Another way to think about it – Would you buy this house today for $710k? Or would you rather rent a place, or buy another house for the same amount or less?
What is the size of the house? If you’re okay with downsizing, maybe you could get a less expensive place and a smaller mortgage to have lower overall expenses (even with difference in property tax factored in).
I’m not great expert at investing at real estate as others here and not much of trends in LA specifically but I think the main point of investment is to sell high buy low.
My personal view you are closer to “sell high” point.
It’s just my advice on internet:) lol
@optuna That’s a great way to put it. Yes we may have to move out of the market. Thanks!
@Lvs23 It’s great advice. I definitely see the market slowing down. Not as many people driving around on the weekend for open houses this year compared to last. One person I spoke to believed that the home would be worth a million in a couple of years. Lol. I don’t know about that.
I received a loan estimate but seems like there are many double dibs in the costs section, and the broker is not clear how much out of pocket I need to come up with. Are there any loan officers, brokers that can review the document and help me??
Refinanced in Oct. To lock it in though the credit union charged .25 bps extra. Still 25bps to 50bps better than adertised rates of big banks. Any good banks with no closing costs anyone knows or credit union? They still come out at about 4k even for no closing costs mortgages.
I just refinanced 34 months into my 30-year mortgage. Went from 4.125% to 3.375%, essentially zero drive-off after lender credits. Could have been 3.25% with no lender credit, but it seemed worthwhile to save sooner rather than later. Went with the same mortgage broker as my original broker; super easy process.
During early 2015 it was briefly below 3% for 15yr fixed and that’s the lowest I’ve ever seen, I think I saw 2.75% back then.
This has been very close to that.
Are there fiduciaries in the mortgage field similar to what they have for stocks; someone who is not paid by commission, therefore has the clients best interest at heart to help them make the most informed decision?
I’d like to explore my options as well for refinancing.