Wednesday, May 8, 2013

Refinance or First time home buyer? (Re-post from Mortgage Type ...

*Re-posting from Mortgage Type thread*

Hi,
We will be taking over my in-laws house (they're retired now); it's a 4bd/3.25bath and 3,431 sq ft house on 12,250 sq ft lot they bought for $635K at the peak of the housing market in 2005. Currently, they owe $377K and the Zillow zestimate of the house is $392K. My dilemma is: Should we acquire this house via a refinance (my in-laws refinance their loan and add us on to the loan) or buy it from my in-laws as a first time home buyer? My in-laws will be living with us and vice versa so the point of doing this is to bring our monthly mortgage payment down (currently $3,200 at 30-yr fixed loan of 6%). We're new to this housing and loan stuff and are trying to assess the pros and cons of our 2 options. Any advice would be greatly appreciated. Thanks!

Source: http://www.zillow.com/advice-thread/Refinance-or-First-time-home-buyer-Re-post-from-Mortgage-Type-Thread/491093/

carlos santana dodgers triple play baa samoyed kenny powers kenny powers carl hagelin

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.