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I can't figure out how to get to BNC's rates and fees without bullshit. In general, for a 30 year fixed, 4 1/8 with no points/fees looks pretty good right now. How do they compare to, say, Amerisave or http://www.mtgprofessor.com/ext/GeneralPages/RetailPrices.aspx for your situation? And what is the broker offering? If he's got 4 1/8 at 1 point or something, well, maybe you'd rather pay a little more to get someone you can actually talk to. If he's got 4 1/2 at 1 point, well, gently caress him.
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Nov 28, 2013 04:37
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We just closed on a place, and I was confused about PMI. It's my understanding that on a conventional loan with 20% down (or equity on refi) that you aren't required to carry PMI. We came in somewhere around 13%, so we have to pay. On the loan paperwork, it says we have to pay PMI until we reach 78% equity, which seems a bit bonkers considering it's not required if we refinance in a couple of years. Is this normal? Can you ask to get out of it after 20% or are we really stuck paying this dumb fee for the majority of our loan term?
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Nov 29, 2013 05:39
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porkface posted:We just closed on a place, and I was confused about PMI. I'm pretty sure that's 78% loan:value ratio or 22% equity. That's when it automatically drops off.
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Nov 29, 2013 06:48
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78% LTV or 22% equity, yeah. It is a federal law for most (?) non-FHA loans. It's relative to the lower of the original purchase price or current appraisal (as I recall).
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Nov 29, 2013 07:23
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Spamtron7000 posted:I'm pretty sure that's 78% loan:value ratio or 22% equity. That's when it automatically drops off. Ahh yes, I just re-read everything and that's what it is. It's actually 80% where we can request and 78% it's automatic.
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Nov 29, 2013 19:19
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In the other thread, people are saying FHA's PMI is for the life of the loan now.
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Dec 1, 2013 04:03
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Yup, under some (common) circumstances. Terrible arrangement if you ask me.
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Dec 1, 2013 04:14
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three posted:In the other thread, people are saying FHA's PMI is for the life of the loan now. If the LTV is greater than 90%, MIP is for the life of the loan. Anything 89.99% LTV and below is for 11 years. MIP is no longer cancelled when it hits 78% unless the case number assigned date was before the deadline in the mortgagee letter. It's because they are trying to rebuild the mutual mortgage insurance fund and stabilize FHA. The market is way too dependent on federally insured mortgages.
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Dec 1, 2013 04:21
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I had previously dropped PMI on my loan because I was below 80% LTV, but when I re-financed (at 2.75% APR,  ) I was notified I would have to carry PMI for 11 years. I don't give a poo poo, because my payment dropped nearly $400/month and I'll have my place either paid off or will have moved in the next 3 years.
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Dec 2, 2013 14:22
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FHA rules changed three or four times since 2008. I refinanced in 2010, which raised my monthly MIP but lowered the up-front (so I got a refund of the original higher up-front), but I still get to operate under the older FHA rule that lets me get rid of the insurance at 22% equity (minimum 5 years). So I'll be eligible to do that at the end of 2015, if I start paying down my loan faster. The other way to get rid of it is to refinance into a conventional mortgage. Do that when you hit 20%+ equity and you should be able to avoid PMI as well. Of course, interest rates may have gone up, so it's not a certainty that it'll be worth doing. We get mail constantly from companies informing us they can eliminate our MIP with a refi. I think it's based on the idea that our house's value has gone up (which it has). I don't really want to do a new appraisal until/unless we're sure it's time to do that, though, and part of why I'm hesitating is that our current loan is at 3.75% and I don't think I could get that without paying significantly in points. I think we're likely to be in this house for at least another ten years, too, which means the interest rate really does matter.
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Dec 3, 2013 18:03
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Leperflesh posted:FHA rules changed three or four times since 2008. I refinanced in 2010, which raised my monthly MIP but lowered the up-front (so I got a refund of the original higher up-front), but I still get to operate under the older FHA rule that lets me get rid of the insurance at 22% equity (minimum 5 years). So I'll be eligible to do that at the end of 2015, if I start paying down my loan faster. How much of an appreciation are we talking about? If you re-appraise, your taxable value will go up to match it, which could easily nullify any savings you would have made.
