[USER]

OK, so I am trying to figure out or work through a problem in my head and I don’t necessarily have anybody that I can talk to you about this and lay it out there so I’m coming to you guys .

I recently moved to a new area so that my son could be closer to his dad and the area that I am in is pretty affluent so I decided to choose the cheapest house that I could find it’s a townhome and I’m just really not thrilled.

I don’t have a yard and the neighborhood is quiet, which is nice. I don’t hear my neighbors or anything, but I don’t know. I’m just not feeling it.

I don’t know if I’m not feeling it because I moved and I’m in a new area and I’m just not 100% comfortable but I’m also working back at home full-time where I had an office previously where I lived and I think all that just kind of adds up to where I’m not happy.

So I was really just kind of looking at houses for sale and I found one that I think it’s a decent price.

It has an assumable loan which I really want, but the problem is is I have to come up with basically half of the value in cash because they’re assume loan Has such a low balance on it compared to the asking price.

I already asked about four different loan officers if they could do a bridge loan for half of the cash that I need and basically nobody’s doing that because of the uncertainty, so if I want the house, I have to get cash.

The house is OK and will need some things to be fixed, but I think it’s all superficial. The thing that I like is there’s a yard which I can put stuff in the yard that I want.

There’s a large garage that I can have a home gym, which has consumed a lot of my life.

It’s still in the same school district so nothing else would change, but it also has a fully finished basement which I could potentially rent out and there’s no HOA so I would be saving $210 a month on that alone.

I guess my question is would you refinance? Would you pay the cash upfront? Or should I not move because I’ve probably just not comfortable since the move is so new and I need to chill out.

For financial context background, I have over seven figures of cash and retirement and I can sell my current house and get 160,000 back once it sells because that’s about the amount of equity that I have give or take a few bucks.

The house that I wanna get is around 700,000 and the assumable loan Balance is 347k.

I’m 33 years old and my kids 14 so he won’t be with me that much longer anyways but I do kind of think I’ll be happier and I think the appreciation of the new house will better serve me in the future but one of the reasons I am looking for advice on paying the cash is because the market does have a lot of uncertainty right now, and I really wanted to dump the extra cash that I have in the market While I am still young and working on building my retirement account accounts.

[Tiffani]

My first thought is, what kind of return are you getting on the thing that you would pull cash from?

I’m thinking why not just get a loan for the whole thing?

Someone smarter than me can math this out but if you get a loan for 700k at 6%, would that be better than pulling that much cash out of something that’s probably getting a better return.

[Bill]

I’d stay put or sell and rent. If you just moved there so your kid could be close to your ex, that place may look a lot less enticing when he moves out.

[Jamie]

It sounds like it has only been a month? I’d give it more time. Going the regular route with a loan on a different house might be a better option anyway so you don’t have to pull from your assets.

[Ernest]

How long, you’re in the new place? 6 days, 6 weeks, 6 months? I’d give it some time, if it’s only been a few weeks/days.

[Soriano]

Can you keep the one you’re living in and rent it out? Then you have best of both worlds!

$ in market
$ in rental
$ in equity in home

[Author]

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