Going back to the mortgate/rent topic...

I bought a house this summer for $180,000. It's about 800 sq ft on 1/4 acre. My mortgate is only $200 more than the rent I was paying.

GREAT time to be a buyer!

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~~Steph

"This I believe: That the free, exploring mind of the individual human is the most valuable thing in the world." John Steinbeck

I'll second that Steph. 3 bedroom, 1 bath, 50x100 lot, 2 car detatched garage, approx 1200 square feet for 90,500 with 500 back for needed tuckpointing. I did the tuck pointing my self, and rebuilt the exterior brick on the chimney last weekend, for $40 down and about 20 hours of work. The previous owners lost nearly 17000 on this house in 9 years.

My rent was 425 a month for the upper unit in a four flat - 1 bed, 1 bath, with a garage. Mortgage comes in at $800 minumum a month right now. 80% at a fixed rate, 10% HELOC, 10% down. The HELOC is an ugly loan but I am making roughly 6x payments a month on it.

My goal is to be debt free but my mortgage by March 2009.

Now to the bill that may blow your minds. Electricity for last month was 55 cents and there was no prepayment on that utility.

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~ Mark

Very nice, Mark! Especially the cost of electricity!

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~~Steph

"This I believe: That the free, exploring mind of the individual human is the most valuable thing in the world." John Steinbeck

Mark, in a few years combine that HELOC loan with your regular loan and refinance. Thats what we did after one year. We took out an 80-15-5 loan. Fortunatly the market went nuts right after we bought and were able to refinance all to an 80% since the house went up in value. Hopefully prices don't keep falling too much.

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My name is Liz
Do what's best for the animal, not what's best for you.

Simple solution, pay off all 30k in student loans and HELOC and keep my 6.375 fixed rate primary mortgage in the same time frame you're talking about a refi. A fixed rate won't go too much lower than this and for the amount I am borrowing the closing fees and appraisal etc would take years to recoup the cost of from getting a few points lower rate.

Granted with the work and improvements I've done in the last 6 months this place is worth a few percent more than when I bought it, even in today's market. Part of it is also the people I bought it from (1) were first time sellers and (B) had to move to a new city in a short time frame because of a change in employers.

I could pay it off a little faster but would like to continue to max out things like my ROTH IRA and have the money to replace my car when it dies ('99 Saturn with 98k miles on it). I'm in this house for at least another 18 months and I am guessing I'll have this dog for about another 15 years.

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~ Mark

....I'm filling out a credit check tomorrow, I should be moved by January.

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"If you're not falling, you're not trying." - Sonni Trotter

~*~Lacey~*~

My Photos

congrats! (start stocking up on beer to pay the help with, just try to make sure its at the new place, that way they are at least halfway done before they drink to much to be trusted to lift)

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we always had a rule when people, moved us. You don't get the beer till we are at least at the new place, I prefer it to be when the truck is at least half empty.

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My name is Liz
Do what's best for the animal, not what's best for you.

The good news is that we don't have much to lift...our apartment is going to be pretty bare, we still need to buy a couch, entertainment center, table, chairs, bed (probably)....we're going to be pretty broke. (We'll probably only have to ply two more people with booze and pizza)

Along with all of that big stuff we have soooo many little things to buy..I think i'm going to whip out the camping bin and use all of the stuff we have in there...even if its covered in soot and sap and god knows what.

I forsee myself being very broke very soon...

Who wants to buy a very rare exotic retarded leopard gecko? What makes him so special? He's only got one good leg, he's mostly blind, he's light sensitive and he'll eat anything he walks into and can get into his mouth....Haha...

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"If you're not falling, you're not trying." - Sonni Trotter

~*~Lacey~*~

My Photos

*raises hand*
Spent a good 4 months using camping chairs as living room furniture. Boxes make great coffee and end tables.

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My name is Liz
Do what's best for the animal, not what's best for you.