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Dec 3, 2013 20:29
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That's not true everywhere (is it even true anywhere? My googling didn't find evidence to support it). I know my property taxes are in no way related to any sort of mortgage appraisal.
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Dec 3, 2013 22:04
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I don't think a tax appraisal and sales appraisal are very related.
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Dec 3, 2013 22:09
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CrazyLittle posted:How much of an appreciation are we talking about? If you re-appraise, your taxable value will go up to match it, which could easily nullify any savings you would have made.
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Dec 3, 2013 22:21
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CrazyLittle posted:How much of an appreciation are we talking about? If you re-appraise, your taxable value will go up to match it, which could easily nullify any savings you would have made. I'm in California. Due to prop 13, your tax basis is fixed to the original price you paid for your home, forever. I'm actually paying less than that, because my county has a provision that requires them to estimate values and if they're lower than what you paid, they lower your tax. In my case the county's appraisals are performed in January and then apply from the following July through the next July after that, so my basis is the estimated value from January 2013. Even worse (for them, good for me), their estimator does not seem to recognize that there's a huge price difference between apartments and houses. My housing development is small and is surrounded by lots of apartments, so in January there's very few comps (it's the deadest season for home sales) and most of them are apartments. So basically the assessment has been lagging well behind the value recovery. Eventually it should catch up, but at that point my tax basis is capped by my original sale price. Anyway: I paid $240,800 for my home and I suspect it's now worth around $290k. My loan is at $222,634.44, so my LTV is probably around 75% or so. I'm financed at 3.75% fixed with 27 years remaining, and I'm paying $213.89 for MIP a month, which is (for me) tax deductible at my top marginal rate of 25%. So everything depends on A) how much it would cost to refinance, B) what rate I'd get, and C) how many years I expect to pay the mortgage before I sell. I can weigh that against the cost of accelerating payments to get to 78% of 240,800 by November 2015, which would let me dump the MIP without refinancing, keeping my 3.75%. Leperflesh fucked around with this message at 22:26 on Dec 3, 2013 |
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Dec 3, 2013 22:24
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Leperflesh posted:I'm in California. Due to prop 13, your tax basis is fixed to the original price you paid for your home, forever. How about that. I am somewhere else, and I had a refinance-related appraisal go down 10% while my tax appraisal went up 20%, in the same year.
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Dec 4, 2013 03:07
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Leperflesh posted:I'm in California. Due to prop 13, your tax basis is fixed to the original price you paid for your home, forever. I'm actually paying less than that, because my county has a provision that requires them to estimate values and if they're lower than what you paid, they lower your tax. In my case the county's appraisals are performed in January and then apply from the following July through the next July after that, so my basis is the estimated value from January 2013. Even worse (for them, good for me), their estimator does not seem to recognize that there's a huge price difference between apartments and houses. My housing development is small and is surrounded by lots of apartments, so in January there's very few comps (it's the deadest season for home sales) and most of them are apartments. IIRC refinancing counts as a transfer, which would re-assess your property tax rates. Then again the dude who told me that could be full of poo poo, what with the bay area property market being absolutely bananas. *edit* yep, looks like they're wrong. It's only if the county re-assesses the property value, like with an addition to the property or major construction. CrazyLittle fucked around with this message at 04:23 on Dec 4, 2013 |
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Dec 4, 2013 04:21
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I am looking into buying my second condo in the same apartment building. Can they both be my primary residence if I'm in Massachusetts? Google says it is an option in some places, and my Purchase Offer form is asking, but I'm not sure yet if that will be my primary or my current condo will remain so.
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Dec 4, 2013 23:30
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Zero VGS posted:I am looking into buying my second condo in the same apartment building. Can they both be my primary residence if I'm in Massachusetts? Google says it is an option in some places, and my Purchase Offer form is asking, but I'm not sure yet if that will be my primary or my current condo will remain so. Are you talking about for getting a loan to purchase the new unit? If so, not really outside of some fringe scenarios. Why are you looking to buy a 2nd in the same complex? Is the new unit clearly superior in square footage, amenities, room count, etc? What are you doing with the old one? If you're talking about declaring both as your homestead for the tax benefit, I don't think you can do that in most circumstances but that's not something I ever really deal with so I may be incorrect on that.
