ClosedAcc 7654

Nah, mate... Not so. Obama did a speech saying all is good. We're fixed :-)

And healthcare is all good now too... He did a speech about that too.

Adding this quick article from the Telegraph. Fairly well balanced but QE is definitely towards the latter part of its life? Nowt to do with your comment below as I added it after your post.

http://www.telegraph.co.uk/finance/c...wn-making.html

Pulaski

Sorry, my mistake. You're entirely correct!

e3geek

I see a lot of people in the US taking up fixed rate mortgages which are really not the norm in Australia. ARM is considerably low still people don't take it up. Strange.

And my other question is still unanswered.

Pulaski

You should see what the rate floats to after the fixed period ends! (6% over the Fed rate is typical).
Sorry, that was a long time ago. What was it again?

e3geek

It is possible to withdraw some paid principal amount if needed?

ClosedAcc 7654

Not sure what you want? What are you hoping to do?

If you put, say, 30% down on a place and mortgage the rest, can you get your downpayment back? Nope, obviously not, but you would have 70% of your cash in the bank to use as you please rather than locked in a property.

In either situation you could get some form of LOC, more as a percentage if you 100% own the place (maybe 30% ish), or perhaps 10% ish if you put down 30-40%.

All depends on ability to pay back etc and other factors.

Why not make a big downpayment, take a mortgage, and stash the remaining cash to use as you want?

Don't know how it works in Oz but,no, you can't withdraw paid principal. Mortgages don't work that way here. A mortgage is more a fixed amount with a payment schedule. The amount borrowed and principal paid cannot be accessed.

e3geek

OK. In my current mortgage I have the facility to redraw any extra paid principal. So essentially I can pay all my remaining loan balance on day one of the mortgage and then withdraw from it if required. I pay mortgage interest on whatever if remaining after withdraw.

ClosedAcc 7654

Doesn't work like that here. Suggest you keep some cash in reserve.

Oh, and if you buy for cash, you can't get a LOC for 100%. you'll get perhaps 30% if you're lucky so that doesn't achieve the end either

e3geek

That was a point. I might as well rent for now.

ClosedAcc 7654

Not a bad idea anyway. That way you can scope out the area and give yourself time to choose what you want to do as well as figure the finances better. Wish you good luck on the move.

e3geek

Off course. I won't buy during the first six months for sure. I was trying to get a feel of the area if property is actually that much cheaper or I am looking at some shit holes. It was good pieces of info that I collected here. Now I will do my research if I want to buy in Napperville or Evanston. Security is a big selling point as I have been advised by many to not go south of Roosevelt and west of western avenue.

Michael

In my opinion, there is an incorrect impression of Chicago as being a very violent city. If using the following link and comparing to Detroit Michigan, Memphis Tennessee, Cleveland Ohio, Atlanta Georgia, Kansas City Missouri, or Dallas Texas, Chicago is overall a safer city. Comparing with San Francisco or Los Angeles, Chicago is only marginally more violent and Chicago is about the same as Miami Florida. However comparing with San Jose or New York, those two are overall the safest US large cities.

All cities have high crime areas and very safe areas.

http://www.areaconnect.com/crime/com...=Detroit&s2=MI

The following is a map of crime in different neighborhoods in Chicago.

ClosedAcc 7654

I'd echo that sentiment. We're in the SF metro area but in the North Bay. Crime is rare here with the exception of one or two pockets though even that's declining. In SF it varies by neighborhood greatly. Thing is you know not to hang out in the bad areas, and the typical person here tends not to live in them. Choose a good area, which most areas are, and you'll actually feel much safer than in many British cities (or Aussie ones but I don't know)...

Michael

I agree that it is generally pretty easy to determine high crime areas in San Francisco but across the bay in Oakland, that is overall a very crime ridden city but has beautiful and safe areas around Lake Merritt and in the Oakland hills.

ClosedAcc 7654

The East Bay and Oakland does have a bit more for sure but it's still pockets. I just don't know Oakland as well, but some folk swear by it. I think the same rules apply. If I was to move that way, (and if there's ever a bargain in the Oakland Hills area), I know I'd be warier but that's just because of my lack of local feel. There's good and safe places everywhere - perhaps house price is a good guide....