Greg and I had a wonderful weekend with Lauren and were sad to see her go today. It was comforting to see family again and fill up the weekend with sweet time with a familiar face and laughs. We showed Lauren Central Market and some other downtown areas, drove by Millersville U, my new office, and had some really yummy meals. We also got our fill of football! The Aggies won (I seriously can't believe it!) and so did her beloved LSU Tigers!
Lauren's boyfriend just purchased a condo unit that has great potential, so we spent some time brainstorming renovations and possibly room layout changes. I love thinking of renovation ideas, and I can't wait to see what they come up with. When we are in Houston over Christmas break, I will get to stop by and see what the place looks like.
It sparked my interest to stop by some more open houses today. One place I visited has both a realtor and mortgage broker onsite, so I took the opportunity to ask lots of questions about loans, down payments, future of interest rates, condo HOA dues, etc. So many ideas floating in my head right now. The mortgage broker said that we should see interest rates start to rise slowly beginning next January and that by this time next year he expects them to be around 6-6.5%. Ouch. Part of me really wants to get in to a place soon so that we get this 5% interest rate. But the longer we wait, the more house we can afford. Ya know? Plus we have a one year lease that is up in June....so deciding whether the lower interest rate now is a better payoff than the cost of buying out our lease is hard to know.
If you have any thoughts on houses, when to buy, etc. I'd love to hear any and all. We already know to have 20% down, not have a payment + utilities equaling more than 30% of our take home pay, etc. Thanks!
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I know it's hard, but try not to let the interest rate make you feel pressured or rushed.
ReplyDeleteAlso, I don't recommend getting a variable interest rate.