GeeZ Posted October 11, 2008 Share Posted October 11, 2008 Congratulations. Nothing to compare's with getting your first house, except your first kid. Reality sets in when it is time to do the house maintenance. Nice house. Quote Link to comment Share on other sites More sharing options...
Wedge Posted October 12, 2008 Share Posted October 12, 2008 Well, when I was approved the rate for a 30 year fixed mortgage was 5.875%. During the 5 months I was looking, I noticed the rates went up to 6.4%. Then when I found out I got an accepted offer, the rate was back down to 5.875%. Then two days later its at 6.2%, and now its at 6.4%. Geez. I'm going to wait it out and see if it will go back down, I have until the 30th to close. WOW that is great rate FIXED 5.875 % for 30 years! here for a 25 year mortage its just 5 years fixed at 7,20 % then you can refix it for the rate at that momment or let it go year to year and so on and so on ! Quote Link to comment Share on other sites More sharing options...
JMortensen Posted October 12, 2008 Share Posted October 12, 2008 here for a 25 year mortage its just 5 years fixed at 7,20 % then you can refix it for the rate at that momment or let it go year to year and so on and so on ! That in the states is what is referred to as an Adjustable Rate Mortgage. You may have heard about them in the news over the past few weeks. No fixed rates in Canadia, eh? Or are you not qualifying for them? Quote Link to comment Share on other sites More sharing options...
Wedge Posted October 17, 2008 Share Posted October 17, 2008 Well you can get fixed but they are around 1 to 1,5 % higher from the get go I think of it as a gamble you can have years with a way low rates or if the market gets better you can get stuck with high rate ... their is always a way to renegotiate but ill check what i can have when i get to the bank ill have some lever on the interest rate since ill have cash its getting me very anxious im starting construction in the spring of 09 . Quote Link to comment Share on other sites More sharing options...
MoNkEyT88 Posted October 17, 2008 Author Share Posted October 17, 2008 Bad news, I went to the bank, and the rates were up to 6.5% 1 day later! Okay, so I'm floating right now, and I have until the 23rd to lock in. Right now the rates are at 6.125%, If they go below 6 again, I'm locking in. C'mon.. c'mon.. Quote Link to comment Share on other sites More sharing options...
MoNkEyT88 Posted October 30, 2008 Author Share Posted October 30, 2008 I'm officially a HOMEOWNER! YAY.. Time to go shopping for garage cabinets. Also, I waited for rates to go down, and got in at 6.00 if I would of waited one day it would have been 5.875, and one less day was over 6.125 Quote Link to comment Share on other sites More sharing options...
MoNkEyT88 Posted November 2, 2008 Author Share Posted November 2, 2008 Okay, a few more firsts.. I gave out candy.. A tree in the front yard got TP'ed.. And I just locked myself out of the house for the first time... dang.. Quote Link to comment Share on other sites More sharing options...
slownrusty Posted November 2, 2008 Share Posted November 2, 2008 Congrats!! A house is the most important material aquisition you will ever make! I hope the interest rates come down, they should. Part of new home ownership is TP and locking yourself out a few times. So is the garage really a 3 1/2? , as it looks wide. Great place. Yasin Quote Link to comment Share on other sites More sharing options...
woldson Posted November 2, 2008 Share Posted November 2, 2008 Fixed is the only way to go. You can always re-mortage to a new fixed rate if they go down. It will cost you some up front, but it is soooo worth it in the life of the loan. The fed may ajust the prime interest rate to 0% WOW! If the banks follow there rate to you may go as low as 5%. A point different could mean 10's of thousands of dollars based on the loan size and longevity. Check it out and do it if this happens, probley won't see that low again in 10-20 years. (contignent on a few things.) Quote Link to comment Share on other sites More sharing options...
Evan Purple240zt Posted November 2, 2008 Share Posted November 2, 2008 Okay, a few more firsts.. I gave out candy.. A tree in the front yard got TP'ed.. And I just locked myself out of the house for the first time... dang.. Aw man, this was my first year to hand out candy as well! Congratulations. As for the lockout? I hide a brick under the door mat for just this scenario LOL. Evan Quote Link to comment Share on other sites More sharing options...
MoNkEyT88 Posted November 2, 2008 Author Share Posted November 2, 2008 I got locked in at 6%, and if I would have waited 1 day it would have been 5.875. And then after that it started going back up, it is currently at 6.625, so I did get in at a pretty good time. It was appraised, and written as a 3.5 car garage, and a 5 car driveway, but me and my friends agree that we could fit 9 cars and 4 motorcycles in the driveway. Congrats!! A house is the most important material aquisition you will ever make! I hope the interest rates come down, they should. Part of new home ownership is TP and locking yourself out a few times. So is the garage really a 3 1/2? , as it looks wide. Great place. Yasin Quote Link to comment Share on other sites More sharing options...
woldson Posted November 2, 2008 Share Posted November 2, 2008 Congrats!! Quote Link to comment Share on other sites More sharing options...
Guest djamel Posted November 7, 2008 Share Posted November 7, 2008 Beautiful house with a huge 3 car garage. Congratulations for having such house! At least your money is worth it. Quote Link to comment Share on other sites More sharing options...
MoNkEyT88 Posted November 22, 2008 Author Share Posted November 22, 2008 I think I need a bigger garage? Quote Link to comment Share on other sites More sharing options...
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