Home is $900k, I can probably get it for less, maybe down to $870k or $850k. I have +$300k worth of equity in current home. Albeit my interest rate is like 2.5% so that will kind of suck. TC: $255k, single income HH. Wife stays at home with children.
Depends on your financial goals and how much you spend on things outside of your mortgage.
It will be a bad move if u can’t afford to hold on to both now, by renting one of them. Why do u want to buy the 900k house? Also need some info abt current is it a condo?
This is insane. Don’t sell.
Can you elaborate? The way I see it, I can move to a better property and realize this insane equity. I can likely rollover $300k+ just in equity to the new home. Understandably, interest rates aren’t the best now, but I have a feeling they’re gonna collapse as the fed already showed their hands with BTFP slush fund for banks.
The PITI is going to be very high and 255k annually feels like not enough. Where is this house?
If this is the price for house in Texas area don’t waste ur money is my suggestion .. You get good homes for 500-600 K .. Don’t fall for new and big house trap.. and don’t become house poor .. And how did you calculte 300K equitty did you actually put ur property on sale?
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keep your previous property as a rental. don't sell it and give up your 2.5% rate, that's throwing free money away
I get that. But the thing is, I actually have $300k of equity. Why not just realize it on a better property, then when rates tank refi?
Who says rates will tank ser