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The Water Cooler
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Home "Closing" ?
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<blockquote data-quote="ZombieHunter" data-source="post: 1305811" data-attributes="member: 5791"><p>Wow sounds like a lot of headaches for overpriced cookie cutter houses, My advice is to go find a dilapidated and falling over house sitting on a decent foundation for under 10k cash, and put the cash into fixing it up yourself over a few years, you would save yourselves damn near 50k in INTEREST alone depending on your rate and down payment, but from personal experience most people only put 10% down and pay more than the house is worth in interest. </p><p></p><p>Most houses cost the builder around 45$ a square foot, if it is any more than that they are terrible at their sourcing of wholesale fixtures and other components. They are charging you triple what they paid to build the place, then on top of that the bank is getting theirs. Home ownership makes ZERO sense unless you really want to make the banks more money. </p><p></p><p>The American Dream of owning a home was contingent on people doing the work themselves and building their own homes, the fact of the matter is unless you do that you will probably never own it, your lending institution does, and until that Lien is off the Title you do not own anything.</p><p></p><p>Closing costs can jump 40% because they do not like the look of your face that morning, chances are that is why it has skyrocketed. They can also base it off of your payment histories with every single vendor you have ever used, miss a power bill payment, that can add a half percent to closing, it is really their own little game of make it up as they go.</p></blockquote><p></p>
[QUOTE="ZombieHunter, post: 1305811, member: 5791"] Wow sounds like a lot of headaches for overpriced cookie cutter houses, My advice is to go find a dilapidated and falling over house sitting on a decent foundation for under 10k cash, and put the cash into fixing it up yourself over a few years, you would save yourselves damn near 50k in INTEREST alone depending on your rate and down payment, but from personal experience most people only put 10% down and pay more than the house is worth in interest. Most houses cost the builder around 45$ a square foot, if it is any more than that they are terrible at their sourcing of wholesale fixtures and other components. They are charging you triple what they paid to build the place, then on top of that the bank is getting theirs. Home ownership makes ZERO sense unless you really want to make the banks more money. The American Dream of owning a home was contingent on people doing the work themselves and building their own homes, the fact of the matter is unless you do that you will probably never own it, your lending institution does, and until that Lien is off the Title you do not own anything. Closing costs can jump 40% because they do not like the look of your face that morning, chances are that is why it has skyrocketed. They can also base it off of your payment histories with every single vendor you have ever used, miss a power bill payment, that can add a half percent to closing, it is really their own little game of make it up as they go. [/QUOTE]
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