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Old 10-25-2022, 11:03 AM
 
2,352 posts, read 1,779,566 times
Reputation: 700

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https://www.redfin.com/MA/Marlboroug...home/179640326

See this is what I am talking about. I looked up the records and buyer of this place is a single man. Signed the homestead so he is living there. Sold for 715k, only put 2% down. Not even an ARM either. Can't tell if this fella is paying PMI, but you are probably looking at somewhere in the high 4k range for P&I&PT.

Now it is possible that there is some shenanigans going on but I could totally see Rocket Mortgage approving this at 125k a year.
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Old 10-25-2022, 12:22 PM
 
3,620 posts, read 1,840,863 times
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Quote:
Originally Posted by yesmaybe View Post
https://www.redfin.com/MA/Marlboroug...home/179640326

See this is what I am talking about. I looked up the records and buyer of this place is a single man. Signed the homestead so he is living there. Sold for 715k, only put 2% down. Not even an ARM either. Can't tell if this fella is paying PMI, but you are probably looking at somewhere in the high 4k range for P&I&PT.

Now it is possible that there is some shenanigans going on but I could totally see Rocket Mortgage approving this at 125k a year.
Holy cow, buying a $715K home with only 2% down would give me major anxiety! lol
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Old 10-25-2022, 01:18 PM
 
2,710 posts, read 1,733,872 times
Reputation: 1319
Quote:
Originally Posted by robr2 View Post
Not every million dollar home buyer has an $800K mortgage.
Exactly. Maybe they bought a 300k home in 2010 and sold it recently for 800k. If they upgrade to a 1mil home, their mortgage could stay the same.
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Old 10-25-2022, 01:23 PM
 
16,395 posts, read 8,187,139 times
Reputation: 11378
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Originally Posted by matrix5k View Post
Exactly. Maybe they bought a 300k home in 2010 and sold it recently for 800k. If they upgrade to a 1mil home, their mortgage could stay the same.
I didn't think that was the scenario we were talking about...but sure.
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Old 10-25-2022, 01:53 PM
 
2,352 posts, read 1,779,566 times
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https://www.redfin.com/MA/Billerica/.../home/11409747

Here's another one in Billerica. Sold for 775k, public records say mortgage is 760k. At least this one is a 2fam... so maybe they will rent out the smaller unit?
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Old 10-25-2022, 02:03 PM
 
3,620 posts, read 1,840,863 times
Reputation: 1508
Quote:
Originally Posted by yesmaybe View Post
https://www.redfin.com/MA/Billerica/.../home/11409747

Here's another one in Billerica. Sold for 775k, public records say mortgage is 760k. At least this one is a 2fam... so maybe they will rent out the smaller unit?
Well, they'll probably have half their mortgage payment covered if they rent out a unit. However, I'm a little surprised banks are giving out these large mortgages with so little down. While a drop in values may be unlikely in MA, it could happen and these folks will be underwater quicker than they realize!
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Old 10-25-2022, 02:03 PM
 
Location: Suburban Boston Lifer
181 posts, read 124,412 times
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Quote:
Originally Posted by yesmaybe View Post
https://www.redfin.com/MA/Billerica/.../home/11409747

Here's another one in Billerica. Sold for 775k, public records say mortgage is 760k. At least this one is a 2fam... so maybe they will rent out the smaller unit?

where do you get the public mortgage record
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Old 10-25-2022, 02:05 PM
 
3,620 posts, read 1,840,863 times
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Originally Posted by bricka View Post
where do you get the public mortgage record
Each county has a registry of deeds database and you can find it there by either searching the address or by the owner's name (if you have that info).
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Old 10-25-2022, 02:09 PM
 
Location: Suburban Boston Lifer
181 posts, read 124,412 times
Reputation: 124
Quote:
Originally Posted by newenglandgal123 View Post
Each county has a registry of deeds database and you can find it there by either searching the address or by the owner's name (if you have that info).

i've used masslandrecords.com but i wasn't aware of a way to search with address only
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Old 10-25-2022, 02:13 PM
 
15,796 posts, read 20,504,199 times
Reputation: 20974
Quote:
Originally Posted by newenglandgal123 View Post
Holy cow, buying a $715K home with only 2% down would give me major anxiety! lol

Today, out of boredom I started searching recent sales in my neighborhood.

A good chunk of them are under 10% down. Some as low as 3-4%
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