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Financing in Pacifica : Real Estate Advice

  • All75
  • Local Info5
  • Home Buying29
  • Home Selling2
  • Market Conditions3

Activity 5
Sun Feb 17, 2013
David Tapper answered:
If you pay down your mortgage by making extra principal payments, you can knock off years to your mortgage.

You might also do some updating at the same time so you can enjoy your home while you are there. Many times owners live in their homes for years and don't update it until it's time to sell. If you are going to be there for awhile, enjoy it, it's your home.

Good question RMS.

Tap

David Tapper
Coldwell Banker
www.DavidTapper.com
www.TeamTapper.com
Tap@cbnorcal.com
650-403-6252
http://www.zillow.com/profile/DavidTapper/Reviews/
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Thu Feb 14, 2013
David Tapper answered:
Be very careful! Every situation is different. They are not always tax deductible, you should ask your CPA about what you can or cannot right off.

Some buyers pay points to buy down their rates. What you need to determine is if it's worth it or not.
Example, if your rate is 4% for a $500K loan w/ no points, and you pay 1 point= 1% is $5,000, how much lower will your rate be? 3.75 or 3.875???

That's the question to ask your mortage professional. The other question you need to ask yourself is how long you plan on keeping that property. Why pay an extra $5,000 upfront if the numbers don't work in your favor.

Best of luck.

Tap

David Tapper
Coldwell Banker
www.DavidTapper.com
www.TeamTapper.com
Tap@cbnorcal.com
650-403-6252
http://www.zillow.com/profile/DavidTapper/Reviews/
... more
0 votes 4 answers Share Flag
Sun Jul 27, 2008
Debt Free Dave answered:
You may also want to consider a debt negotiation program.
0 votes 9 answers Share Flag
Wed Jul 23, 2008
Herb Schmulewicz answered:
Most agents have access to county records and can simply get information as to what has sold over what duration of time and for the same type of property in the same area. The MLS, which all agents should have access to, has the same information. Don't expect; however, to get the high end of any appraisal. This is a little different market. I provide this info on a regular basis free of charge and assume that most agents do too ... more
0 votes 6 answers Share Flag
Sun Jul 20, 2008
Debt Free Dave answered:
You may be looking at Jumbo financing. I don't see why you can't do it.
0 votes 6 answers Share Flag
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