Money question of the week: How have you been affected by problems in the mortgage market?
Have you found it more difficult to get a mortgage? Are you caught in an adjustable rate loan you can't refinance? Been unable to sell a house because your would-be buyer can't get a mortgage? Seen your high-yield bond fund take a hit?
A sampling of responses to this question will be published in the Sunday Money section. Comments must include your first and last names and city. If you don't want to answer here, you can email your comment to me.
(Photo credit: Getty Images)
St. Petersburg Times personal finance editor Helen Huntley writes about money topics and answers questions about financial planning, investments and personal income taxes.
It would be interesting to revisit this issue and these people. Such astute purchasers of speculative real estate!
Posted by: Chris, January '08 | January 11, 2008 at 01:24 PM
Pathfinder-- if you're not putting 20% down to avoid PMI then finance 100%. ...or 95% if the lending institution gives you a hard time.
Have the seller pay all the closing costs out of your purchase price, or up to 3% of the sales price is legal in Florida is my understanding.
Sign and drive baby...the risk is if the value of the property goes down you will be under water. Plus you wont be able to sell (with realtor fees) til the price goes up....so think long term.
Posted by: toothy | November 09, 2007 at 08:01 PM
You must think long term, i've now purchased two townhomes in the last 60 days. One I live in and the other is a rental.
Les, you're still my hero for taking on Lou before he went in to hiding.
Posted by: toothy | November 09, 2007 at 07:45 PM
Pathfinder-I gather you are thinking of taking out a home equity loan on your current home and using it as a down payment on a new home. Owning two homes at once is not a good idea in this market unless you are certain you can afford to carry both mortgages for a long time. It could take more than a yaer to sell your current home.
Posted by: Helen Huntley | November 09, 2007 at 02:04 PM
Is a home equity line of credit a smart way to go if I am trying to put a down payment on a new home.
for example.
Posted by: pathfinder | November 09, 2007 at 01:38 PM
Come on, toothy, you can trust Helen not to reveal to the rest of us the link between your online name and your real persona. We'll just assume some other person was as lucky and astute as you.
Posted by: Les Henderson | August 27, 2007 at 07:19 PM
Plus I got 100% financing through SunTrust Mortgage and all closing costs paid by seller. Im uncomfortable having my name published just thought id gloat that I got a great deal.
Posted by: toothy | August 26, 2007 at 05:31 PM
Congratulations, Toothy, but I need your first and last names and city in order to be able to use your comment.
Posted by: Helen Huntley | August 26, 2007 at 01:48 PM
Im taking advantage of the current market conditions. I close on a townhome next week that was built last year and the owner closed on 10 months a go. Im purchasing it for $60k less than the owner paid.
It will be a cash positive rental, amazing in Florida these days eh?
Now is the time to buy!!
Posted by: toothy | August 26, 2007 at 01:23 PM