Quote:
Originally Posted by JoMar
During a recent intelligent discussion (yeah right) at one of the local bars we discussed the interest rates on our first mortgage. Mine was 7.4% in 1970 for a 30 year. Purchased for $19K and sold 10 years later for $40K. Ah, the good old days. What was yours?
|
My late 1st husband and I married in 1986 when I was 29 and he 34. We were beyond the age at least for us of wanting a big wedding so we took money gifts instead from our parents, both had been working since college graduation and saving for a number of years at that point and continued to save and were able to cash purchase a lot in 1989 for $65k in my R.I. hometown. We began construction on our home the following year and had a 1 year construction mortgage at 11% on $160k which was the cost to build our home and following completion we converted to a 9% fixed rate 15 year term mortgage. When the mortgage interest rates began to drop a few years later we refinance at 6.50%. Unable to have children I continued to work full time, and being DINKS we used most of one income to pay down our mortgage and paid it off in 1998. Three years after paying off our mortgage sadly my 49 year old husband passed suddenly from a heart attack. With no mortgage I was able to afford on my income alone to remain in my home which became much easier when I remarried several years later and my 2nd husband moved into what became our home. After making two lifestyle visits to TV we knew this was where we wanted to retire to full time, but that would not happen until I got my 20 service years in working as an R.N. for the VA as retiring a minute earlier than that would reduce my pension. I reached my 20 years this past September and retired at the end of that month. My husband being a little older than I retired 2 years ago, and while I continued to work he worked even harder getting our house sell ready doing updates and repairs to make sure we did not encounter a glitch during inspection. We listed our house the 2nd week of March for $539k which was in par with the comps. After a little 3 way bidding war it was under contract the following day for $590k and fortunately it appraised out for that amount. Immediately after closing on 4/29 we headed down to TV where we had secured a rental for 2 months while we searched for a home which we had our heart set on purchasing a new 3br CV in one of the new areas as we liked that area of TV and already had friends living in St. Catherine. We met with our TV agent who we had been in contact with before and after our last lifestyle visit the day after we arrived and she took us over to see a new Avondale model CV with a golf cart garage on a nice larger end lot in lower St. John that was being released for sale the following day for $413k. This was right in our price range as we wanted to cash purchase with some of the proceeds from the sale of our R.I. home. We fell in love with the CV and lower St. John especially since the CV is walking distance to the pool. Our TV agent worked her magic getting a hold for us when it was released for sale. And we didn't need the 2 hours to decide if we wanted to move forward with the sale, so we bypassed the $2,500 hold deposit amount and just put down the required 10% deposit and signed the contract that night and will close this coming Friday. We are already enjoying living in TV in our rental but looking forward to living in TV in our new home.