Ned some help in deciding

[Aquaman]

  On 11/8/2023 at 3:28 PM, thisistaken said:

Last week koncham decrease ayyai interest rates. Lender emo rates might come down to upper 6's in the Q1 2024 annadu. Any educated guess on the interest rates moving into 2024?

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is it texas?

need to take account of higher property tax, as value increase a lot every year

 

Also, don't bank of lower rate, refinance ..prepare for worst case on rates.

 

just bcozz you can afford, doesn't mean you have to buyy bigger home....

Go as per need base.. if you can live fine with 2k sqft ..no readon why you need to buy bigger home

bigger home means bigger tax, bigger utilities , more maintenance

end of the day.. you know your need better than anyone

[thisistaken]

  On 11/8/2023 at 3:43 PM, Aquaman said:

is it texas?

need to take account of higher property tax, as value increase a lot every year

 

Also, don't bank of lower rate, refinance ..prepare for worst case on rates.

 

just bcozz you can afford, doesn't mean you have to buyy bigger home....

Go as per need base.. if you can live fine with 2k sqft ..no readon why you need to buy bigger home

bigger home means bigger tax, bigger utilities , more maintenance

end of the day.. you know your need better than anyone

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Yes bro. Mckinney, Texas(Property tax: 2.1%)

[Aquaman]

  On 11/8/2023 at 4:34 PM, thisistaken said:

Yes bro. Mckinney, Texas(Property tax: 2.1%)

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which ISD? mckinney ISD ki 600k+ not  worth it  for 2.5k sqft IMO..painted tree lo na?   out of state valle..aagam aagam konesthunaru .

 

 

[thisistaken]

  On 11/8/2023 at 3:42 PM, SaradaChinnodu said:

bro, always bigger is better if you can afford and have kids. However, few things jumped at me 

1) I see you are putting down 5% only - so it seems you dont have much savings in hand. May be you can afford at the moment with your current take home, but if the payment is more than 30-35% of your take home, I would say its a risk and you should reconsider this whole thing. Just my opinion 

2) Make sure you have good emergency fund of "atleast" 6 month expenses including mortgage payments set aside before you get into this as the payment is on higher end. 

I hope you take a wise decision and enjoy home ownership!

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Thank you for the insights bro. 

1. Savings oka 60k cash(enough for downpayment and other home stuff), 80k vested stock, 50k crypto(invested 3k back in 2017). Not putting more than 5% so that I will have cash in-hand when needed. Koncham India lo investing progress lo undi. 

2. Pacca plan chestuna bro emergency fund. Oka 6 months wife salary account lo deposit chestuna(oka 40k anukondi)

[thisistaken]

  On 11/8/2023 at 4:40 PM, Aquaman said:

which ISD? mckinney ISD ki 600k+ not  worth it  for 2.5k sqft IMO..painted tree lo na?   out of state valle..aagam aagam konesthunaru .

 

 

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Yes bro. Andulone lone. Painted Tree

[veerigadu]

Facing emundhi? both houses ki...East and north edhi unte adhiii lepeyyi...

Also Are they both in same school districts??

 

[Aquaman]

  On 11/8/2023 at 5:00 PM, thisistaken said:

Yes bro. Andulone lone. Painted Tree

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prosper ISD ki vellu bro... why B rating school district ki 600k +

[tamuhardreturns]

  On 11/8/2023 at 5:00 PM, thisistaken said:

Yes bro. Andulone lone. Painted Tree

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painted tree li8. overrated

[Aquaman]

  On 11/8/2023 at 5:21 PM, tamuhardreturns said:

painted tree li8. overrated

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correct .. dantlo normady homes vadu ayithe comedy ... incentives sales people ki kuda idea undadhu.based on your profile antadu.. aboo too much show untadhi... pichakuntla school district ki

[Konebhar6]

  On 11/8/2023 at 2:39 PM, thisistaken said:

