Home buying thread

AladainAF · Aug 14, 2020

Heads up on refinancing.

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We just locked in a 15 year refinance 2 days ago at 2.25% with 0.75 points. Apparently rates skyrocketed right after we did that so we made it at the perfect time.

Bandwagon · Aug 14, 2020

Reposting in a few

Sanrith Descartes · Aug 21, 2020

I had a broker run the re-fi numbers for us. Long story short it will take 36 months to break even on the refi costs with the lowered payment. Daughter graduates high school in 5 years. To my mind the numbers dont work since I dont see us staying here more than at most 10 years (maybe selling when she goes to college). Yes, there would be a savings but I am not sure its the right play. This includes the new fuck-you .5% from Fanny/Freddie. My wife thinks I am tunnel-visioned about it and thinks we should do it since real-estate "always goes up" and the lower payment would be good in the short term during the economc corona uncertainty. I admit I do get tunnel vision with financial stuff so figured I would ask advice here.

moonarchia · Aug 21, 2020

Sanrith Descartes said:
I had a broker run the re-fi numbers for us. Long story short it will take 36 months to break even on the refi costs with the lowered payment. Daughter graduates high school in 5 years. To my mind the numbers dont work since I dont see us staying here more than at most 10 years (maybe selling when she goes to college). Yes, there would be a savings but I am not sure its the right play. This includes the new fuck-you .5% from Fanny/Freddie. My wife thinks I am tunnel-visioned about it and thinks we should do it since real-estate "always goes up" and the lower payment would be good in the short term during the economc corona uncertainty. I admit I do get tunnel vision with financial stuff so figured I would ask advice here.

Tuck the refi cost into the amount borrowed. If that's still lower than your current monthly then what's there to think about?

LachiusTZ · Aug 21, 2020

Welp, bought a house in a small Missouri town.

185k, 30yr note, 5% down, 2.8% interest.

Basically free money. Lol

900$/mo, for a gorgeous 2900sqft home right by everything. Doesn't make any sense.

Has deck, side patio, front porch, and 2/3 acre.

Nice little spot.

And it's a 100 yr old craftsman that's been completely redone (HVAC and windows are the only things that aren't under 6 years old).

Poster · Aug 21, 2020

Sanrith Descartes said:
I had a broker run the re-fi numbers for us. Long story short it will take 36 months to break even on the refi costs with the lowered payment. Daughter graduates high school in 5 years. To my mind the numbers dont work since I dont see us staying here more than at most 10 years (maybe selling when she goes to college). Yes, there would be a savings but I am not sure its the right play. This includes the new fuck-you .5% from Fanny/Freddie. My wife thinks I am tunnel-visioned about it and thinks we should do it since real-estate "always goes up" and the lower payment would be good in the short term during the economc corona uncertainty. I admit I do get tunnel vision with financial stuff so figured I would ask advice here.

I would have guessed that even out on LI the refi costs are so small relative to the loan amount that you'd break even faster than that. The new 0.5% refi fee is a shot in the balls though. Can you bump the rate up an eighth to cover some costs or would that not make sense?

LachiusTZ said:
Welp, bought a house in a small Missouri town.

185k, 30yr note, 5% down, 2.8% interest.

Basically free money. Lol

900$/mo, for a gorgeous 2900sqft home right by everything. Doesn't make any sense.

Has deck, side patio, front porch, and 2/3 acre.

Nice little spot.

And it's a 100 yr old craftsman that's been completely redone (HVAC and windows are the only things that aren't under 6 years old).

Congrats!!

Sanrith Descartes · Aug 21, 2020

Poster said:
I would have guessed that even out on LI the refi costs are so small relative to the loan amount that you'd break even faster than that. The new 0.5% refi fee is a shot in the balls though. Can you bump the rate up an eighth to cover some costs or would that not make sense?

moonarchia said:
Tuck the refi cost into the amount borrowed. If that's still lower than your current monthly then what's there to think about?

Its the time thing for me. If my plan was to stay here for 20 years its a no brainer. I am also keeping on eye on default rates and delinquencies. The moratorium is covering how badly people are behind on their mortgages and rent. If the mortgage market craters we could see a much better deal 6 or 12 months from now. I might find some really good deals on houses next year and then I'll be kicking myself for having to sell this one before I have hit the breakeven on the refi closing costs. I'm just anal about shit like this is the main problem.

Bandwagon · Aug 22, 2020

couldn't be happier with the new digs. Ill have the garage all set up like I want it in a few weeks. Riding the high....

Locnar · Aug 23, 2020

LachiusTZ said:
Welp, bought a house in a small Missouri town.

185k, 30yr note, 5% down, 2.8% interest.

Basically free money. Lol

900$/mo, for a gorgeous 2900sqft home right by everything. Doesn't make any sense.

Has deck, side patio, front porch, and 2/3 acre.

Nice little spot.

And it's a 100 yr old craftsman that's been completely redone (HVAC and windows are the only things that aren't under 6 years old).

2900 sq is a small house these days? I live in a 1700 and thought it was a average 3bed/2bath

Vinen · Aug 23, 2020

LachiusTZ said:
Welp, bought a house in a small Missouri town.

185k, 30yr note, 5% down, 2.8% interest.

Basically free money. Lol

900$/mo, for a gorgeous 2900sqft home right by everything. Doesn't make any sense.

