree...hard to want to buy in CA (however like jeff n jordan they ARE out there)...which is why I own out of state I'd rather rent and live where I want, then pay double for a run down track home in TODAYS market. It'll balance out eventually here tho... buyers have to do the waiting game.


PS....here's the Market according to Bloomberg (the bible for the mortgage industry) if you want to follow the market month to month and see what 30 days or 6 months can do....

http://www.bloomberg.com/markets/rates/

[DeeZee]

Originally Posted by J_Sims

I have an offer pending as well............

forward to the house warming party

good luck Jeff!

[BrewMaster]

I wouldn't run out and refi just yet. Things have a few more months to shake out. There's no way the fed could raise rates in the next year or so. It would be a dangerous move, and the fed doesn't live dangerously. If anything, rates will go lower or stay about the same.

We are looking to refi in November or so.

[ODB]

More like my house owns me. Sold our last home near the top of the market, which was great, but also bought again before things really started to slide.

[nappyt]

Originally Posted by SheDevil

Agree...hard to want to buy in CA (however like jeff n jordan they ARE out there)...which is why I own out of state I'd rather rent and live where I want, then pay double for a run down track home.

I heard on CNBC this morning that the national avg is something like $230k and in CA it's double that even in the current lending fallout.

I agree its nuts but it would take more than wild fires and earthquakes to get me out of Socal. You pay a lot for good jobs and good weather.

[foofighter]

my rate is in the low 5% right now so im waiting for things to tank even further and then i'll refi or go upgrade to a bigger home since my family is growing. and i really want a 3 car garage

[nappyt]

Originally Posted by BrewMaster

I wouldn't run out and refi just yet. Things have a few more months to shake out. There's no way the fed could raise rates in the next year or so. It would be a dangerous move, and the fed doesn't live dangerously. If anything, rates will go lower or stay about the same.

We are looking to refi in November or so.

I agree. Next meeting with the Fed is in a week. Bet .25 maybe .5 depending on Bush's stimulus plan. You might see rates across the board drop to the mid to high 4's. I think in a month or two well have a better idea.

[surlygal]

We (1x1clyde & myself) just bought a house - at a great price! We bought it on a short sale and put about $25000.00 into it (gutted and redid just about everything), We bought equity even with the market as bad as it is. We too will refi in the next 6 months, but not yet!

If you can wait around for the bank to make decisions on short sales, trust me it's worth it!

[xhuskr]

Originally Posted by nappyt

With rent so cheap

what? where r u living? my wife and I just got our annual xmas gift from our land/slumlord with a $100 increase. looking to buy and will start the process again this month...keep your fingers crossed

[mtnbikej]

I will as soon as my escrow closes...........