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How much more do you owe on your mortgage?

Posted by Anonymous   + Show Post
Is your home still worth more than what you paid for it? Home prices are creeping up again.
Posted by Anonymous on Jul. 31, 2013 at 3:05 PM
Replies (61-70):
by Anonymous 25 on Jul. 31, 2013 at 4:40 PM
We bought our home 5 years ago for $205,000. We still owe about $9,000. It's current value is about $280,000.
by on Jul. 31, 2013 at 4:40 PM
Oh I didn't know that it was like 13 years ago lol.

Quoting Anonymous:

By the way... they are not called blueprints anymore (unless it was back in the day when they were literally copied onto blue paper) they are called plans or construction documents... - I am an intern architect (not the same one as previous poster in this thread)

Quoting meg0620:

That sounds cool! I definitely want to build. I remember my dad made blueprints for a house he was going to get built and we were so excited and they ended up selling the land and just buying a house :( we were so disappointed.

Quoting Anonymous:

Yes, you would still get a pre approval for a loan from the bank! Then your architect would design a house then you take it back to the bank for the approval! It's not a typical mortgage in one lump sum, they give out money in installments and you must provide photos and recipes of progress before they give you more money! It sounds like an intense process but it is so much more rewarding knowing it is exactly what you want! :)

Quoting meg0620:

We would never be able to pay for that out of pocket, so do people still get loans even though they're building a house?

Quoting Anonymous:

I am an architect so I knew what I wanted! But we went around and looked at a few houses and just decided that building would be best for our family! There are a few options when building! Talking to a local contractor would be the best option to figure out how much things cost and what's a better option for you!

Quoting meg0620:

I want to build a house! Idk how all that works though. Lol. We're renting for now. But we want to build instead of buy.

Quoting Anonymous:

Building is the only way to go! I have my dream home for a lot less then what we would have paid for a brand new home that did not meet all of our expectations!!

Quoting Anonymous:

Same boat but our numbers aren't quite as high lol

Quoting Anonymous:

We built our house, paid about 350k$ and it was appraised at 575k! So we are definitely not underwater!

by Anonymous 24 on Jul. 31, 2013 at 4:41 PM
Do you live in a cheap area or something??

Quoting MommyAddie:

None!!!! Yay! We paid off our old house with inheritance money, sold it for a profit and bought our new house without debt! Smartest thing we ever did.

by Anonymous 26 on Jul. 31, 2013 at 4:42 PM


by on Jul. 31, 2013 at 4:42 PM

We haven't made our first payment yet.just bought our house July 10th

by Anonymous 27 on Jul. 31, 2013 at 4:42 PM
We owe $450,000 and a house just sold around the corner for $625,000. It's bigger and remodeled, so I feel that we could easily get $575,000.
by Silver Member on Jul. 31, 2013 at 4:46 PM

dont have a mortgage. but doing a rent to own. they only want 22k for the house, sits on lot and half. was told that the land alone is worth 20k. its a fixer upper but hey we can do what we want to the house

by Gold Member on Jul. 31, 2013 at 4:47 PM

The problem is really because we are struggling financially and aren't able to refinance because of the difference. In order to refinance, I would have to pay them 8,000 to make up for the price difference and another 20,000 for the 20% down payment. 

If we had a lower interest rate, it would make a big difference in our finances.  Currently, we have to borrow money from family each month to get by.  If we are able to get the financial hardship modification, it will lower our payments by 250 a month.  250 doesn't seem like much, but when you are struggling like we are, it will make a difference.

DH is starting a CNA program next month and will hopefully be able to get a job when he gets out.  It's only 4 weeks long.  I know it's a low paying job, but maybe it can open a door for other opportunities.  He's an xray tech and can't find a job.  If he can get his food in the door in a hospital as a CNA he might be able to find a job as an xray tech and get paid a little more.

Quoting Anonymous:

Eh, that's not really much of a difference. It could be recouped easily.

Quoting SouthernMamaof1:

 I bought my house 8 years ago (before the housing market crashed).  I paid 120,000.  I owe 108,000.  It's now worth 100,000.  I'm screwed.

I'm in the process of applying for a modified mortgage due to financial hardship. DH is unemployed.  If I get it, it will lower my interest rate.  I don't qualify for traditional refinancing due to owing more than it's worth.  I also don't qualify for the speicific type of refinancing that obama put in place because my loan is not owned by the right banks.

by Ruby Member on Jul. 31, 2013 at 4:47 PM
We are building next year out of pocket. So we will owe nothing and have no mortgage.
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by Anonymous 28 on Jul. 31, 2013 at 4:49 PM

My house is paid off, and our house value has went  up.  We had our house paid off within a year.

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