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Basically if you think there is any chance that you will move out of this home in the next 4 years it might not be worth it. For example if you spend $4,000 for your points to get a lower rate and your payment will now be $90 less a month this means that you will save $1,080 a year. Great right? Well divide the $4,000 by $1,080 and you get 3.7. This means that you will have to live in your home without refinancing for at least 3.7 year to get your money back in savings. Hope this helps, let me know if you have any other questions.
This may help. It seems unusual that an FHA loan wouldn't want a refrigerator included, but apparantly it's not required.I have had a seller have to remove a second refrigerator from a property that had a second kitchen on the second floor in order to get FHA approval.
... oops, I didn't quite complete the answer. I have never been told by any lender that FHA won't allow the seller to leave the fridge for the buyer. In fact, I have had sellers leave the fridge and I have had buyers request and recieve fridges from sellers in an FHA loan. However, sometimes an appraiser may take of the value of the fridge of the appraised price of the home... Although, it has never happened in any of my contract.Good Luck!
How much (more) money will it cost you to "buy down" your interest? Put that amount to the side. Now, ask for an amoritization table (one with the "buy down" figure and one with the normal loan figure), it will show you how much interest you pay toward your loan with each payment. You will be able to see at what payment you actually begin saving money. If you plan on being in the house after that point, and you have the money to put towards a buy down, maybe you should do it. However, if for any reason, you think you may want to sell or might have to sell before than, DON'T do the buy down. As others below have suggesed, you are basically paying upfront intersest. If this doesn't make sense, ask your lender to sit down with you and show you at what date you will have started saving money. It's the best way to understand. As far as the fridge, I've NEVER had that come up before... I would definietly question this.Good Luck!
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