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Originally Posted by kscarrol
Congratulations on the new home!! Like holding a stock, you don't actually realize that "gain" until you sell for $55k more than you bought it for! But with an appraised value above your purchase price, you technically have more equity in the home and could therefore borrow against that equity through a home equity line of credit from your bank. Rates for home equity lines are higher than mortgage rates but much lower than credit cards. You can borrow for any thing including additions/renovations to the home, paying for kids college etc...
And I hear you on prices. My 3 bdrm/3.5 bath 2,300 sq. ft. house was $850k...
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Awesome news to me and thank you! $850K? my goodness, must be a really nice house though
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Originally Posted by P1et
With all you Californians moving to central Texas, we are now seeing prices like that here as well. Thank you!
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HAHA
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Originally Posted by talisman311
I don't know how average people are able to afford these houses. My 1400 sq ft house 2 br, 2 ba house is 256k w/ all updated appliances and granite counter tops/vanities throughout.
Anyway, the house is 'worth' what the market will pay. If you're paying for pmi and the house was valued 55k higher, you might be able to use that to your advantage by getting a home equity loan to pay for a down payment to get to 20% down. Will need to play with #s to see if it's worthwhile.
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Hey, who you callin average?
We actually put 20% down so no PMI is necessary.