
5.49% Fixed
First of all.. a rant. We were incredibly fortunate to buy our first house in 2016, sold that one and made about $50k, had to move for work in 2019 then back home in 2021, made about $60k on that sale and now we’re stuck with golden handcuffs of 2.5%. However we’re just not fitting in this house and it’s not worth it. Plus we bought at the peak so we will make $0 on this house aside from what we’ve paid off and what we put down. Negative actually after realtor fees and I fear it’ll just keep going down in value.
I know that new builds have notorious issues and we will hire our own inspector. I’ve been walking through their spec homes and have gotten a good feeling about this builder vs others I’ve looked at. Our mortgage will go from $1,900 to $3,700 but we’ll wipe out all consumer debt ($40k) and this will be a 15 year+ home. Gross income is $13k a month, $500 on a car payment. Terrified of upping this mortgage but our mental health desperately needs it.
Anyway does this rate deal seem legit or do they pull some scam at the end of the building process? It’s terrifying to sign a build contract but wait 6 months to try and see if our house will even sell. Do we lose our earnest money if our house doesn’t sell but that’s it? Whats the average earnest on $580k? Clearly waiting for my realtor to get back to me.