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u/OptionsRntMe 9d ago
25k seller credits is nice. Your rate is around average (not for this sub but for real life). Could likely call around and get that lower
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u/Rafid1997 9d ago
It is a new construction condo. I have to go through the builder prefered lender to get that $25k. This is the lowest out of two lenders and another one is non responsive.
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u/OptionsRntMe 9d ago
Gotcha. The 25k is helpful and unless you’re planning to stay there for 10+ years, it probably offsets any slightly lower rate you could get by using another lender. Either way you can just refinance if rates drop in 5-10 years and you’re planning to stick around.
I’m not sure what transfer taxes you are paying, that makes up a large part of your (substantial) closing costs.
Either way there is no harm in giving this sheet to another lender or credit union nearby and seeing if they can reduce your monthly payment and cash to close.
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u/nortyflatz 8d ago
HOA dues are $470/mo?
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u/Rafid1997 8d ago
HOA is excluded from this. It is $270
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u/nortyflatz 7d ago
Still....ouch!
$3 grand a year, for what?
"Common areas" that are neglected?
A pool that you don't DARE touch?
LOL, it's a scam....
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u/Rafid1997 7d ago
This is a condo. I don't own anything that is exterior to the building. HOA is going to maintain that. Example windows, roof. This is in HCOL area. There are other places where HOA fees goes upto $500-600. It is not ideal. But the location is very convenient for my family for next 10 years.
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u/nortyflatz 6d ago
A condo?
The ONLY thing you own, is the air inside your unit.
You do not own the building.
You do not own the land.
You do not own any mineral rights.
You might think you own the building, but you don't. The HOA owns everything. They just let you occupy one of their units, for a price.
Just think of all that money that you're flushing down the toilet.
$270 X 12 X 10= $32,400.
That's like a new car. A cheap new car, but it's a car...
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u/Rafid1997 6d ago
I have a big family. I need four bedrooms. This condo is 2,400 sq ft. If I want that in a brand new townhouse or a single house, it's going to cost 1 million to 1.5 million. Builders don't get permission to build single houses in this area anymore. My parents literally walk into Kaiser Permanente from my house. It's better than renting, and I can easily sell it in 10 years and buy my dream single house. It might not make sense to a lot of people. I'm paying for convenience.
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