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Dec 5, 2013 07:00
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Captain Windex posted:Are you talking about for getting a loan to purchase the new unit? If so, not really outside of some fringe scenarios. Why are you looking to buy a 2nd in the same complex? Is the new unit clearly superior in square footage, amenities, room count, etc? What are you doing with the old one? I just meant for taxes and other legal purposes. I'm buying the second one because it's identical in stats and price to mine, which after 5 years was an awesome, cheap purchase. The 2nd place is 60k like mine so I'd be paying in cash. Then I'd rent it out as an income source.
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Dec 5, 2013 07:40
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Zero VGS posted:I just meant for taxes and other legal purposes. I'm buying the second one because it's identical in stats and price to mine, which after 5 years was an awesome, cheap purchase. The 2nd place is 60k like mine so I'd be paying in cash. Then I'd rent it out as an income source. I am not a lawyer, but it seems incredibly unlikely that you can rent out a place and claim it as your home residence.
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Dec 5, 2013 14:55
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I mean I might live in it and fix it up before renting it, or end up letting my Mom stay there free since she's down on her luck and might need a place soon. Obviously if I rent it to a stranger I'm not going to claim it as a residence but either of the other scenarios in my mind creates some wiggle-room. I'll just see if my lawyer or tax guy knows anything about it.
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Dec 5, 2013 17:44
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Yeah, income tax thread or a professional would be a better bet than asking in this thread. Still sounds unlikely though
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Dec 5, 2013 17:49
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Afaik from the tax code you cannot do that. One primary residence only. Now if you want to be clever when you sell the condo's and they're identical, you could sell the one you've lived in for 2 of the last 5 years and move into the other for 2 years. Then they would both fall under the taxable gain exclusion. Publication 523 will give more info than I feel like re typing. http://www.irs.gov/publications/p523/ar02.html
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Dec 5, 2013 21:55
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Thanks, I was also looking for some haggling advice... my condo was 600 sqft and this one I'm trying to get is 500, but they are otherwise identical in condition. The condo for sale is a Fannie Mae foreclosure, it was listed at $88k for two months and then dropped down to $80k flat. I paid 75k for my condo which came out to 68k after the 8k of Obama homebuyer bucks. I offered 66K yesterday and the broker just came back with Mae's counteroffer of 76K. I really don't think that's realistic and I'm sure my 66K is much closer to "correct" for what it is. Has anyone ever held at their original price and caused Fannie Mae to budge? I can only imagine with them being a bulky, stupid government org that they figure out the lowest they'll take with some kind of formula. But being totally honest, 500 square feet is easy to rent in this area but drat near impossible to sell. I doubt that listing is going anywhere and they'd be kind of stupid not to take my offer. Are there humans over there that will actually realize "Hey this guy really isn't going to go any higher, we should sell", or would it not work like that?
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Dec 5, 2013 23:22
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Zero VGS posted:Thanks, I was also looking for some haggling advice... my condo was 600 sqft and this one I'm trying to get is 500, but they are otherwise identical in condition. The condo for sale is a Fannie Mae foreclosure, it was listed at $88k for two months and then dropped down to $80k flat. I paid 75k for my condo which came out to 68k after the 8k of Obama homebuyer bucks. My experience putting in an offer with a Fannie Mae property is as follows: Time on market is wayyyyy lower on the priority list than a realtor representing a private seller. I put in an offer on a property at $160k compared to a list price of $172k. They countered at $165k, and wouldn't budge an inch. I ended up backing out because of some stuff I found in the inspection period, and some other rube bought it at asking price ($172k) the next week. (The exact same floorplan, 3 doors down, with more upgrades sold for $130k two months previously  ) My realtor told me that they have some sort of time cadence for when they do price cuts on unsold listings, but I have no idea if that's accurate because my realtor was garbage in every single other way possible.If they truly think they can get that extra $10k even if it means sitting on the property for another couple months, I bet they'd try that.
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Dec 6, 2013 01:36
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SiGmA_X posted:Is that a universal taxable value rule or state by state? Here in PDX taxable value is roughly 1/3-1/2 of market, and from what I see with my parents past houses, appraisals did not change taxable value. This is because the tax assessed value has been limited to 3% increase per year since 1997 in Oregon. It doesn't stop people from complaining when their TAV goes up though.
