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Refi'ing the house, having repairmen come over, dealing with Mrs. Chow's brother being in the hospital, trying to changes banks, cable/phone companies...... Plus work has been kicking me in the balls lately.....
Refi'ing the house, having repairmen come over, dealing with Mrs. Chow's brother being in the hospital, trying to changes banks, cable/phone companies...... Plus work has been kicking me in the balls lately.....
Trying to do too much at once....
What's with the sudden urge to do all these changes at once, if you don't mind my asking...? About to retire early?
I guess you CAN refi 'cause you've bought your condo long time ago... These ads on the radio annoy the hell out of me as half of the people here are under water. Yeah, I'd love to refi, but how in the world is it gonna appraise?! I got an independent appraiser before closing and paid him $350 because at the time there were already foreclosures in the neighborhood. The crook threw them out as "unusual" sales (mind you, quite a few of them; not to mention the builder had already lowered the prices) and I didn't have a leg to stand on... I did lower the price, but not nearly enough.
Of course, I could've not closed and that's exactly what I should've done, but when it became crystal clear to me I'd already given notice and packed! In hindsight, not that big of a deal... Would've lost only 3.5K, as opposed to dozens of times the amount! Then again, there was the attachment to the house, too... It took as long as a pregnancy and it didn't feel right to throw your baby out... Coulda, shoulda, woulda...
What's with the sudden urge to do all these changes at once, if you don't mind my asking...? About to retire early?
I guess you CAN refi 'cause you've bought your condo long time ago... These ads on the radio annoy the hell out of me as half of the people here are under water. Yeah, I'd love to refi, but how in the world is it gonna appraise?! I got an independent appraiser before closing and paid him $350 because at the time there were already foreclosures in the neighborhood. The crook threw them out as "unusual" sales (mind you, quite a few of them; not to mention the builder had already lowered the prices) and I didn't have a leg to stand on... I did lower the price, but not nearly enough.
Of course, I could've not closed and that's exactly what I should've done, but when it became crystal clear to me I'd already given notice and packed! In hindsight, not that big of a deal... Would've lost only 3.5K, as opposed to dozens of times the amount! Then again, there was the attachment to the house, too... It took as long as a pregnancy and it didn't feel right to throw your baby out... Coulda, shoulda, woulda...
Yeah, we bought the condo in 98.... a few yrs ago.... we have a decent bit of equity and I have good credit, so doing the refi made sense.... we went down 2 percentage points....... down to 4.6 percent, was able to qualify for a no cost refi....
Just dumb luck and a bit of semi smart financial decisions.... mostly just dumb luck really.
I have a couple of co-workers that bought at the peak... talking homes that were 600k close to 700k and took out foolish interest only loans.... now that bill is coming due....... foolish if you ask me... but.. IDK.....
People gotta do what they gotta do I guess.
I'm refi'ing to save a buck, I'm changing banks because I'm sick of big ass banks like Chase and B of A corn holing people, I'm switching Internet and Tv companies because of the same... these big ass companies take long time loyal customers for granted.
I wanna get rid of the landline phone because there seems to be a duplication of phone with the wireless service we have... why pay 50 bucks on month for a phone that rings 2 twice a week?????
Yeah, we bought the condo in 98.... a few yrs ago.... we have a decent bit of equity and I have good credit, so doing the refi made sense.... we went down 2 percentage points....... down to 4.6 percent, was able to qualify for a no cost refi....
I've been curious about those "no cost" refi's and the opinion seems to be that there really isn't such an animal, unless you call "no cost" rolling the cost into the new mortgage... What exactly does it entail in your case? Not that I'm about to do it... My rate isn't bad really as I bought it down at the beginning - 5.875.
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I have a couple of co-workers that bought at the peak... talking homes that were 600k close to 700k and took out foolish interest only loans.... now that bill is coming due....... foolish if you ask me... but.. IDK.....
Well, that IS foolish. My ex and I bought a house in 2005 thinking we'd be priced out of the market! Besides, he was moving here and I was living in an apartment not really suited for two. I hadn't done any research at the time of the history of the housing market here... He was more hesitant as he'd seen what's happened before... I didn't quite like the idea that the house was bought for 90K less 11 months earlier , but since the seller was a RE agent, I figured she somehow got it dirt cheap because she's in the business.
After miraculously getting out of that mortgage (he was able to assume it on his own), I decided to get a house of my own! To share the pain!
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People gotta do what they gotta do I guess.
I'm refi'ing to save a buck, I'm changing banks because I'm sick of big ass banks like Chase and B of A corn holing people, I'm switching Internet and Tv companies because of the same... these big ass companies take long time loyal customers for granted.
