USA property purchase / LA
Jan 27th 2013, 2:36 am
#16
Septicity
Joined: May 2004
Posts: 23,762
Re: USA property purchase / LA
Well, if you have a very short history then your interest rate might be 4% for the sake of example, but waiting a year to get history could drop it to 3.5%. That 0.5% adds up over a 15/30 year mortgage. Look at the long term figures!
Paying twice monthly instead of monthly also makes a big difference to the overall amount paid.
Paying twice monthly instead of monthly also makes a big difference to the overall amount paid.
Far better than messing about with that weird idea of paying twice a month is just to pay down the principle aggressively at the beginning. With rates so low, take a 30 year term to set your minimum payment, but try to pay it off at the rate you can afford. No reason you can't pay off a 30yr loan in 15yrs if you've got no ppp.
)
Jan 27th 2013, 4:59 am
#18
BE Forum Addict
Joined: Oct 2011
Location: "LA LA Land"
Posts: 2,447
Re: USA property purchase / LA
Thanks for that clarification "fatbrit" -
Truth be told - I only have direct experience with California, where it's rare for an attorney to be involved, and about which the OP was inquiring.
But now I've learned that in New York it's a requirement!
The US is so unlike the UK - different State, (often) different law.
Can you imagine Cornwall and Northants. having different laws?
On the other hand - maybe they do
Truth be told - I only have direct experience with California, where it's rare for an attorney to be involved, and about which the OP was inquiring.
But now I've learned that in New York it's a requirement!
The US is so unlike the UK - different State, (often) different law.
Can you imagine Cornwall and Northants. having different laws?
On the other hand - maybe they do
Jan 27th 2013, 3:19 pm
#19
BE Enthusiast
Joined: Nov 2007
Location: Carson City, NV
Posts: 789
Re: USA property purchase / LA
I currently own a place in London, and am well above water with the mortgage on it. Plan would be to get a few flat mates to rent the other bedrooms and keep a room in it for when I need to be in London. I don't really want to sell it, but ultimately I could do if I had to and then downsize to a rented studio flat for when I need to be over here.
I had no ends of problems with that and ended up having to sell my UK property are a pretty substantial loss. Oh, and unless you're back in the UK on a very regular basis you'll need some sort of property management both by law and for simply practical reasons.
