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Edit: somehow I missed the last 2 posts before mine. I close a lot of home loans and never seen a lender pay PMI, I've seen a lot of people pissing away $100+ a month on PMI though. nerox fucked around with this message at 18:48 on Mar 24, 2014 |
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Mar 24, 2014 18:44
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nerox posted:How much extra is your private mortgage insurance a month? Paid up front, if not it was ~$112 for seven years or 80% of appraised value V: look back a page about $1500 I would have to be home and find the paper work spwrozek fucked around with this message at 18:52 on Mar 24, 2014 |
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Mar 24, 2014 18:48
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So how much was the up-front payment? Edit: Did you edit your post on the last page? I swear I read that and didnt see a number. Maybe I am just dumb. Probably just dumb. Spermy Smurf fucked around with this message at 19:02 on Mar 24, 2014 |
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Mar 24, 2014 18:49
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The scummiest part of PMI is that you can cancel it when you reach 80% of your principal, but they won't automatically cancel it until you reach 78% of your pricipal, ensuring they get extra payments from anyone not paying attention (at five percent interest its about a year of normal payments from when you hit 80% until you get to 78% in a 30 year mortgage).
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Mar 24, 2014 19:00
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nerox posted:The scummiest part of PMI is that you can cancel it when you reach 80% of your principal, but they won't automatically cancel it until you reach 78% of your pricipal, ensuring they get extra payments from anyone not paying attention (at five percent interest its about a year of normal payments from when you hit 80% until you get to 78% in a 30 year mortgage). I got PMI in 2005, and had it cancelled in one year. I had to pay for my own appraisal from a list and the girl said I poo poo you not "What value do you need?". Funny that her appraised value was EXACTLY what I asked for.
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Mar 24, 2014 19:03
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I bought my first house with 5% down. I had an 80% conventional loan and a 15% home equity loan, and I didn't have to pay any PMI. The interest rate on the 15% loan was lower, but it was also just a 5 year loan I think. I think this setup is far more common (at least when working with a mortgage broker, which you all should be anyway) than getting a single 95% loan and paying PMI.
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Mar 24, 2014 19:23
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I bought my first home at 22 with 0% down, no PMI, thanks to a loan program through the USDA. If you have to buy a home with 0% down, you can't afford one. Thankfully my income has more than doubled since those days. It's me guys, I'm bad with money 
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Mar 24, 2014 19:26
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I bought a place at 143k with 5.6% down and have PMI. I've placed about 7k extra principal versus where my scheduled payments would have me, but it'll still be another 13k of principal before my PMI comes off. And the place is 30k underwater. I was even worse with money guy above me 
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Mar 24, 2014 19:34
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spwrozek posted:5% conventional loan guys come on... The lender paid PMI was ~1500 up front. Done and done. Very interested in details like if it had to be your primary residence or first time buying, if you do in fact have to refi to take the PMI off later, that kind of thing. Bad with money story about houses: I got way lucky buying my house when I did, but I also bought it with my boyfriend which was me being bad with money. We later split and I had to cut him a $75k check, but at least I have all the equity in my name now... 
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Mar 24, 2014 22:40
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PMI is a son of a bitch. I got an FHA loan last year and have monthly ~$350 PMI payments. Only put 3.5% down, but on the plus side, the loan is at 3.25% interest  Thankfully, I locked in the loan before the change to FHA last year, so I only have another 4 years of PMI payments (as opposed to the full 30 years). But it's still ~$21k in thrown-away money For a more traditional bad-with-money story, a friend of mine used to have a habit of leaving jobs. Not putting in notice or quitting, just one day deciding to never show up again without telling anyone. He did it like 5 or 6 times, including one with the military. Got arrested over that one, but was able to talk himself out of charges somehow. He broke the habit a couple years back and has remained stably employed since, but he burned some pretty serious bridges during that time.
