We Got A Loan!!!!!!!!!!!!!!!!

[JeepMom]

Nation Point
80-8.05% 3yr fixed /27ARM
20 - 10.35% 2yr/2ARM
$4k Closing Fee

Local bank
30 yr fixed at 10%, $2K closing


We figure either way we're goign to refi in 2-3 years So do we pay up front or a little extra each month. Because of where we stand right now we are thinking we'll go with the 30 fix just incase something were to happen and we can't refi.

[newstart]

JeepMom that is wonderful, I'm proud of you.

[newstart]

JeepMom when you say local bank is it a small bank in your area or is it a worldwide bank. I may try the credit union I belong to but I really don't know what banks I should look at because lending tree had no lenders for me at all.

[JeepMom]

It's odd. I walked into the local bank and she sent my info into a mortgage broker. I am now dealing with the broker and not the local bank.

[brokemommy]

Nation Point
80-8.05% 3yr fixed /27ARM
20 - 10.35% 2yr/2ARM
$4k Closing Fee

Local bank
30 yr fixed at 10%, $2K closing


We figure either way we're goign to refi in 2-3 years So do we pay up front or a little extra each month. Because of where we stand right now we are thinking we'll go with the 30 fix just incase something were to happen and we can't refi.

Jeepmom,
that sounds like such a bad deal, if you factor in the crazy cost of $4k closing over a 3 year period, my guess is the effective rate is 15% plus. See you said you are going to refi, so you need to ammoritize that fee into the equation. Very little equity will be built up, maybe none considering the high effective rate.

What is in it for you? Why do it? What is your upside? in this real estate market that is cooling off big time,(look at the supply of existing homes for sale to last years) what will you gain?

Just curious with rates were they are if the arm expired today what would the rate be right now?

[JeepMom]

Yea, that's why we're not too keen on the ARM. It was a "get a mortgage today" offer . I'm glad we went to the local bank, yea it's a little higher but we're not up-fronting as much and it's at the highest it would go.

[JeepMom]

We found a house to bid on!! YAY!!!

Here is the house we are bidding on:




Kitchen Needs Updating

[fsugirl]

Where do you live Jeepmom ?? Do you have any idea how much a house like that would cost in Florida ?

[JeepMom]

It's rual IL. Asking price is $96,900

[MTG_BANKER_OH]

Also make sure your lender knows the property may be classified as rural. I just do not want you to have any surprises. Some lenders have problems if a home is classified as Rural, I do not want to scare you just let them know and ask if it is okay. It looks like a very nice home. That is a lot of house for $96k. Congratulations.

[JeepMom]

Around here a LOT of land is rual. The hosue itself sits inside a small town.

[MTG_BANKER_OH]

You should be fine then if it is in a town.

[brokemommy]

Wow, that does look like a nice house for the money, congratulations on alot of home for the money. Say how do you get those pictures to open up automatically. Mine don't on our timeshare? Would like to learn?

[tinroofrusted]

Beautiful house!

Good luck!

PS, the lender should automatically know that the home is rural (if in fact it is). It would be listed on the Realtor sheet, and in the appraisal, so don't worry too much about that aspect!

[robivi3]

WOW, Down here an equivalant home is well over 600,000.00. I can tell you that and send you some examples off of Realtor.com. That is gorgeous. Look at my old pics, our TH's sell at 250k and HO insurance is going to 4k per year after August 16, only one company left here, Citizens.

I'll trade, job for job, house for house. That is gorgeous and what a price! Congrats and God Bless!!!

The land area in the photos is not obtainable here. You are the envy of all my neighbors who've seen the post today!