Back out

[Thokkalee]

2 hours ago, Telugodura456 said:

can you elaborate on "you will start paying intrest again on loan amount" - my borhter is taking arm i am telling him no. But i dont know full details.

Say you took a 200K loan on 5/1 ARM @4% interest rate, you will pay 20K principal after 5 years.. and when you refinance you have to take a new loan (refinance is nothing but a new loan from a different lender) for the balance amount… if you take a new 30 yr loan, then they will calculate the interest for 30 yrs again.. 

On  ARM loans, after 5 years (for a 5/1), there is a mandatory first year increase and subsequent increases and a rate cap (usually more than double - say 9%)… use a ARM loan calculator to understand more about this.. 

also ask the lender what the min and max interest rates are, what the first change is and what the subsequent changes are… 

https://www.bankrate.com/mortgages/adjustable-rate-mortgage-calculator/

[krrish]

Tried to negotiate with the builder. There is no help at all, no option to back out as per agreement, let alone any discount. Ika chesedemi ledu…either losk 40k or move forward as is

[krrish]

12 hours ago, Piracy Raja said:

oka 5-6 Credit cards apply cheyyi appudu nee home loan reject avutadhi then builder gadu earnest deposit retunsn istadu

Bhayya, agreement lo clearly mentioned. If loan is rejected within 30 days after signing, they there is a chance to get the deposit back. But after 30 days, there is no such option and u would lose the deposit…this seems to be the norm with all builders…

 

 

[Piracy Raja]

Just now, krrish said:

Bhayya, agreement lo clearly mentioned. If loan is rejected within 30 days after signing, they there is a chance to get the deposit back. But after 30 days, there is no such option and u would lose the deposit…this seems to be the norm with all builders…

 

 

okk

[krrish]

12 hours ago, BeerBob123 said:

I think fake post by Mod

Pakkaki velli aaduko bhayya, fake cheste emostadi, time bokka…assale tension lo unna

[FLraja]

3 minutes ago, krrish said:

Bhayya, agreement lo clearly mentioned. If loan is rejected within 30 days after signing, they there is a chance to get the deposit back. But after 30 days, there is no such option and u would lose the deposit…this seems to be the norm with all builders…

 

 

Vadu pakka planning chesi irikichadu ga. Day before closing edanna issue raise chey like chekka ki seela kottaledu , gaddi peragaledu, talupu sound costundi

[BeerBob123]

22 minutes ago, krrish said:

Pakkaki velli aaduko bhayya, fake cheste emostadi, time bokka…assale tension lo unna

Over to @veerigadu ba 4 tinepass

[krrish]

2 hours ago, FLraja said:

Vadu pakka planning chesi irikichadu ga. Day before closing edanna issue raise chey like chekka ki seela kottaledu , gaddi peragaledu, talupu sound costundi

Honestly, builders prepare the agreement from the past experiences and in such a way that we can’t back out without losing…at the end of the day, it is the business without ethics…everybody wants an extra dollar…the problem is the market is highly volatile and nothing can be taken with certainty 

[Thokkalee]

8 minutes ago, krrish said:

Honestly, builders prepare the agreement from the past experiences and in such a way that we can’t back out without losing…at the end of the day, it is the business without ethics…everybody wants an extra dollar…the problem is the market is highly volatile and nothing can be taken with certainty 

if the builder backs out on the last day citing some issue, will you agree? You can even sue the builder for breach of contract.. An agreement is there for a reason so that it binds all of the parties.. 

if you like the home, the price of the house (within the affordable range) doesn’t matter after you move in.. you won’t even think about it after few months… just make sure that the monthly mortgage is affordable with the increased interest rates.. 

[FLraja]

11 minutes ago, Thokkalee said:

if the builder backs out on the last day citing some issue, will you agree? You can even sue the builder for breach of contract.. An agreement is there for a reason so that it binds all of the parties.. 

if you like the home, the price of the house (within the affordable range) doesn’t matter after you move in.. you won’t even think about it after few months… just make sure that the monthly mortgage is affordable with the increased interest rates.. 

pakka inti vadu 80k takkuva ki kontadu 4 months ki, daily vadi face chustey gurtu rada? 

[krrish]

3 minutes ago, FLraja said:

pakka inti vadu 80k takkuva ki kontadu 4 months ki, daily vadi face chustey gurtu rada? 

Exactly…ade kada problem…people say, try to see if it is affordable…it is affordable but does not mean that I want to spend extra..it is matter of saving 1000’s of dollars

[Complex]

2 minutes ago, krrish said:

Exactly…ade kada problem…people say, try to see if it is affordable…it is affordable but does not mean that I want to spend extra..it is matter of saving 1000’s of dollars

Go for legal advice, check with some attorney ,let them scan the contract , they will find some loop hole bro. 

[Thokkalee]

7 minutes ago, FLraja said:

pakka inti vadu 80k takkuva ki kontadu 4 months ki, daily vadi face chustey gurtu rada? 

80K difference is too much.. and he might buy it at a higher interest rate too thus increasing the total cost of the loan compared to your loan…

Given the situation, would you lose 40K for nothing? Or risk the chance of hoping that the home prices don’t fall so much (like 80K) in few months.. I doubt builders will reduce the prices by 80K anytime soon… 

Also you don’t have to tell your neighbors the price you paid for the home if that makes you feel sad about your home.. 

[Complex]

2 minutes ago, Thokkalee said:

80K difference is too much.. and he might buy it at a higher interest rate too thus increasing the total cost of the loan compared to your loan…

Given the situation, would you lose 40K for nothing? Or risk the chance of hoping that the home prices don’t fall so much (like 80K) in few months.. I doubt builders will reduce the prices by 80K anytime soon… 

Also you don’t have to tell your neighbors the price you paid for the home if that makes you feel sad about your home.. 

its about what we feel inside , entha ledhu anna mental torture untadhi when we overpay.

[FLraja]

3 minutes ago, krrish said:

Exactly…ade kada problem…people say, try to see if it is affordable…it is affordable but does not mean that I want to spend extra..it is matter of saving 1000’s of dollars

the issue is , even if you are ok, pakkana janalu sava den… gurtu chesi torture chestaru valla nu tapichukolem as they are next door. inka desi ayitey sachipovali. If we don’t interact it looks bad . If we talk then this topic comes repeatedly. Ee builder lan kodkulu rate tagiyakapotey ok but they are cunning and want to sell quickly