Hello everyone,

House-1:

Closing in December. 1 storey 2535 sq ft with 4 bed, study and 12 foot ceiling in living room. Price: 628K with 5.99 rate incentive by the builder. Great lot location in the community. After down payment  EMI is around $5100 @5.99

Lot size: 7542 sqft

Estimated payment	$5,245 /mo
Loan amount	$596,600
Down payment	$31,400
Interest rate	5.99%
Loan term	30 years
Taxes & insurance included?	Yes
Property tax	2.1 %/yr
Homeowner's insurance	$1,260/yr
Mortgage insurance	$378/mo
HOA dues	$90/mo

House-2:

Closing in March-April. 2 storey 3600 sq ft with 4 bed, study and open to below high ceiling ceiling in living room. Price: 753K. Lot location is somewhat in the corner of the community. No rate incentive. After down payment, EMI is around $6500@7.5

Lot size: 6332 sqft

Estimated payment	$6,968 /mo
Loan amount	$715,350
Down payment	$37,650
Interest rate	7.5%
Loan term	30 years
Taxes & insurance included?	Yes
Property tax	2.1 %/yr
Homeowner's insurance	$1,260/yr
Mortgage insurance	$453/mo
HOA dues	$90/mo

Unable to decide. I can afford both but I will have $1700 savings if I go with House-1. per/sq foot value is much better in house-2. Please advise.

March-April lo interest rates increase aite, malli above 8% aite kastam ani thinking. If I go with home-1, closing is in Dec and the lock is locked @5.99 by the builder. 

 

 

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If you have younger kids (<10) or recently married go for the bigger house. If your kids are in college or ready for college, go for smaller house. 

[yemdoing]

renting is sometimes cheaper and you will get the SFH exp also.

I am struggling with ~3000 mortage with single salary. AM not sure how you are saying ~5k and ~7k are affordable with downpayment of only 37k. Market is on the edge of recession, assuming both wife and husband are working. What if one of you loses job ? And paying single dollar on PMI ( mortgage insurance is stupid) and yours is like $450 /$380. 

again , you know whats best for you and your family ... uncertaniity times lo better to rent. I think you can rent same home for less than 3k.

 

[yemdoing]

  On 11/8/2023 at 4:59 PM, thisistaken said:

Thank you for the insights bro. 

1. Savings oka 60k cash(enough for downpayment and other home stuff), 80k vested stock, 50k crypto(invested 3k back in 2017). Not putting more than 5% so that I will have cash in-hand when needed. Koncham India lo investing progress lo undi. 

2. Pacca plan chestuna bro emergency fund. Oka 6 months wife salary account lo deposit chestuna(oka 40k anukondi)

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just saw this, I would wipe crypto and vested stock account and put into home. Keep savings around $40k

again you can rent extraordinary homes in frisco area for just 3k. 

[yemdoing]

  On 11/8/2023 at 5:00 PM, thisistaken said:

Yes bro. Andulone lone. Painted Tree

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I live close to 380.... Not worth IMHO

[yemdoing]

https://www.zillow.com/homedetails/401-Cavanal-Hill-Dr-Little-Elm-TX-75068/243574760_zpid/

 

look at this home for just $2995. 

 

 

 

[Konebhar6]

  On 11/8/2023 at 5:54 PM, yemdoing said:

renting is sometimes cheaper and you will get the SFH exp also.

I am struggling with ~3000 mortage with single salary. AM not sure how you are saying ~5k and ~7k are affordable with downpayment of only 37k. Market is on the edge of recession, assuming both wife and husband are working. What if one of you loses job ? And paying single dollar on PMI ( mortgage insurance is stupid) and yours is like $450 /$380. 

again , you know whats best for you and your family ... uncertaniity times lo better to rent. I think you can rent same home for less than 3k.

 

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I am not sure why people are not looking at renting as an option. You are paying half of your mortgage in current market.