Wednesday, June 27, 2012

What Does The Future Hold for Me?

What does the Future hold for me?

Housing Fear may be over for most Americans....The housing market will slowly start to recover in the years to come.

For me however, I have had a heartbreaking 2011, and I am going to have a very rough year ahead of me as I begin my year long internship at a local hospital.

I still own a condo that appraised for 60,000 (it is really only worth 35,000) and I paid 87,000 dollars. Do the math, but either way you look at it I have a huge paper loss right now on my books.
I am still trapped in this place, and I have to much skin in the game to walk away at this point.

In one year I should be making enough money where I can take advantage of lower interest rates, and lower housing prices and purchase a second home. I will have missed the very bottom of the market by next summer, however, I think I can get in before a full recovery has taken place and still get a good deal.

My total mortgage payment, taxes, insurance, and association fee on the condo are roughly equivalent (maybe even a little lower) then what comparable units are renting for in my complex. So I think I can rent this place out and be in a good position. The 15 year mortgage helps because a large percentage of the potential rent money will be going to equity.

While I am still currently trapped in my condo, and "Housing Fear" continues... I see a bright future beginning next summer for me. 

I have accomplished pretty much everything I wanted to do with this blog...

...almost all of my economic predictions have come true (read 2007/2008 posts for a good laugh, and maybe even a little bit of awe of how spot on I was). I feel like I entertained readers, provided some information and insight and maybe even brought some joy to some people during a tough economic time.

The truth is I did this for me....It felt good to vent some steam, and share my thoughts with over 100,000 people during the past 5 years.

Next summer when I start my house search, and rent this place, I will be sure to come back and  give everyone an update, and then make an official end to my "Housing Fear" Journey.

Thanks for reading my blog, and I want you to know that if you guys never came, I would not have had the motivation to share my story with all of you.

I want to leave you with the video below that I watched back in September of 2007 that inspired me to write this blog. Thanks to Keith@HousingPanic, all the bubble bloggers, and everyone who saw this coming way before the media did in October of 2008....Enjoy...

See you later....and Go Ron Paul!

Tuesday, June 26, 2012

HousingFear Humor

I tried this but it didn't work :)

Wednesday, June 13, 2012

My Harp 2.0 Saga is over. I Just Closed my Mortgage

Just wanted to let give a final update to everyone who has been following my Harp 2.0 refinance saga since October 2011.

I just closed my Mortgage, and I now have my 15 year fixed 3.375% interest rate.

Just wanted to say thanks to everyone who has been visiting my blog, and reading my story over the past few months!

Tuesday, June 12, 2012

Closing my Harp 2 Mortgage Tommorow

I finally close my Wells Fargo Harp 2.0 Mortgage Tomorrow at 4PM EST.

Thursday, June 7, 2012

Final approval for Harp 2.0

My loan has came out of underwriting and I have been granted a final approval for my Harp 2.0 refinance. I am scheduled to close early next week. I will have a 3.375% interest rate on a 15 year mortgage. This is a really great thing because even though my mortgage payment is staying nearly the same as it is currently on my 30 year mortgage. I am taking years off my mortgage, saving tens of thousands of dollars in interest, and I believe I can have this house paid off in 5 years due to the fact my income is going to double next year.

I lost basically everything that really mattered to me last year, but it is nice to have a fresh start and have something good happen for once. It is also good to see people rewarded who did the responsible, and the right thing, instead of rewarding the deadbeats and flippers.

I began this Harp 2.0 process back in October 2011 when I first heard about it, and it has taken 8 months to get to this point.

I guess nothing good comes easy!

View My Stats