Angela May's Omaha Nebraska Real Estate Blog: December 2006

I've had many clients who have lost the money they contributed to points. They planned to live in their homes for long enough to recoup the costs, however, unexpected job transfers, divorces, deaths, illnesses, growing families, etc., resulted in an earlier move than they had anticipated. Be sure to ask your lender how long you'd have to live in your house to "break even" before buying down. Angela

Mortgage Rate Buydown Often Bad Deal

Borrowers who purchase points to lower the cost of their mortgages often end up paying more than they would have by avoiding points and taking a higher interest rate, a new study points out.

That's because many borrowers tend to overestimate the length of time they'll hold the mortgages, before moving or refinance, according to study co-authors Abdullah Yavas, a professor of business administration at Penn State's Smeal College of Business, and Yan Chang of Freddie Mac.

The report also finds that borrowers who buy points often treat them as costs they can never recover, so they're less likely to refinance.

Source: Associated Press (12/21/06)

3 Bedrooms, 2 Bathrooms, 1972 sq ft, Priced at $164,900. MLS # 20626296


This Tri-Level is a great find! Owner has refurbished this beautiful home to include new carpet, fresh paint and too many other amenities to list. Large kitchen has cathedral ceilings, loads of cabinent space & work desk. Separate 14 x 11 bayed eat-in area off kitchen walks out to deck. Open, nice sized living room with bay window and built-in bookcase. Dining room opens to Family Room with stone wood-burning fireplace. Master Bedroom has private bath and walk-in closet. 2 car over-sized garage has built-in shelving. Gorgeous backyard retreat (15,000+ sq ft lot), 12' diameter gazebo, 2 story insulated shed. Walking path is nearby leading to elementary school which is 1 block from home.

For an Interior Photo Tour of this home Click "Angela May" below, then select this address from the "Featured Property" list.