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!
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