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My oldest son turned 30 this year and is on his 4th home (started buying at 18). About 10 years after his dad and I split up, he bought a home with a remarkable similarity to his childhood home. My other son and myself feel like we are back home.
The first home we bought was at 14.5% in 1982. I worked for a major real estate company that placed millions in mortgage applications. My rate was guaranteed regardless of rate change (when VA set the rate) and rates moved almost overnight (weekend) by 2%. We held their feet to the fire, backed them in a corner and they had to hold the rate. (To this day, they still bring up the loss they took). This was when a loan officer could lock with the borrower, but not with their companies (pocket locks). We refinanced 4 years later and saved close to $400 a month.
Last edited by SmartMoney; 10-16-2017 at 07:10 AM..
Location: Was Midvalley Oregon; Now Eastside Seattle area
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Age 67/70. Downsizing to 1100, 2+2, condo from 1600, 3+2 and small orchard & raised beds. We may rent out home because of property tax locks. For Us, rent income is more important than a pile of money that we need to find a home for. Likewise the stepup estate value to our son or other heir(s) could be important.
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