You’re not wrong, but buying your grandparent’s house in Texas is really difficult if they’re still alive and if the house is their primary residence. The reason for this, as you might imagine in a state as wonderful as Texas, is that Texas doesn’t want people to buy a family member’s house from under them (good thinking) and then letting that family member continue to live there for free (bad thinking. Awful thinking. Awful turd state run by turd people). As a result, we got to watch the interest rates rise and rise while we waited for administrative shit to get taken care of.
Now we finally had enough in equity to buy down a loan a few points, wrap up the administrative costs into the new loan, and bring our interest rate down a little more than 2% from what it was. An extra $200/month might not sound like a massive savings to some, but that’s our monthly coffee and milk covered (for now).
You’re not wrong, but buying your grandparent’s house in Texas is really difficult if they’re still alive and if the house is their primary residence. The reason for this, as you might imagine in a state as wonderful as Texas, is that Texas doesn’t want people to buy a family member’s house from under them (good thinking) and then letting that family member continue to live there for free (bad thinking. Awful thinking. Awful turd state run by turd people). As a result, we got to watch the interest rates rise and rise while we waited for administrative shit to get taken care of.
Now we finally had enough in equity to buy down a loan a few points, wrap up the administrative costs into the new loan, and bring our interest rate down a little more than 2% from what it was. An extra $200/month might not sound like a massive savings to some, but that’s our monthly coffee and milk covered (for now).