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Dec 6, 2013 15:15
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Zero VGS posted:I paid 75k for my condo which came out to 68k after the 8k of Obama homebuyer bucks. The value of a rental property is how much rent it brings in. You know all the costs for the unit, since it's just like yours. Figure out what it would rent for and from there what price makes it a good investment for you. Basing your offer on some other deal you got years ago might not be relevant to this other condo.
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Dec 6, 2013 16:41
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The discussion about PMI from a few posts back reminded me of something I've been meaning to find out about our own mortgage. We worked with a broker to get a loan which, instead of a monthly PMI payment, somehow rolled the PMI payments into the interest rate, adding an additional 0.125%. Does anybody know if it is possible to drop the PMI portion on a loan like this? I'm guessing it's not possible without refinancing, which we will never do because we have a ridiculously low interest rate even with the bump from the PMI portion.
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Dec 6, 2013 19:59
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DemonLlama posted:The value of a rental property is how much rent it brings in. You know all the costs for the unit, since it's just like yours. Figure out what it would rent for and from there what price makes it a good investment for you. Basing your offer on some other deal you got years ago might not be relevant to this other condo. Well, I countered that 76k offer with an identical offer of, again, 66k. Then they came back to me again today, one day later, with "The seller has counter offered with 70k" Jeez, if it worked that well for two offers in two days, why would I change my strategy now?!
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Dec 6, 2013 23:36
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Are you willing to walk away over $4k? If so, don't budge.
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Dec 6, 2013 23:40
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Pretty much. I feel a transcendent level of apathy about it. Like, this place would make sense to rent/flip/move my apartment over to, but the mediocrity of the place and sense of non-urgency is enough that I can sit it out.
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Dec 6, 2013 23:49
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adocious posted:The discussion about PMI from a few posts back reminded me of something I've been meaning to find out about our own mortgage. We worked with a broker to get a loan which, instead of a monthly PMI payment, somehow rolled the PMI payments into the interest rate, adding an additional 0.125%. Does anybody know if it is possible to drop the PMI portion on a loan like this? I'm guessing it's not possible without refinancing, which we will never do because we have a ridiculously low interest rate even with the bump from the PMI portion. You would have to refinance to drop it since it's built into the interest rate.
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Dec 7, 2013 00:47
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Zero VGS posted:Pretty much. I feel a transcendent level of apathy about it. Like, this place would make sense to rent/flip/move my apartment over to, but the mediocrity of the place and sense of non-urgency is enough that I can sit it out. That's the perfect attitude to have - and the perfect way to describe that feeling. The moment you can say, "yes, I can walk away" is when you have both the seller, their agent AND your agent on the spot. My wife and I were in that place after going through endless nonsense from our seller last September. We said, "we're DONE with this property." Less than a day later, we got pretty much everything we were asking for and had a contract to sign. She gnashed her teeth and wept and pleaded, but we got 95% of what we wanted. We ended up splitting the cost of a chimney repair, which came to a whopping additional $750 on our end. The other outcome is that the seller balks and you do walk away. My wife and I had other properties already picked out to make offers on, which helps.