I wanna get rid of the landline phone because there seems to be a duplication of phone with the wireless service we have... why pay 50 bucks on month for a phone that rings 2 twice a week?????
I've been curious about those "no cost" refi's and the opinion seems to be that there really isn't such an animal, unless you call "no cost" rolling the cost into the new mortgage... What exactly does it entail in your case? Not that I'm about to do it... My rate isn't bad really as I bought it down at the beginning - 5.875.
"No cost refi" is a tricky thing.... yeah, they typical just roll any costs into your new mortgage and call it a no cost loan.
When they talk about no cost refi's no, they typically mean that you have good to great credit, they don't charge any of the fee such as home appraisal and any other BS fees including paying points on the loan. The cost you may have to pay would be any outstanding taxes, or interest fees from the old mortgage and any kind of tax impound account minimums....... things that aren't really "fees" but required by law.
"No cost refi" is a tricky thing.... yeah, they typical just roll any costs into your new mortgage and call it a no cost loan.
When they talk about no cost refi's no, they typically mean that you have good to great credit, they don't charge any of the fee such as home appraisal and any other BS fees including paying points on the loan. The cost you may have to pay would be any outstanding taxes, or interest fees from the old mortgage and any kind of tax impound account minimums....... things that aren't really "fees" but required by law.
How can you get away without paying for the appraisal...? Who's gonna pay for that appraiser?
If you're not upside down, they really cover the cost of the appraiser and other BS fees... that's how they roll now.
I think you don't have all that great of credit or if you are upside down they just roll the cost of everything into the loan.
I'll be curious to find out what you paid in the end after all... I'm not quite sure this deal is really worth it because you're losing on the tax deduction end. One really has to crunch the numbers in order to see how things pan out. I assume you're getting a 15-year mortgage now...
I plan to pay down more principal and pay the mortgage off way earlier. Can't say I'm sure, but I think that shaves a lot more money out of the interest. Of course, it drives me nuts filling the no-bottom bucket considering I may kick the bucket before that's worth it, but such is life... What if you crawl on the face of the Earth longer... Old and poor is even worse than young and poor...
I'll be curious to find out what you paid in the end after all... I'm not quite sure this deal is really worth it because you're losing on the tax deduction end. One really has to crunch the numbers in order to see how things pan out. I assume you're getting a 15-year mortgage now...
I plan to pay down more principal and pay the mortgage off way earlier. Can't say I'm sure, but I think that shaves a lot more money out of the interest. Of course, it drives me nuts filling the no-bottom bucket considering I may kick the bucket before that's worth it, but such is life... What if you crawl on the face of the Earth longer... Old and poor is even worse than young and poor...
You should look at the math on your loan and figure out he actual monthly payment to the bank for the loan and pay an additional amount that would equal one extra months payment. So you'd make 13 payments a yr... when you do that on a 30 yr loan you typically pay the loan off at 22 yrs..... assuming your loan has no pre-payment penalties.....
I plan on taking a little of the saving I get from the refi and putting it back into the loan..... so we'll see.... maybe I'll be mortgage free at 60 or so.... IDK..... maybe I'll just wait till the next peak of real estate in the next several yrs and sell and buy somewhere in po dunkville for half of what I owe............
You should look at the math on your loan and figure out he actual monthly payment to the bank for the loan and pay an additional amount that would equal one extra months payment. So you'd make 13 payments a yr... when you do that on a 30 yr loan you typically pay the loan off at 22 yrs..... assuming your loan has no pre-payment penalties.....
I don't know of any normal decent loan with pre-payment penalties... Oh, there are plenty of tools calculating when the loan will be paid off if you pay a fixed amount every month or make some additional lump payment.
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I plan on taking a little of the saving I get from the refi and putting it back into the loan..... so we'll see.... maybe I'll be mortgage free at 60 or so.... IDK..... maybe I'll just wait till the next peak of real estate in the next several yrs and sell and buy somewhere in po dunkville for half of what I owe............
That is the real plan....
You've had this place for 13 years already! You should be done by 50, 55 max! I plan on about 60 max... We'll see what happens... As they say, if you want to make the gods laugh, tell them your plans for the future. Not long ago I didn't think I could make any plans at all, but now it seems like maybe I should...
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I got an independent appraiser before closing and paid him $350 because at the time there were already foreclosures in the neighborhood. The crook threw them out as "unusual" sales 
In hindsight, not that big of a deal... Would've lost only 3.5K, as opposed to dozens of times the amount!
