Back out

[hunkyfunky2]

19 hours ago, Thokkalee said:

Don’t take ARM loans unless you plan to sell the home in 5 years.. They become prohibitively expensive after 5 years.. you can refinance and when you do it, you will start paying the interest again on the loan amount.. 

Also, don’t take advice from people who never owned a home.. 

You can refinance it ... He should get an opportunity to do so based on past. 

[bramhacharimogudu]

inthaki enthaki kontunnav anna @krrish

[Thokkalee]

1 hour ago, hunkyfunky2 said:

You can refinance it ... He should get an opportunity to do so based on past. 

I didn’t say he cannot refinance.. I said refinancing a loan is not a good idea after 5 years as you pay so much of interest and you have to restart paying the interest when you refinance… it is basically a fresh loan of the outstanding loan balance..

[BommaliNinnodhala]

36 minutes ago, Thokkalee said:

I didn’t say he cannot refinance.. I said refinancing a loan is not a good idea after 5 years as you pay so much of interest and you have to restart paying the interest when you refinance… it is basically a fresh loan of the outstanding loan balance..

I think you are missing a valid scenario — with current mortgage rates there is 99% chance that anyone paying higher interest will refinance to get a better rate as soon as its time  — this again depends if the mortgage rate comes down after the introductory period — so in that case end of the day refinance will happen period — 

[chantigaduUS]

5 hours ago, krrish said:

Bhayyo….nuvvu market lo lenattunnav…bidding game lo idanta oka bhagam…

oh avunaa..even for new construction houses inta earnest money? i know inventory hours or preowned houses ki vundochu..but even for new construction.. yeah I am not in the market so not aware exact details..

[chantigaduUS]

5 hours ago, ZoomNaidu said:

Yedunnaav Anna ? 100k kattinollu vunnaaru 

mari..new construction ki 100k endi vayya..ma time lo (4 yrs back) Lennar vadu 1000 deposit kuda construct chesindu..

[ZoomNaidu]

27 minutes ago, chantigaduUS said:

mari..new construction ki 100k endi vayya..ma time lo (4 yrs back) Lennar vadu 1000 deposit kuda construct chesindu..

That that Janam that that Pichi 😃😃

[hunkyfunky2]

11 hours ago, Thokkalee said:

I didn’t say he cannot refinance.. I said refinancing a loan is not a good idea after 5 years as you pay so much of interest and you have to restart paying the interest when you refinance… it is basically a fresh loan of the outstanding loan balance..

That's right, if it's after full 5 years. 

Another option is to refinance to 20 years. 

[BommaliNinnodhala]

4 minutes ago, hunkyfunky2 said:

That's right, if it's after full 5 years. 

Another option is to refinance to 20 years. 

Bhayya — refinancing chese vaallu andharu yela chestunaru if fresh loan more interest pay cheyalsi vastundi antey — am i missing something?

[krrish]

3 hours ago, BommaliNinnodhala said:

Bhayya — refinancing chese vaallu andharu yela chestunaru if fresh loan more interest pay cheyalsi vastundi antey — am i missing something?

It all depends on the difference in the rates between ARM and Fixed? My opinion, makes more sense to go with ARM when there is at least 1-1.25% difference. Of course, u have to think abt closing costs and then refinance costs…

[Thokkalee]

44 minutes ago, krrish said:

It all depends on the difference in the rates between ARM and Fixed? My opinion, makes more sense to go with ARM when there is at least 1-1.25% difference. Of course, u have to think abt closing costs and then refinance costs…

1% difference for ARM is not good… you go with ARM loans only if you plan to sell the house in 5 years… 

[krrish]

24 minutes ago, Thokkalee said:

1% difference for ARM is not good… you go with ARM loans only if you plan to sell the house in 5 years… 

Selling the house for sure…but even if u don’t plan to sell the house but plan to refinance to a lower rate, then the rate I mentioned still makes sense…closing costs need to be considered as I said earlier 

[Thokkalee]

4 minutes ago, krrish said:

Selling the house for sure…but even if u don’t plan to sell the house but plan to refinance to a lower rate, then the rate I mentioned still makes sense…closing costs need to be considered as I said earlier 

Read more about ARM loans… to refinance an ARM loan, there must be a big difference (more than 2%) in the interest rates to make any sense or save anything.. I doubt that will be the case in the coming 5-7 years.. look at the total cost of the loan (principal and interest over the loan period and closing costs) and not just the interest rate number… 

[krrish]

2 hours ago, Thokkalee said:

Read more about ARM loans… to refinance an ARM loan, there must be a big difference (more than 2%) in the interest rates to make any sense or save anything.. I doubt that will be the case in the coming 5-7 years.. look at the total cost of the loan (principal and interest over the loan period and closing costs) and not just the interest rate number… 

I have the lender covering full closing costs…so, I will refinance when I think rates are low enough that will compensate the refinancing costs…

[golmaalgovindam]

2 hours ago, krrish said:

I have the lender covering full closing costs…so, I will refinance when I think rates are low enough that will compensate the refinancing costs…

Nice deal …Lender details PM chesthava if you re OK to share ?