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Financing in Shakopee : Real Estate Advice

  • All22
  • Local Info0
  • Home Buying4
  • Home Selling2
  • Market Conditions1

Activity 5
Fri Feb 4, 2011
Michael Emery answered:
I haven't done a lot of new construction, but it's my understanding that when you start looking for money from a builder, they typically offer you discounts on upgrades rather than lowering the price of the home or lowering the cost of closing/mortgage.

Builders buy wholesale so they are able to get discounts that homeowners would not be able to get on their own. It's certainly not a bad thing and 70 percent off is certainly an incentive to stay with that builder. I think a savvy new home buyer should always work a discount off up upgrades, especially in a down market.

And I'm glad to hear you have shopped around for your mortgage.
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0 votes 13 answers Share Flag
Sun Oct 3, 2010
Monir Mamoun answered:
Hi Estherk, I did some research and found a link for the IRS page about deducting points. It's actually form 530. I have included the link below. I hope it helps clarify matters. There is a flowchart. Any questions or if you need a referral for a Shakopee agent let me know -- I have a great friend nearby who is a top agent. ... more
1 vote 8 answers Share Flag
Thu Dec 18, 2008
Cindy Hanson Welu answered:
Hi Estherk,

We are both in the real estate profession and own a few properties we have posed this exact question to. We base our decision on:
Will we own the property longer than 10 years? If not, we don't feel the savings versus the closing costs outweigh the process. If you are planning on staying in the home, than yes, the savings will be worth it.
Can we afford the monthly payments and how drastically will they change our payment? If it will save us less than $100/month, for us, that is not worth it as at any time plans can change and we would have to sell earlier than later.
With a recent purchase and with the stricter guidelines for refinancing and the current market values stable or declining, would we really qualify for the best rate if we don't have 10-20% equity in the property?
Are closing costs going to run 2%? Adding the closing costs into the loan will add to the payment, not improve it and do we want to pay the cash out of pocket?

It's an individual decision. If we had 15-20% equity in a property and were planning on holding on to it for at least 8 years, we would most likely re-finance as long as closing costs were at a minimum. We would go to who currently holds our mortgage first as that is the best best to have the lowest closing costs.
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0 votes 4 answers Share Flag
Wed Aug 13, 2008
Debt Free Dave answered:
I don't know that rates are skyrocketing. They are higher than they were 6 months ago but they are still good.
0 votes 11 answers Share Flag
Fri Jul 25, 2008
Aaron Dickinson answered:
The 800 # fees are the lender's, the rest are title, taxes, escrows, etc.
0 votes 1 answer Share Flag
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