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Mar 25, 2014 01:18
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A grad school buddy of mine got offered a 100k job and dropped out in the middle of our first year. While the rest of our class finished our degrees, he and his wife managed to save up about $80k (his numbers, I can't confirm this). He lost his job shortly before I graduated, and promptly took his entire savings and "invested" it in a daycare center with some work friends of his. It's been nearly two years and he's reenrolled in grad school and his daycare center is losing money. Maybe he can turn it around, but I don't have any idea how high his return is going to be. Anyway, they run out of money in 3 months.
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Mar 25, 2014 01:42
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Duct Tape posted:PMI is a son of a bitch. I got an FHA loan last year and have monthly ~$350 PMI payments. Only put 3.5% down, but on the plus side, the loan is at 3.25% interest $350??? Holy poo poo, I thought my PMI of $85/mo was a pain.
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Mar 25, 2014 02:02
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Volmarias posted:I'd love for you to price that out, including renting a vehicle to transport the lumber in since a sedan won't do it. I don't recall exactly what lumber costs in the US, and perhaps it's changed, but I remember sticker shock when I did it in China, and it still came to less than that. You CAN do it in a sedan, because you can have it cut at the store (IIRC, 50 cents a cut at Home Depot, but that can include cutting more than one piece in a go). Or you could carry it on foot, as I did when I lived in Japan. (Where lumber is actually cheaper than in the US) A sheet of 3/8 to 1/2 inch plywood is the biggie, and I'm pretty sure that'll be less than 20 bucks even if you get something that isn't too splintery. The rest can be the cheapest 1x4s or 2x4s they've got (1x will work, but is harder to fasten). They don't have to span the whole length of the bed if you put more than 4 legs on it (or build it in more than one piece...there's your storability) so even if you don't have a trunk pass-through you can carry it in a sedan. Also you could just put a bunch of joists across the plywood and drop that on top of cinder blocks. That would simplify construction and storage but probably add a few bucks. But since you're building cinderblock shelves with the leftovers...
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Mar 25, 2014 06:57
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File this under "young and dumb and maybe depressed": My sister. My sister get a pets with every new boyfriend. She works at near minimum wage jobs, and cannot afford booze, weed and pet food at the same time. For her cat and previous dog, she had to have my parents bail her out and buy her cat/dog food every month. In both her previous apartments, she wasn't allowed to have a cat or dog, and had them there anyway. Then when they break up, she ends up stuck with the dog and has to find a new home for her dog. She found a home for the dog, but I think the cat went back to the shelter. She just got a new puppy today. The cycle will surely repeat.  She got fired from a restaurant job she worked at for a year while in high school for letting her dumb friends goof off in the closed store while she was cleaning up and counting the register. She was getting paid almost double minimum wage while still in high school, and very well liked by the owners. She also blew a manager promotion at another restaurant because she is constantly late for work. Even though she was a top performer, she was 15-30 minutes late for her shifts at least once a week. She eventually got fired for it. Then she got a great, cushy desk job for a busy medical office through a family hookup. It was high responsibility, and she had keys to the building and everything. She needed to be the first one there in the morning, at 6:45 AM to unlock the building for the other couple dozen people working in there. Also got fired from that one, because as it turns out, it's hard to stay out past midnight drinking and partying during the week with your stoner fast-food worker friends when you have to be at work and alert at 6:45 the next morning. She was evicted from her last apartment, having not paid rent for two months and fled the city. Probably has debt collectors hounding her for that or a judgment out. She was driving a 10 year old vehicle in pretty decent shape that was given to her, and didn't even need to pay insurance on it. But it was "ugly" and she didn't like her free car. She didn't want to pay the $40 for an oil change every 6 months, and let the engine seize and turn the car into a total loss. A perfectly serviceable car, totally destroyed through neglect. Probably could have sold it for $3-4k and bought something different if she really wanted to. She frequently gets speeding tickets. Her car insurance is insanely expensive. I think it's about $200/month for her car. I carry full coverage on two cars (both are nicer than hers) with two drivers and I pay less than half of that. Then she bought a nice used Celica for a great price from a family friend. She liked having a sort of flashy car... until 3 months later when she drove it while (underage) drinking and wrapped it around a light pole at 4 AM, totaling the car and losing her only way to get to work (mooch boyfriend doesn't drive). Through some miracle, the police responder must have been either the most sympathetic cop ever or on a shift change, and she didn't get arrested for DUI or underaged drinking. I have no idea how that worked out. She still drinks hard and I'm sure still drives while drunk or buzzed, but at least she's now of age  She gets really cheap tattoos picked from the wall of the tattoo shop. There's a shop that does $13 tattoos (about 2 square inches) on Friday the 13th that she goes to all the time. They look exactly like you'd expect a $13 tattoo to look like. I'm sure she regrets most of them, but that doesn't stop her from getting new ones!
