Anyone know about Mortgages??

[SweetCuteness]

Originally Posted by Dena

Thanks everyone to all of your comments, help and support.

I decided to buy the condo!
The kiddos have a new home!!!!

We move in March 28

WOOHOO!!! How exciting is that!?! Congratulations!

[suzysmitt]

Whatever you do, don't get an adjustable mortage.

[Dena]

Originally Posted by yorkieangel

Don't forget Condo fees.

My Mom's have raised from $200 a month ot over $500 a month in the past 5 years.

And I'm not being rude but you said it would be like $800 a month instead of $700. So are your taxes, interest, condo fees and all included in this $800???? Or is this just PRINCIPLE???

yup, all that is included. I did alot of homework
so is gas, water, trash and sewer.. all that is included in that price

Hoa is 150, but I am prepaying that for at least 1 year, and hopefully trying to prepay for a full two years.. but we'll see how that goes

[SweetCuteness]

Originally Posted by suzysmitt

Whatever you do, don't get an adjustable mortage.

ARM's are fine if you re-fi before the non-adjustable period is over.

[Erin]

Originally Posted by SweetCuteness

ARM's are fine if you re-fi before the non-adjustable period is over.

Yes but I'm trying to re-fi my ARM right now and I'm going to pay closing costs again.

I wish we'd just done the 30-yr fixed from the beginning. In the end it's not saving me any money. Three years of saving $100/month is going right back into closing costs for a new loan.........

Plus, what if your financial situation changes or interest rates go up? There's no point getting an ARM when rates are as low as they are unless you are SURE you will stay for less than 5 years. We thought we would be out of our townhouse by now but we have decided to stay... hence the re-fi.

[Dena]

Originally Posted by Erin

Yes but I'm trying to re-fi my ARM right now and I'm going to pay closing costs again.

I wish we'd just done the 30-yr fixed from the beginning. In the end it's not saving me any money. Three years of saving $100/month is going right back into closing costs for a new loan.........

Plus, what if your financial situation changes or interest rates go up? There's no point getting an ARM when rates are as low as they are unless you are SURE you will stay for less than 5 years. We thought we would be out of our townhouse by now but we have decided to stay... hence the re-fi.

Yeah, thats understandable.. mine is set for 5 years, and i'm sure that I will be out before 5 years for sure.
I'm hopingg (hoping) that I will be married one of these days sooon, in the next few years, and no way we are staying in this condo for that long.. at least i dont think so.. oh well who knows..

[stephluvsangel6]

they say that those are bad and can be very very costly but the new trend is mortage companyies are tryign to talk people in to getting them.

also i dot know where you are at in what state but i know here in cali when my husband and i was first time home buyers we got a special rate with no money down etc etc since we were first time home buyers and we hae our rate at 3.75 but whats bad is once you sell and such your deal is done but hey it worked for us till now since we were in the middle of selling and moving stuff till hubby lost his job so now we are still in our house.

anyway im way off subject here but yeah they say to beware of those interest only loans and those adjustable rate ones also

[SweetCuteness]

Originally Posted by Erin

Yes but I'm trying to re-fi my ARM right now and I'm going to pay closing costs again.

I wish we'd just done the 30-yr fixed from the beginning. In the end it's not saving me any money. Three years of saving $100/month is going right back into closing costs for a new loan.........

Plus, what if your financial situation changes or interest rates go up? There's no point getting an ARM when rates are as low as they are unless you are SURE you will stay for less than 5 years. We thought we would be out of our townhouse by now but we have decided to stay... hence the re-fi.

Yeah, that's a bummer. The ARM saved my bf quite a bit a month, so that's the option he went with so he didn't have to rent. Every situation is different though - is there another lender with lower closing costs? Good luck...