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Guest

Need opinions.

Just bought a 1600 SF house on a small lot (about 5000 SF) in Winchester. Okay house, but kitchen could use updates. No fireplace. No serious issues that I can see (will have my inspector take a look). 3 bed 2 bath. No driveway or garage, since house is on a private road (so no parking issues). Nice, quiet residential neighborhood. About 0.8 miles to town center (including commuter rail), which is an easy 15 minute walk for me. Shops, restaurants, and supermarket all within 0.5 miles. Modest lot means modest taxes, about $5K/year.

I have a pending agreement at about $640K, 3.25% fixed 30 years. Thoughts, please?

Guest · Posted: Sun Jan 18, 2015 1:37 pm GMT Post subject:

Sorry, I'm OP and I should clarify that the mortgage is for $400K, not $640K. I put down a lot of cash.

unclemat · Joined: 25 Nov 2013 Posts: 18

A little late to ask for advice?

I am pretty sure I know which house you're buying (not hard to guess based on the description). I did not see the house in person, but friends did see it and thought the price is very high for what it is, and based on the pictures and the data I would agree. I think you're crazy to bid that much over the asking (did the agent sell you some BS on competing offers?) and believe you can do much better in Winchester with little bit more patience.

But then everyone's situation is different and depending on where you're coming from and what you need. I still think it's sad that people pay so much for so little.

Have you checked flood situation there? The house is very close to a brook. Chances may have basement water issues (not uncommon here even without a brook next door, though).

However, 3.25% fixed for 30 years sounds very good, where do you find deals like that?

unclemat · Joined: 25 Nov 2013 Posts: 18

I see you backed out from buying it. I think it was a good move... good luck!

unclemat · Joined: 25 Nov 2013 Posts: 18

Now that you backed out, I think it's okay to post the link:

https://www.redfin.com/MA/Winchester/66-Sylvester-Ave-01890/home/11454800

It was this one, wasn't it?

Guest · Posted: Tue Jan 20, 2015 5:59 pm GMT Post subject:

3.25% for 30 year will make 9 out of 10 overpriced deals be a smart buy over time. As unclemat was asking, where did you get that kind of deal? Could you please share your source so everyone can benefit from it? Thanks! Very Happy

Dismayed · Guest

balor123 · Joined: 08 Mar 2008 Posts: 1204

Wow, it ended up selling for $83k less! OP dodged a bullet there.

showgunx · Joined: 14 Jul 2005 Posts: 60

So would it be a good deal now with $83k less? house in Winchester is getting expensive very quickly.
I am still in dis-believe mode of how the original poster get 3.25% for 30 years, unless he is paying extra for lower the rate point.
The best 0 point rate for 30 year I ever encountered was 3.5%, and that was back on January 2012...

gdma · Guest

I am on a 3.25% right now. Refinanced to this in 2014 Jan.
0 points.

http://www.nationalmortgagealliance.com/rates/results.jsp