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Dec 7, 2013 02:08
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Hello folks! I just bought a condo in lovely southern California. It's a 4 bedroom 2.75 bath 2060 square foot unit with matching green granite countertops in the kitchen and 3 bathrooms, stained cherry custom cabinetry, and dark laminate floors on the ground floor. I'm very happy with the location, as it's across the street from a 10 acre park and walking distance to a 16 screen theater, Whole Foods, awesome restaurants, and some other stuff. I've also rented 3 of the rooms out, keeping the master to myself. When I got it, all the walls were plain white, so I have been working on painting. So far I've had all the bedrooms professionally painted (since my friends are renting from me I let them have some input on the colors) and my room is light blue with a dark blue accent wall, one room is a dark teal (at first I was nervous but it looks pretty good actually), a third room is a lighter teal, and the 4th is a light mocha. I just painted the dining room myself! I picked out Behr's premium plus ultra Cherry Cobbler, and I was surprised at how much the results depended on the prep work at the beginning. I think for my first time painting it turned out pretty drat good. I was really, really frustrated in the beginning, mostly because the previous owners skipped their bills and so my first weekend in the property I was without water because I couldn't get the sales contract to the city in time to prevent shutoff. But that's since resolved. And I know the OP says that you have to make all the repairs yourself, but I guess I wasn't expecting to have to make repairs immediately. I was expecting a turnkey home based on the home inspection, but I have already had to call the home warranty people for a faulty water heater. In the home inspection it turned on just fine... But it wasn't a long enough inspection to determine that the water heater STAYS on. It doesn't. It heats a tank to full and then shuts off. Then the previous owners also took all the curtain rods and pulled out some of the drywall in the process. Pissed me off but it's at least something easy to fix. Now my ice machine in my fridge is loving up and gets stuck. And since I have tenants I'm on the hook to make all the fixes. Then the roommate annoyances - one of them PUT MY CAST IRON SKILLET IN THE loving DISHWASHER. It came out just completely rusted. Then they have already dug deep scratches into the flooring in my dining room so I took that furniture out and put it on the patio. But I hope once it all gets figured out everything will be okay... For the time being. I really enjoy living there and I can see myself spending many years in the place. I just really love the open kitchen which has an island and lots of space for everyone. Someone can be at the stove, someone can be at the sink, and another person can be at the island doing prep stuff and there's elbow room for everyone. So in my painting madness I've been trying to decide which color I should paint the kitchen and I'm having a drat hard time trying to figure it out. The granite is green and the cabinets are a reddish brown stain. I am looking on Houzz for inspiration. Is there any other site I could use to get some help? And Leperflesh, may I ask which county you live in?
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Dec 10, 2013 02:13
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The property management company that controls the house I'm currently renting is offering me a home ownership incentive program. If I sign up they will credit me 5% of my monthly rent each month + a one time $500 bonus, to be put into escrow. This money can then be used for down payment or closing costs on buying a home through their real estate broker. The credit is capped at 1.5% of the sale price of the house. There are no fees besides a one time $60.00 sign up, which would be waived if I sign up before December 25th. The credits will continue to accumulate as long as I rent within their properties. It would seem that I have nothing to lose since they are even waiving the sign up fee. I don't plan on buying a home sooner than 8 years from now. My rent is $1700 at the moment currently split between myself, my girlfriend and two other room mates. The girlfriend and I are serious enough that we are planning our futures together and the other two room mates have no interest in home owning or any sort of financial future whatsoever. What I mean is this could be a significant bump to my/possibly my future fiance's buying power, and there seems to be no risk. Does this raise any red flags with people? Is this a too good to be true situation, like am I going to get arrested for tax evasion when I go to buy a home and this extra cash pops up? I can link the "Memorandum of Understanding" if people need more information.
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Dec 10, 2013 18:27
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Drewski posted:And Leperflesh, may I ask which county you live in? Contra Costa County. I admit I'm puzzled as to why folks buy a home, and then rent out rooms. It seems like you've got all the drawbacks of homeownership (some of which you detailed) while also having the drawbacks of renting (the roommate experience) AND of being a landlord (dealing with tenants). I'm curious what your thought process is, why did you decide to buy? Crimpanzee posted:The property management company that controls the house I'm currently renting is offering me a home ownership incentive program. If I sign up they will credit me 5% of my monthly rent each month + a one time $500 bonus, to be put into escrow. This money can then be used for down payment or closing costs on buying a home through their real estate broker. The credit is capped at 1.5% of the sale price of the house. There are no fees besides a one time $60.00 sign up, which would be waived if I sign up before December 25th. The credits will continue to accumulate as long as I rent within their properties. Well, that all seems to be free money. But, you'd have to use their broker, and that's a huge red flag. Their broker will have their financial interests in mind, and thus, will not be interested in helping you negotiate a fair price. They're probably counting on your 1.5% discount being less than whatever it'd cost them to market and sell a property to the public, and that's basically a hidden cost premium that you'll be paying. quote:It would seem that I have nothing to lose since they are even waiving the sign up fee. I don't plan on buying a home sooner than 8 years from now. My rent is $1700 at the moment currently split between myself, my girlfriend and two other room mates. The girlfriend and I are serious enough that we are planning our futures together and the other two room mates have no interest in home owning or any sort of financial future whatsoever. What I mean is this could be a significant bump to my/possibly my future fiance's buying power, and there seems to be no risk. The fine print is critical. I think most of us would advise someone not to enter into any kind of contract to buy a property years in the future, without having your own representation, but the fact this actually doesn't cost you anything over what you're already paying in rent implies it's something you could sign up for and then walk away from if/when you move out and decide you don't want to buy after all? Actually you should probably have an attorney familiar with real estate transactions review the contract, just in case there's some kind of hidden penalty for backing out.