Has deck, side patio, front porch, and 2/3 acre.

Nice little spot.

And it's a 100 yr old craftsman that's been completely redone (HVAC and windows are the only things that aren't under 6 years old).

Except your in Missouri. But nice job landing an older house. New houses are absolute hot garbage. Getting an old house with good bones is always superior.

LachiusTZ · Aug 24, 2020

Locnar said:
2900 sq is a small house these days? I live in a 1700 and thought it was a average 3bed/2bath

Small town*

Vinen said:
Except your in Missouri. But nice job landing an older house. New houses are absolute hot garbage. Getting an old house with good bones is always superior.

It's close enough to home I can go see family / childhood friend's, but not so course the inlaws will just show up.

Small Town, in the hills, beautiful little downtown, right by a river etc.

After spending a few years in Houston, Dallas, Memphis... This is serene.

The inspector spent several hours admiring the wood grain in the house. Apparently the roof decking is 100 year old 2x10s.

There is some weird shit tho, like a water valve that goes to something, but we don't know what. Have a 2 page list of questions for the seller's about strange shit.

Cabinets in wired places.

It's obvious people have lived here for a long time. I love it

lurkingdirk · Aug 24, 2020

Bandwagon said:
couldn't be happier with the new digs. Ill have the garage all set up like I want it in a few weeks. Riding the high....

View attachment 295756

Dude, I could just sit and look at that view, no need for a television. Beautiful place, congrats!

Bandwagon · Aug 24, 2020

lurkingdirk said:
Dude, I could just sit and look at that view, no need for a television. Beautiful place, congrats!

Thanks! We have been. This view is why this place is the first time I've stayed anywhere for longer than a year in my adult life. Love it out here.

You should see my badass garage. I was laser cutting a bunch of shelves and drawer inserts for my tools, but ran out of wood. Waiting on another shipment to show up. Neighbor gave me a table saw yesterday, so I'm going to swing by home depot on my way home to pick up some plywood and 2x6 to make a big ass table to frame the table saw in to.

Lanx · Aug 24, 2020

Bandwagon said:
Thanks! We have been. This view is why this place is the first time I've stayed anywhere for longer than a year in my adult life. Love it out here.

You should see my badass garage. I was laser cutting a bunch of shelves and drawer inserts for my tools, but ran out of wood. Waiting on another shipment to show up. Neighbor gave me a table saw yesterday, so I'm going to swing by home depot on my way home to pick up some plywood and 2x6 to make a big ass table to frame the table saw in to.

"hey new neighbor whats up"

Bandwagon "oh nutting just making some shelves and shit"

"what the hell? is that a circular saw youre using? that won't do, here i'll give you a table saw"

(ever the opportunist)

Bandwagon "uhm, my lawn mower still hasn't arrived yet..."

Bandwagon · Aug 24, 2020

Lanx said:
"hey new neighbor whats up"

Bandwagon "oh nutting just making some shelves and shit"

"what the hell? is that a circular saw youre using? that won't do, here i'll give you a table saw"

(ever the opportunist)
Bandwagon "uhm, my lawn mower still hasn't arrived yet..."

Haha, that's exactly it. I've gotta pay the old man a beer every Saturday to keep mowing the yard until my new mower arrives.

When I was a firefighter, he used to come over to the station every single morning and sit down with us for an hour to drink coffee and talk shit. He said that the current batch of firefighters they have over there now are "a bunch of fuckheads and pussies", so he kept wandering over to my new garage this past week and hanging out with me in the mornings. He's getting a kick out of watching me turn it into my little man paradise. He's an old gear head, so I think he's just happy to have someone buy that is actually going to use it as a garage/shop.

edit: oh, and we've been neighbors for 5 years. 3 houses in a row on a street.....rented the first from him, 2nd from the fire chief, and I just bought the 3rd. All of us just shuffled around to different houses last week.

Bandwagon · Aug 24, 2020

First attempt combining a matterport scan + drone mapping. Not horrible, but not quite usable yet. I need to do a better job scanning the interior corners, since that's what I use to align with the exterior. The cupboards are missing in the matterport floor plan in some areas too, so that introduced more distortion.

Roof and carpets have been re-done since both of these scans were collected, painting next week. Garage is mostly clear now, too.

lurkingdirk · Aug 28, 2020

That's really cool. I'd love to do that for my place.

Whelp, guess I HAVE to buy a drone now.

Bandwagon · Aug 28, 2020

lurkingdirk said:
That's really cool. I'd love to do that for my place.

Whelp, guess I HAVE to buy a drone now.

I made a 2nd attempt of rectifying the interior scan and I used the 3d point cloud to pull coordinates this time instead of the orthophoto. It actually came out a whole lot better because I was rectifying the one above using bullshit points that I was just guessing at. Mostly because I forgot the carport existed and I was trying to nail the kitchen corner down to the edge of the carport.

TJT · Aug 29, 2020

Welp my preliminary house hunt begins. After I complete some goals of mine within the next 18 months. I want to be moving. Not sure of location right now but it will either be Austin, Texas or central Oregon.

Exciting! Need to narrow it down hard by 15 months if I expect to actually move by 18 months on the nail but I guess we'll see.

Burren · Aug 29, 2020

If you're an American, you won't enjoy Austin. Choose something less socialist if you're coming to Texas.

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