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Mar 25, 2014 17:59
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OneWhoKnows posted:$350??? Holy poo poo, I thought my PMI of $85/mo was a pain. It's based off a percentage of the home worth. Our house was $365,000 and is somewhere up around that region. Luckily we have a 3.5% home loan 30 yr term and PMI is up in August. We've been paying double or more payments the entire 5 years so we just need a small chunk more to drop on the house to get it to 78% It was worth it for us - even with PMI. Rent is so high in our city and we knew we planned to be here for at least 10 years and the happiness of being in our own house is immeasurable. We went through a string of absolutely awful apartment managers that soured me for a while. Ever been sleeping naked and had your manager come into your apartment with no notice? yep. BUT I GOT A GRREAT DEAL ON THESE BLINDS AND WANT TO DO THEM NOW.
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Mar 25, 2014 18:02
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canyoneer posted:File this under "young and dumb and maybe depressed": My sister. ...I'm guessing your sister's attractive
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Mar 25, 2014 18:10
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Your sister must be hot because every one of these stories is her getting an extra opportunity just because. Your family bails her out of everything too so why would she ever change?
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Mar 25, 2014 18:11
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Tigntink posted:It's based off a percentage of the home worth. Our house was $365,000 and is somewhere up around that region. Luckily we have a 3.5% home loan 30 yr term and PMI is up in August. We've been paying double or more payments the entire 5 years so we just need a small chunk more to drop on the house to get it to 78% If it's FHA, I don't think it's technically PMI, I think it's the FHA fee or something like that. Works out the same way though.
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Mar 25, 2014 18:13
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LorneReams posted:If it's FHA, I don't think it's technically PMI, I think it's the FHA fee or something like that. Works out the same way though. I'm looking at my mortgage right now, and it's specifically listed as "Mortgage Insurance," but whatever. They might have changed how it works since the big change in 2013. Even with the extra $350 per month, given the chance to change things, I would still sign that mortgage again. Rental rates were skyrocketing in my area, and house prices were plummeting. Before I moved out, my apartment manager let me know if I was going to resign my year-long lease, my payment would jump to $1,400 per month. I know I could have moved to a cheaper area or found a smaller place, but I was in a good financial place for buying a house, getting married, and absolutely sick of renting.
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Mar 25, 2014 19:23
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EugeneJ posted:...I'm guessing your sister's attractive Or her family might just be well-connected (as the story went so far as to lay out directly), but hey, let's not let that get in the way of our vaguely sexist presumptions.
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Mar 26, 2014 01:58
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Vox Nihili posted:Or her family might just be well-connected (as the story went so far as to lay out directly), but hey, let's not let that get in the way of our vaguely sexist presumptions.
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Mar 26, 2014 02:09
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No Wave posted:What does sexist mean in this use case. (note that it is actually an indictment of the male participants for giving her special treatment for the most obvious possible reason) The immediate assumption that a girl was given special treatment due to her attributes as a woman rather than the economic and social conditions surrounding her suggests a certain thought pattern. It seemed especially odd given the context of the story, which described her family as hooking her up. Don't mean to derail, just thought it was an odd thing to say.
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Mar 26, 2014 02:19
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Vox Nihili posted:The immediate assumption that a girl was given special treatment due to her attributes as a woman rather than the economic and social conditions surrounding her suggests a certain thought pattern. It seemed especially odd given the context of the story, which described her family as hooking her up.
