Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
where is the home? California is a big state. If the price is what it is because it is in a rapidly declining area then it's not worth it at any price regardless of the affordability.
where is the home? California is a big state. If the price is what it is because it is in a rapidly declining area then it's not worth it at any price regardless of the affordability.
Menifee
came back to the bank at $310k and it seems like they are accepting!
80% first trust of $258,400 p & i of $1215 (fixed @ 3.875% no points)
5% 2nd of $16150 p & i of $100 (variable heloc 3.75% 20 yr am, $100 min pmt)*
Taxes of $366
Insurance $85 ( not sure what rate CA pays)
Total pmt ~ $1400
The above is why you should check into a credit union.
*this is less than most car loans, double down on this one and be left with a loan you don't have to refinance.
not sure how this works. hopefully someone will break it down on a non biased level for me. pros and cons.
Im pretty sure a 2nd with a variable rate is what caused my parents to loose a house.
Put 20% down avoid PMI because otherwise it stays for life of the loan. I don't believe the once 20/80 equity rule comes into play anymore. You don't want to pay PMI.
If you can't do 20% wait till you can
Just spoke with my loan originator about an hour ago on this very topic. You can still get rid of PMI once you have 20 percent equity in the house.
Students loans pretty much suck. Put 5% down either ARM or Fixed, sit on your your $40,000 in cash, in two years either refinance and pay down a big chunk to the mortgage are/or pay off the student loan completely.
Hopefully you'll have learned from the past to not turn your house into an ATM and pull out the cash for the RV and Toys.
At $350 a month for gas either she's on the road a lot or has a big engine. How about solar panels and a plug in car. It doesn't actually reduce your month expenses, just shifts it somewhere else.
Can you afford it, how much has your savings been increasing every month?
Put 20% down avoid PMI because otherwise it stays for life of the loan. I don't believe the once 20/80 equity rule comes into play anymore. You don't want to pay PMI.
If you can't do 20% wait till you can
But they are getting the home under market value, has significant cash, and a low debt ratio.
I believe only the FHA loans have PMI for the life of the loan.
Yes, for FHA it is called MI and Upfront Mortgage insurance, for non FHA it is called PMI, rules are different for the two. Even real estate professional use the terms interchangeably either out of ignorance or laziness.
Students loans pretty much suck. Put 5% down either ARM or Fixed, sit on your your $40,000 in cash, in two years either refinance and pay down a big chunk to the mortgage are/or pay off the student loan completely.
Hopefully you'll have learned from the past to not turn your house into an ATM and pull out the cash for the RV and Toys.
At $350 a month for gas either she's on the road a lot or has a big engine. How about solar panels and a plug in car. It doesn't actually reduce your month expenses, just shifts it somewhere else.
Can you afford it, how much has your savings been increasing every month?
At the rate we are paying her student loans they should be paid off in 5 years.
Putting less down would raise our rate, likely put us in an FHA loan with a permanent MI and higher rate.
Seems counter intuitive when with 15% down our PMI will fall off in 3 years and student loans will be paid off in 5. freeing up over 600/mo.
she drives far and only gets 20mpg (will be addressed in about a year with a used prius under 10k)
Last edited by mk3supraholic; 07-30-2015 at 11:18 AM..
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
