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Extreme Veteran
Posts: 410
| Hubby and I are planning to build a barn house or a barndominum. We have a builder and plans all ready to go. We have spoke with several banks in the area and have found several that will finance it at 20 years fixed interest rate. Has anybody had any luck getting a 30 year fixed? I know that's getting picky but I'm curious |
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  Semper Fi
   
Location: North Texas | The money saved on a twenty vs. thirty in interest payments is significant enough to make the 20 year much attractive (to me anyway). Then add a $ every month to the principal and suddenly the twenty year mortgage is much less! |
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Extreme Veteran
Posts: 410
| foundation horse - 2016-09-15 6:11 PM
The money saved on a twenty vs. thirty in interest payments is significant enough to make the 20 year much attractive (to me anyway). Then add a $ every month to the principal and suddenly the twenty year mortgage is much less!
Yeah the 20 year loan is not out of the question at all. We just want to have options. And keep it affordable. My cousin who is a financial advisor told us we would be much better off getting a 30 year fixed loan and putting the extra that you would be paying into your 401k or reinvesting it rather than cutting off 10 years on your mortgage. But we are both in our 20s so 10 extra years isn't going to make or break us but it would be nice to be able to bump up the percentage of investment instead. |
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| Always finance real estate for 30 years ... might be a hair more interest rate but the lower payment may save you in the future if you have a job or health problems.
Most mortgages allow you to pay 20% more per year to bring the balance down if you should want ... if you make double payments just make sure they go to the balance and not some future payment acct.
If you use part of the barn as a home ... make sure you do it on ground level with a concrete foundation ... upstairs home or apt is a PITA during winter and as it grows older ...
If you can pay cash as you go .. you can build you this .... or be sneaky and mortgage it as a shop with office.. .. lol
You can save a ton of money if you do not call it a house ... build a shop building the size you need for your home plans to fit inside ... do your plumbing when you do your slab and then your inner walls .. with windows, doors etc and roof line with porch or extended roof line .. you can make a nice looking house ..
I plan on doing one that is like a Yeti beer box ...... metal exterior walls, spray in hard foam with high R values and then colored metal walls on the interior ... no dry walling ... metal ceiling with more insulation sprayed on the attic side and another layer of metal sheets as a floor for storage area in the "attic" ...
I can do a finished job on a 1200-1600 sq ft , one huge mbr and mbr bath with open kitchen, dining area, den area for under 30k ... that's 25$ per sq ft doing my own contracting.
If I did a metal house same dimensions etc .. the contractor would sock me with $60-90 per square ft ...
I am single so that is all I need .. for long term re-sale .. I may add a double garage with a flat floor to expand two more bedrooms and bath ... to triple my money in the future ... (I may add this bath when I do the house as a bathroom for visitors ... that way no one tracks thru your house.. the bath is walled in in the garage area)
You can even attach this idea on the peak side of a barn ... if you like the idea of stepping out into a barn ..
Later ... you can finance your barn. .. just make sure you measure and layout what you are building with tposts and surveyor tape to get an idea of how your barn, present shop/home, future larger home, turn arounds, pens, etc are going to layout ......... most people cram everything together and then have turnaround and trailer problems getting in and out ... and build your dirt pads for everything a foot higher than the normal ground and then your slabs on top of that to prevent flooding in the future etc etc ..........
Layout is tricky so pay close attention by driving trucks and trailers in and out of your tpost setup ... lol
GOOD LUCK ... DO THE 30YR MTG ...
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Expert
Posts: 1314
Location: North Central Iowa Land of white frozen grass | Paying off where you live is a given. Putting money in a 401k is a hope and a prayer. I think that you need to ask your adviser how much he really studies the economies of all these countries around the world and their debts. |
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Extreme Veteran
Posts: 410
| BS Hauler - 2016-09-16 8:07 PM
Paying off where you live is a given. Putting money in a 401k is a hope and a prayer. I think that you need to ask your adviser how much he really studies the economies of all these countries around the world and their debts.
Huh?? Once again I didn't come on here to discuss my 401k plan lol but thanks for your concern. My husband and I both have 401ks with decent amounts in them so they aren't a hope and prayer as you said it. But back to my original question... |
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Extreme Veteran
Posts: 410
| BARRELHORSE USA - 2016-09-16 3:24 AM
Always finance real estate for 30 years ... might be a hair more interest rate but the lower payment may save you in the future if you have a job or health problems.
Most mortgages allow you to pay 20% more per year to bring the balance down if you should want ... if you make double payments just make sure they go to the balance and not some future payment acct.
If you use part of the barn as a home ... make sure you do it on ground level with a concrete foundation ... upstairs home or apt is a PITA during winter and as it grows older ...
If you can pay cash as you go .. you can build you this .... or be sneaky and mortgage it as a shop with office.. .. lol
You can save a ton of money if you do not call it a house ... build a shop building the size you need for your home plans to fit inside ... do your plumbing when you do your slab and then your inner walls .. with windows, doors etc and roof line with porch or extended roof line .. you can make a nice looking house ..
I plan on doing one that is like a Yeti beer box ...... metal exterior walls, spray in hard foam with high R values and then colored metal walls on the interior ... no dry walling ... metal ceiling with more insulation sprayed on the attic side and another layer of metal sheets as a floor for storage area in the "attic" ...
I can do a finished job on a 1200-1600 sq ft , one huge mbr and mbr bath with open kitchen, dining area, den area for under 30k ... that's 25$ per sq ft doing my own contracting.
If I did a metal house same dimensions etc .. the contractor would sock me with $60-90 per square ft ...
I am single so that is all I need .. for long term re-sale .. I may add a double garage with a flat floor to expand two more bedrooms and bath ... to triple my money in the future ... (I may add this bath when I do the house as a bathroom for visitors ... that way no one tracks thru your house.. the bath is walled in in the garage area)
You can even attach this idea on the peak side of a barn ... if you like the idea of stepping out into a barn ..
Later ... you can finance your barn. .. just make sure you measure and layout what you are building with tposts and surveyor tape to get an idea of how your barn, present shop/home, future larger home, turn arounds, pens, etc are going to layout ......... most people cram everything together and then have turnaround and trailer problems getting in and out ... and build your dirt pads for everything a foot higher than the normal ground and then your slabs on top of that to prevent flooding in the future etc etc ..........
Layout is tricky so pay close attention by driving trucks and trailers in and out of your tpost setup ... lol
GOOD LUCK ... DO THE 30YR MTG ...
Thank you for your reply! Do you know of any banks or credit unions that do 30 year fixed notes on them? |
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OT anybody here own a barn house?