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Mortgage question - Page 2

post #16 of 19
1/8/09 at 2:56pm
Quote:
Originally Posted by Orsini View Post
I would wait. Housing is going to go down some more.


I agree, but trying to predict the absolute bottom is how people from my gen lost out on the last housing boom. Now you have a bunch of 40 yr olds who wasted 10yrs renting but could have bought (and most importantly AFFORD) when they were in their late 20's to early 30's back in 1999-2001.

Plus, depending on where you live the decrease may not be enough to justify trying to time absolute bottom, alot of times that's just for bragging rights & not for affordability.

Who knows what rates will do by that time. You can get a $250K home @ 4.875 - 5.125 now or who knows maybe a $190K @ 5.875 - 6.250 later. Or you can get the home you really want now with good rates or wait & get a good "deal" home later but maybe it's not the one you really wanted.
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post #17 of 19
1/8/09 at 3:47pm
Quote:
Originally Posted by oceans11 View Post
I agree, but trying to predict the absolute bottom is how people from my gen lost out on the last housing boom. Now you have a bunch of 40 yr olds who wasted 10yrs renting but could have bought (and most importantly AFFORD) when they were in their late 20's to early 30's back in 1999-2001. Plus, depending on where you live the decrease may not be enough to justify trying to time absolute bottom, alot of times that's just for bragging rights & not for affordability. Who knows what rates will do by that time. You can get a $250K home @ 4.875 - 5.125 now or who knows maybe a $190K @ 5.875 - 6.250 later. Or you can get the home you really want now with good rates or wait & get a good "deal" home later but maybe it's not the one you really wanted.
Buying now is a sucker bet. If the OP buys now in Pasadena, in 6 months he will be upside down. No APR will make up for that. Better to pay down that high interest credit card and student debt and save up some money for a year or two. The rent-to-own ratio will tell you when to buy. Oh yeah, almost forgot: NO Option ARM!!!!
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post #18 of 19
1/8/09 at 5:09pm
Quote:
Originally Posted by Orsini View Post
Buying now is a sucker bet. If the OP buys now in Pasadena, in 6 months he will be upside down. No APR will make up for that. Better to pay down that high interest credit card and student debt and save up some money for a year or two. The rent-to-own ratio will tell you when to buy.

Oh yeah, almost forgot: NO Option ARM!!!!

not to mention the fact that a 100K salary in Pasadena isn't going to get you much if you're talking about a home. and i can probably extend that to any of the more desirable places to live in So Cal. housing here is just too freakin' expensive.

-Jeff
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post #19 of 19
1/8/09 at 6:34pm
Quote:
Originally Posted by Orsini View Post
Better to pay down that high interest credit card and student debt and save up some money for a year or two. The rent-to-own ratio will tell you when to buy.

Oh yeah, almost forgot: NO Option ARM!!!!

True! No argument on that.
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