Villages of Columbus - Columbus Square - Camden Place

NEW -> Contingent Buyer Assistance Program
shooby- you should have told them to throw in plantation shutters for you place. i bought in savannah and they threw in shutters as part of the deal.
 
Does anyone know if i have to take any additional insurance apart from paying both the HOA dues at Camden Place.



Since builder is giving 6000 towards closing costs , if the closing costs a re coming upto 5500 ...

is there any way to use those unused 500$.
 
Camdenresident, yes, according to my broker at UAMC, the leftover can be applied to recurring closing costs. She also estiamted mine to be about $5500, and she said the rest can go towards property taxes.
 
<p>myfirsthome..</p>

<p> </p>

<p>got a question for you? How much did you put down on the 10 year interest only loan? I , myself , am in the market for a new townhouse. I like camden place 3 bedroom layout as well. This will be my first home too...so i want to make sure i get into a new home without getting screwed over.</p>

<p>Any advice? Thanks.</p>
 
<p>i only put down 5% so i wasn't able to get approved for a 10 yr interest only option on a 30 yr fixed. i was originally getting this loan from countrywide, but they don't allow 95% financing anymore sine they took that 1.2 billion dollar loss so my loan agent had to shop around for another program. the good thing is that the 30 yr fixed rate is a little lower than the 30 yr fixed with 10 year interest only option. i got 5.5% on the first and 7.5% on my second locked in early last week. discount points (0.896 and 1.125 respectively) were covered by my remaining incentives.</p>
 
<p>myfirsthome--I'm happy for you, but amazed that anybody is still doing 95% financing.</p>

<p>I hope you paid a really low price.</p>

<p>I advise you to pay an extra hundred a month to that second mtg; you'd be surprised how quickly extra payments makes a mtg go down.</p>

<p>Trust me, anybody can blow that much in no time. Pay yourself first and you won't even miss it.</p>

<p>The hub and I paid off our loan in 10 years throwing any extra money into mtg payments.</p>

<p>I guess if you get underwater, that would be a reason for not paying ahead, as is equivalent to throwing money down a black hole, or the toilet.</p>
 
<p>thanks liz... i definitely plan on paying more than my monthly payment since i can afford to do this. i hate the thought of paying the bank interest. thanks for the advice though! much appreciated. ever since i started working part time in high school, my mom would always tell me to "pay yourself first". and thank goodness for direct deposit, i am already doing this by dumping money into my 401k and an online savings account directly from my paycheck. money that isn't in my checking account is safe... this is how i saved up my down-payment. :)</p>
 
<p><em>I guess if you get underwater, that would be a reason for not paying ahead, as is equivalent to throwing money down a black hole, or the toilet.</em></p>

<p>Like paying rent?</p>
 
<p><em>Like paying rent?</em></p>

<p>No, like greatly overpaying (the bank) for a depreciating asset vs. pocketing the difference that could be gained by renting</p>
 
<p><em>No, like greatly overpaying (the bank) for a depreciating asset vs. pocketing the difference that could be gained by renting</em></p>

<p>Every dollar you pay in rent is 100% loss. Didn't know house prices had dropped 100% already.</p>

<p> </p>
 
I agree with JP, every dollar you pay in rent is consumed and is gone forever. But that's the same with every dollar you pay in interest, property tax, and hoa.
 
<p>Roo, you do not understand what I am saying because I am not comparing apples and oranges. You might be, but I am not.</p>
 
<p><em>Every dollar you pay in rent is 100% loss. Didn't know house prices had dropped 100% already.</em></p>

<p>I can't believe I'm even wasting my time responding to this, but I can't help it...</p>

<p>JP- practically every dollar you pay back to the bank in the first number of years on your mortgage is interest. In other words, you are simply renting from the bank. Hence, <em><strong>if the asset is not appreciating, </strong></em>every dollar you pay towards your mortgage is at least 100% loss. Now, if the asset is <em><strong>depreciating</strong></em>, every dollar you pay to the bank for your home is 100% loss <em>plus</em> the amount of depreciation if you want/need to sell, and if not you will still need to wait many additional years to make up for the lost equity. Why not rent for 2/3 the price until prices come down to more reasonable levels?</p>

<p>Moreover, the house does not need to drop 100% (or, in other words, to a value of $0 as you suggest). When the asset (the house) is increasing, even at a moderate pace, the equity accrued makes up for the money that you are paying to the bank in the form of interest. When the asset is declining, even moderately, buyers become a huge loser vs. renting in the short term because of the highly leveraged nature of the declining position that you have taken. </p>

<p>If you've never done this before, it may help you to run some scenarios:</p>

<p>http://www.nytimes.com/2007/04/10/business/2007_BUYRENT_GRAPHIC.html?_r=1&oref=slogin</p>
 
jpmorganfunds,





I like having someone with a more bullish outlook on the board. I would like it even more if the bullish comments were not so ridiculous.
 
<p>I haven't rented since umm, 1970. I've seen those calculations. After buying my first house, it never even occurred to me to rent. I personally would never have had the discipline to put aside the money that I was saving by renting instead of buying (if it did save money, sometimes it does, sometimes it doesn't). I would have blown it. The vast majority of my clients also do not have the discipline to save money. They would be improved just by coming out even, or slowwwly going into debt, instead of going into debt with wild abandon.</p>

<p>Therefore, tho the mathematics of those calculations are absolutely on the ball, they are also useless to most. Now, in the past few years the bubble has shown that renting was, for those years, the wise thing to do.</p>

<p>So for the past few years, there really was no way to save for the fiscally challenged. Too bad. But in a couple of years that path to building wealth will open up again. I think that after the banks get stung enough, they won't offer second mtges and cash outs. They didn't actually, for most of my career, for reasons that are now all too obvious. NO CASH OUT the loan instructions screamed. If somehow they were cashing out, I was to grab everybody's pens and snatch the papers back and by no means hand money to anybody. This never actually happened, but that was the tone. Them days will rise agin.</p>

<p> </p>
 
<p><em>JP- practically every dollar you pay back to the bank in the first number of years on your mortgage is interest.</em> </p>

<p>Blue Fire, I never said anything about mortgage. The only time you want to pay interest is if you can get a higher rate of return with your money someplace else. This is called time value of money. In such a case, paying interest is a smart thing to do. However, if you do not have a better place to put your money, then you are better off paying cash and not taking out a mortgage. But again, this has nothing to do with what I was talking about, I am not comparing something without interest with something with interest.</p>

<p> </p>
 
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