Posted by JD Seller on March 09, 2016 at 16:27:21 from (208.126.198.123):
My youngest son bought his house from me a few years ago. Due to him just not having much credit history mortgage rates where going to be higher than I thought they should be. Around 6-7% while prime was under 1.5%. So we just changed his "rent' to mortgage payment. About a year ago he came to me to talk about some remodeling and adding on to the house. What he wanted and we did was he just paid me the interest an used the principle to finance the improvements he did. He did me proud in that in less than a year he added two rooms, resided the entire house and replaced the roof.
So now the GREAT part. He actually got done in mid January. So in February he went mortgage shopping. He closed today. He got a 3% fixed 15 year note. His payment is actually $25 less than he was paying me in rent three years ago.
That got me to thinking about my first house. We bought it in 1978. 15 year note at 9.25%. We thought that was reasonable. LOL The biggest difference is the principle amount. Housing costs have 5 times in that time. For our first house we only financed $20,000 and had a 30% down payment to even get a mortgage. It is funny how times have changed. Interest rates are lower but the cost of just an average home has skyrocketed.
Can you fellow remember your "first" homes interest rate??? How about down payments??? I remember when 25-30% was the norm. That was for a house or land. Farm equipment was around 30-40% required with trade and cash. I can remember some companies wanted half their money back before the first use season. So even with a good sized down payment your first payment would be before the use season.
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