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  1. #1
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    Default Mortgage/real estate question

    Dh and I are looking to move to a different area, more expensive then where we are now.
    We have two options, sell and move now however we owe $220k and it might sell in low $400'sk therefore we will have to borrow an extra $500k or so as new property would be low $700k (or high $600k)
    OR
    Pay off our house (I estimate 4-5 years) then borrow less and most likely less borrowing time. The only downfall is our house price might not increase as much as this other area.
    What do you think?
    I'm heading towards waiting as I estimated a 6 year saving in paying off the new mortgage, but maybe I'm wrong!
    Last edited by 2BlueBirds; 06-09-2012 at 14:38.

  2. #2
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    Default Mortgage/real estate question

    Bump

  3. #3
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    Default Mortgage/real estate question

    It depends on what house prices are doing in the areas at the moment.

    If they are low it means you might make less when you sell yours but the house you buy is also likely to be cheaper.

    If they are rising then the extra money you make is likely to be cancelled out by a higher price on the house you buy.

    There's always a good chance that prices will rise - or start moving again - in better areas before less ideal areas (or it often seems that way to me?) so you might end up with a bigger gap if you wait.

    Then again waiting and having a much bigger deposit isn't a bad thing.

    There's always a risk no matter when you buy.

  4. #4
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    Default Mortgage/real estate question

    Do it now! Depending on the prices and area but most areas the sale prices are average or down and the interest rates are really low , get the home you want now, lock in a great rate and in 6 years odds are the prices will be up and you will have good equity in the home

  5. #5
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    Default Mortgage/real estate question

    Thanks all. I return to work in February, so will speak to a broker then. ATM I'm on family leave.


 

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