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sc
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PostPosted: Mon Jun 05, 2006 8:54 pm GMT    Post subject: mortgage rate Reply with quote

You listed a 5.5% mortgage rate. Are you sure about that? This sounds far lower than the going rate. Check with mortgage brokers and see the rate you're likely to get -- I would guess it's more like 6.6 (and perhaps rising).
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PostPosted: Wed Aug 09, 2006 7:41 am GMT    Post subject: Reply with quote

Hi sc,

I was planning on purchasing all available points, which would've brought the rate down to 5.5%. I included the cost of the points among the transaction costs I listed.

I ended up passing on that condo, because the home inspector turned up a few worrisome issues and it was overpriced to begin with and I was schmoozed by the Realtor selling the place.

I went back to the drawing board and found a basement condo right in Harvard Square for $170,000 that I am now considering. Given that it is renting for $1,100, it turns up a better value equation than the last one. In fact, assuming $50,000 down I would be looking at a monthly outlay around $950. Although that advantage evaporates when you consider the opportunity cost of my down payment, there is certainly an advantage to having a place as close to campus as the dorms and at the same time not having to share my kitchen and bathroom. While perhaps not providing the best possible ROI, this unit certainly suits my needs pretty well.

That's an update on my most recent thoughts.
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Booba
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PostPosted: Tue May 01, 2007 8:39 pm GMT    Post subject: I wouldn't even think of buying anything now! Reply with quote

Would you have bought IT stock in 2001 before the stock crashed?
The trend is obvious: housing prices are going down, so if you buy you can end up with the situation your mortgage balance will be higher than condo value. In best case scenario you will end up loosing a part of your 20% downpayment.
I'd buy something now only if I want to keep it for at least 10 years from now on.
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PostPosted: Sat May 19, 2007 7:17 pm GMT    Post subject: Reply with quote

Quote:
I'd buy something now only if I want to keep it for at least 10 years from now on.



Dude, a lot of jobs are leaving the state in mass (no pun intended).

Many young professionals will be leaving, within a decade's time, for greener pastures elsewhere. This is the worst place (next to Cali) for a new homeowner with a budding white collar career. Renting really is the only prudent way to go.
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