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Dec 10, 2013 18:36
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From the description it sounds like a no-brainer, as it's not actually costing anything. But there could be fine print if you decide to just not use the money and/or go with another broker.
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Dec 10, 2013 20:01
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Leperflesh posted:Contra Costa County. I had lots of reasons and I'll list them in order of importance to me. 1) The quality of life improvement. Before, I was living in a bad part of town with one roommate. Sirens and gang violence within a few blocks. Now I live in an amazing condo in a great part of town with awesome food and entertainment within walking distance. Having more open floor space also allows me to host evening get-togethers. I like to cook for people and the kitchen is awesome. edit: My friends and I are gamers and now that I'm in a stable living situation I'm more comfortable buying good furniture. I've put a deposit on http://www.geekchichq.com/the-emissary-gaming-table.html. Very excited for it to arrive. 2) My roommates pay the vast majority of my mortgage/HOA and so they're giving me lots of equity which I can leverage in the future. I actually pay LESS per month now than I did to live in Shithole, CA. Before I say anything else I should mention that I did a lot of research and made sure I didn't overextend myself in buying the place. I could cover it myself if needed but having more roommates provides me with more monthly discretionary money. I've been putting a lot of it into making the home more awesome than it is now, but I also intend to increase my contributions to my employer's retirement plan. I have no problem with them contributing to my equity, and once we work out all the roommate kinks I think everything will be fine. There's plenty of space for everyone to do their own thing if they so desire. Also my roommate at my previous apartment is renting from me now. We've lived with each other for a year and he leaves for San Diego every weekend to visit his kids. He's been doing this for the last 3 years. 3) Speculation. I have a very good reason to believe that the area I bought is going to increase in value drastically in the next few years. A lot of the stores and restaurants have been promised for several years but because of the financial crisis everything got put on hold. They couldn't give the condos away. Businesses are only within the last year or so starting to open and now it seems like we get a new store on a weekly basis. So far my expectations are borne out, as I've watched demand skyrocket and home prices keep going up. In the last 6 months alone I've seen prices go up $50,000. I feel like I caught the wave and I considered flipping the place, but now that I live there I actually really like it. I have money in savings, but with a VA loan I didn't have to put anything down nor do I have PMI. My rate is below 4%, and I got one of the best condos in the area at a good price. 4) I wanted to have a place that was mine. I can do whatever I want to it (well, within the boundaries of the HOA agreement which is fine with me), and so I've started with painting. I know it's silly but I get to have my own washer and dryer that hasn't been used by hundreds of people for years on end. I also hated having to get quarters for laundry which is also silly but I got to pick out the equipment myself. Granted, it's kicking me in the rear end with the fridge, but so far the washer and dryer are a great choice. Also, my utilities. Four nerds with laptops and gaming systems living in the house and the monthly energy bill is $30 for electricity, $22 for water/sewer/trash, and $30 for gas. We got FIOS and are splitting that so we also have ridiculously good internet. It's been particularly cold lately but the place doesn't require much in the way of heating and never needs air conditioning. The HOA takes care of the exterior, which I don't ever want to deal with myself, so I really feel like despite my current annoyances this is an ideal situation for me. edit: more on the VA stuff - I have a rated military service-connected disability with the VA so the funding fees were waived (roughly $8,000). This was a significant cost savings so it didn't cost me hardly anything to move in. Drewski fucked around with this message at 20:53 on Dec 10, 2013 |
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Dec 10, 2013 20:03
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Drewski posted:VA stuff What's up VA loan buddy! Nothing like zero down, no PMI, and in my case getting the VA fee rolled into the closing costs (which the seller picked up).
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Dec 10, 2013 23:37
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