Good Mornin friends.

[rockin500]

hey all you guys. (geez, sounds like goonies there) Good Mornin friday! whoo hoo! end of the week. :)

whats up? anythin interestin goin on today? not much here. just sierra squared delta squared.

you get that mortgage approved yet jacqui? hope so!

have a great day all. :)

[PissedPrincess]

Actually Ray, I just got the phone call saying I got it. The bad news is, my closing costs are gonna exceed $6,000. I don't know where the hell I'm gonna find that.:(

[rockin500]

thats quite a bit of cash for closing costs! hmmm... got an extra organ you dont need?

but hey you got the mortgage :dance2:

[Cyberlibrarian]

$6,000 for closing costs? Yikes!

It's actually slow here today. I'm not complaining...after yesterday, that is!

[PissedPrincess]

Yeah, they want $2700 of credit card debt paid off.:angry:

I had no clue how difficult this process was.:(

[rockin500]

but realistically, around here 6000 is actually not that high of a cost. not with housing costs around here. lol i think my uncle was at like a little over 5 grand. and that was on a 118,000 dollar house.

[cxlx]

Originally posted by pedro's princess
Yeah, they want $2700 of credit card debt paid off.:angry:

I had no clue how difficult this process was.:(

HOLY CRAP!!!! $6000???? That alot. Even after $2700 in debt pay off. See if they can roll that into your the total of the mortgage. Most mortgage companies will let you do that. That just means that your mortgage payment MIGHT be alil higher. Closing cost shouldnt cost that much. I just refinance my moms mortgage, and the closing cost was around $1300. Also, try to close at the end of the month or else you would have to pay pre payment interest. We closed on wednesday and had to pay 14 days of interest (or what ever is called) up front, but our first payment isnt til March. What term did you get? Whats the interest??

[PissedPrincess]

Our closing date is the 31st, very end of the month. Our interest rate is 7 5/8.:angry: Apparantely, our credit situation wasn't very good.

To tell you the truth Bob, I think I could have done better. We went to a family member who is a mortgage broker. I don't think he did very good.:angry:

I'm most displeased.

[rockin500]

bob, refinancing closing costs are cheaper. it was for my parents anyways.

7 5/8? on a 30 year loan? :eek:

[cxlx]

Well my dear...the best thing rite now it that you guys got approved. Thats the most important thing. What you can do is just deal with it for now...and then maybe in about 1 year you guys can try to refinance. That way they can see that you guys are making payments on time and so forth....and you will have more equity...being a home owner really is awesome...so CONGRATS!!!!!!!!!!!!!!!

House party at PP's...hehe Ill bring the peking raviolis...;)

[rockin500]

bobs got a good point. picking up that equity is a big thing. every little bit helps. cuz yah, youre going to want to eventually refinance to see if you can get a lower interest rate.

my parents lost a lot of their equity puttin me n rachel through school. :(

[PissedPrincess]

Yeah, I figured I'd just re-finance in a year or 2.

I'm just worried about trying to scrape up the closing costs. My last name's not Rockefeller ya know?:angry:

Stupid Credit cards.

OMG I love Peking Raviolis! Those and Scallion pancakes are my favorite Chinese food. And, of course, SHARK FIN SOUP!

Party at my place! :Party:

[Cyberlibrarian]

Originally posted by rockin500
but realistically, around here 6000 is actually not that high of a cost. not with housing costs around here. lol i think my uncle was at like a little over 5 grand. and that was on a 118,000 dollar house. Where do houses go for $118K? In my neighborhood, APARTMENTS go for more than that!

[PissedPrincess]

In Illinois. When I was there for Xmas, I WAS SICK.

My cousin has this MONSTER house she paid $200,000 for. Housing is UNGODLY cheap there.

[rockin500]

actually illinois is insanely high, at least in the northern suburbs. its WISCONSIN where its cheap. my parents house was 138 grand w/ land when it got built in 1992. its now appraised at 191,000. its only a little 1600 sq. ft ranch house. you cant really find too many cheap houses in kenosha anymore. :( anything worth living in is all over 100K.

[PissedPrincess]

Ray, you don't understand, Illinois is drastically cheaper than here. You can't buy a garage in Boston for less than $400,000 grand.:(

[rockin500]

hmmm... i think the average price of houses in the northern burbs though is like 300K. and those are the rinkydink houses. lots of em are goin for 700K, 800K, or even a cool mil! i was like, thats 20 years salary right there! :eek:

[PissedPrincess]

I bought a rinkydink house.:cool:

[Cyberlibrarian]

My parents sold their house in the fall of '01. It has 3 bedrooms, 1 1/2 baths, a 30+ foot living room, an eat-in kitchen, a full dining-room and a screened-in back porch. It sits on a 1/4 acre plot of land. It went for less than $400K, and only because they didn't have a master suite. The house next door, which wasn't nearly as nice, and was on a smaller plot, went for more than that because it did have a master suite. The new owners of that other house paid that much, and still had to gut it because it was on bad shape. My parents' house, OTOH, was in excellent condition. Who knows...

My brother lives in a house (in LA) that's more like a bungalow, and he paid over $500K -- in 1998!

[cxlx]

Canada is even cheaper. In Richmond, BC where my cousin lives, has risen in the past 5 years cuz of all the people flocking over from Hong Kong, from when China took it back. These people from Hong Kong are extremely wealthy, they would buy land and build massive 10 bedroom houses. However, its soo cheap out there, it really doesnt cost them much. Like a victorian would cost them about $300,000 MAX. Insane huh? I saw lots of advertisements there for 3 bedroom, 2 floor town house w/ dual garage in the heart of the city for only about $160k. CANADIAN prices too. Big cities like Boston and NYC is definately alot more expensive.

[rockin500]

add chicago to that list of insane prices. 600 sq ft condo going for 200 grand?