Need advice. My husband, 2 daughters (3.5 & 1.5) and I are moving.

Question

Need advice.  My husband, 2 daughters (3.Need advice. My husband, 2 daughters (3. 5 & 1. 5) and I are moving. We live in a bad area, in not a good school district. I am SO sad to leave as I love our home, but it’s for the best. That being said, my husbands credit score is a 672. This gets us a 4. 375 interest rate. A 680, will get us a 3. 375 interest rate. that is a savings of 140$ a month. We also will be paying the PMI upfront which is a savings of 170$ a month. In order to get a 680, we need to pay off 6500 loan that we have. We have the opportunity to move in with my in-laws to save the money to pay off the loan, which will take 4 months approx. Do we move in with them, or just buy a home with the 4. 375 interest rate?  then, thank you!  

Answer 1

Move in and get the lower rate - it'll save you a fortune over the lifetime of the mortgage for the sake of four months now.  

Answer 2

MOVE IN AND SAVE!  

Answer 3

If the in laws are ok with it then stay respectful but move in.  

Comments

That will save you $310 a month on top of what the loan payment would have been. They would be helping you get set up for the future with a lot less stress. If you could use the savings to stay debt free, the move will be life changing.  

Answer 4

If you move in know that it’ll be more than 4 mo.  

Answer 5

So worth moving in and paying off your loan.  

Answer 6

Just move in the house in the long run it will be a drop in the bucket you do not want to move twice and pay to store all your stuff either.  

Answer 7

Are you sure there isn’t anything else that you can do to bump the score up by 8 points? Only from the standpoint of not having to move twice. but if not, I would move in with your in-laws to save the money.  

Comments

@commeasure ugh that sucks.  

Answer 8

Move in with the in-laws if you will all be able to handle it. It's going to save you so much more in the long run!  

Answer 9

I would move in with my inlaws (as long as you have a good relationship with them! ) $170 a month may not seem like a lot, but it is and over the course of several months it adds up quickly! You maybe able to refinance in several months, but what happens if things don't go as planned?! Then you are left paying this amount. when if you just wait a little longer you can pay less

Answer 10

I would move in with them BUT make a strict plan for time, budgeting, etc. It will work best if expectations are set and met. I had to do It during my divorce and things can get Tense quickly. Open, clear and consider Communication is the best. And worth It to go into your next chapter with less stress. Good luck.  

Answer 11

I would move in with them

Answer 12

Purchasing points may be cheaper

Answer 13

Mine is 5. 85% right now and I’m so upset. Trying to refinance but it’s not going so well as my husbands credit is around 660

Answer 14

Personally I’d buy now and refinance at a lower rate when you can. Or see if you can buy points to lower your rate? You never know if rates are going to stay low.  

Answer 15

Move in with the in laws and work on your credit

Answer 16

Just pay the 4. 375 interest rate. Living with in-laws is not advisable. Parents tend to get into your business even though they mean well.  

Comments

@commeasure Well then maybe you could live with them. I guess everyone is different.  

Answer 17

Do it! It’s short term and it will give you an incentive to pay off the loan as well as take the time you need to find another perfect house  

Answer 18

I would move in to this house and do a refi in 1-2 years. I have people do it all the time when they have raised up their credit score and get a better rate. Although there is some fees etc I feel that it’s worth it over a 30 year loan . just my opinion

Comments

@commeasure it depends on the term (length of loan), what kind of loan (refi, home equity, HELOC etc). Every state has different fees etc.  

Answer 19

We personally chose the “live with the parents” option and it worked out well for us although it is really tough living with in laws. Have you talked to your lender to see what way the interest rates are trending? It is election year and idk what happens with interest rates traditionally. Just because they’re that now doesn’t necessarily mean they’ll be there in 4 months.  

Answer 20

Move in with in law

Answer 21

Are you renting currently or own?  

Comments

@commeasure okay. We sold a year ago and are currently renting while we save. Our credit score tanked when we sold the house and our mortgage accounts were closed. (Something I didn't think of) Now we are working our butts off to save and try to up our credit scores so we can buy again.  

Answer 22

Depends on how you all feel about living with your in-laws for that amount of time. Refinancing after his score increases is always an option but if you can all be content with living with your in-laws for a few months, do that, set serious goals for that short time and move forward. Best of luck to you guys! ❤️

Answer 23

I would 100% do whatever it takes to get the lowest interest possible. 4 months is nothing, it will be over before you know it.  

Answer 24

That’s still a great interest rate. Buy the house.  

Answer 25

I wouldn’t live with my mother in law or my father in law. No way no how. I’ve lived with my MIL and it was not fun. She moved in with us for a bit and no way. We had a BIL live with us. Nope.  

Answer 26

Depends on how well you get along. Living with family can change relationships and boundaries. Can you put a dollar amount on your sanity?  

Answer 27

Move in with them.  

Answer 28

I would love to say move in with them but personally I wouldn’t so if your comfortable with it then go for it!  

Answer 29

I would cause 4 months will fly by and that will save you 2, 040 a year in mortgage payments

Answer 30

Add up the difference in interest over the life of the loan. Decide if you can be happy knowing that number.  

Answer 31

I have Low 600s and today locked in at 3. 125, I'd check again on your rate

Comments

@nanna18 yes. Gersham mortgage

Answer 32

I would not move in with the in laws. I can say from experience it is not worth it. I would buy the house

Answer 33

Save the money! 4 months isn’t that long! Just make sure you account for moving expenses.  

Answer 34

Move in with them

Answer 35

That is a difficult question. what are the living arrangements? Would you live in a finished basement or other private area? . or in the same areas? I would say if you have a private area for your family, yes. But if you all share the exact same spaces. think on it. It is hard to live with family. And 4 months will easily turn to 6, by the time you find a place, close on it and move.  

Answer 36

Wait! That’s a lot of money to just go to interest! I had a 682 in January and got 3. 65 rate.  

Answer 37

Move in and get that credit score up!  

Answer 38

Have you shopped around on interest rates. we first got a quote of 4. 5% w buying points for my not so great credit score. then my husband called another place got a 4. 35% (w same $points) then went back to the original guy and got us to a 4%. it will save us over 20K in interest over the life of our loan.  

Answer 39

Can you find anything extra to do to pay off that debt faster?! Any sort of side hustle? Selling things from your current home? I would be tempted to move in, but I would work my ass off to pay it down in half the time.  

Answer 40

Save money and bring up your credit score

Answer 41

I personally would move in with them (if you have a good relationship). The kiddos are young, that’s not a long time to pay off, then you can start your new journey!  

Answer 42

Either way. If you buy the house in a year or so after you pay down the loan you can refi. I have lived with family before and can be tough. If you get along with family then go for it. If you really want to move and enjoy a new place than do it