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Mar 26, 2014 02:29
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Vox Nihili posted:The immediate assumption that a girl was given special treatment due to her attributes as a woman rather than the economic and social conditions surrounding her suggests a certain thought pattern. It seemed especially odd given the context of the story, which described her family as hooking her up. It's not odd; you're odd.
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Mar 26, 2014 02:32
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No Wave posted:The thought pattern that hot girls might get treated differently by dudes in a hail-mary, longshot sort of way? Ha, ok, never heard of that one before. It sounds like you're accusing him of thoughtcrime. No, I think he's right. If it was the identical story about somebody's brother, I doubt the first reaction would be, "I'm guessing your brother's attractive."
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Mar 26, 2014 02:45
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more friedman units posted:No, I think he's right. If it was the identical story about somebody's brother, I doubt the first reaction would be, "I'm guessing your brother's attractive." Pretty likely that the average guy would have talked a policeman out of a DUI after crashing into a light pole at 4am. Right.
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Mar 26, 2014 02:50
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more friedman units posted:No, I think he's right. If it was the identical story about somebody's brother, I doubt the first reaction would be, "I'm guessing your brother's attractive."
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Mar 26, 2014 02:55
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Holy poo poo, nobody cares. Post money stories.
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Mar 26, 2014 03:04
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No Wave posted:Your brain is made of pudding. Is there a complete list of SA thoughtcrime anywhere? I think they keep a running list in D&D.
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Mar 26, 2014 03:15
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canyoneer - I'm afraid the only way to settle this is to post pics of your sister
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Mar 26, 2014 03:32
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antiga posted:Pretty likely that the average guy would have talked a policeman out of a DUI after crashing into a light pole at 4am. Right. You're right, the assumption would be that he talked his way out of it by letting the police officer know his father is the local bigwig. That was the whole point. Remember the teenager who got a slap on the wrist after killing several people because he had affluenza? No Wave posted:Your brain is made of pudding. Is there a complete list of SA thoughtcrime anywhere? Bit of an overreaction to somebody pointing out "vaguely sexist presumptions." Nobody said it was thoughtcrime.
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Mar 26, 2014 04:22
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EugeneJ posted:canyoneer - I'm afraid the only way to settle this is to post pics of your sister no the littlest prince posted:Holy poo poo, nobody cares. Post money stories. yes and to get this money story train started: The acquaintance of mine who I posted about earlier in the thread who had engine troubles in his Toyota matrix and rather than fixing it traded it in on a used Subaru forester just had the head gasket blow on his forester. He asked me what I thought he should do. He in debt the cost of two cars (about 20k) and has no car and about $200 of liquid cash at any given time. I told him to walk away from the car loans, take the his on his (hosed at this point) credit, ride his bike for a bit and save up 1000 to throw on a beater. He decided to put $2000 on his credit card to fix the forester. The poor sap is going to be paying over $500 a month for god knows how long on a car worth no more than $7000. I feel for the guy because it's starting to affect his relationship with his fiance, but drat dude. Get a clue.
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Mar 26, 2014 04:31
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Yeah, I'm pretty sure if he keeps making these decisions, it would only be correct if it impacted his close relationships I know I have stayed out of or ended relationships because the individual couldn't handle life's responsibilities. And I say this as someone who spend $1500 borrowed dollars to fix a busted head gasket on a 99 Civic. (Paid off car, it was either fix it or go into debt for a new one, I gambled on the fix and it's worked out so far).
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Mar 26, 2014 04:47
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Trilineatus posted:And I say this as someone who spend $1500 borrowed dollars to fix a busted head gasket on a 99 Civic. (Paid off car, it was either fix it or go into debt for a new one, I gambled on the fix and it's worked out so far). How did you manage to spend $1500 on a head gasket? it's not that hard a fix if the engine is still in good shape
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Mar 26, 2014 05:26
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seacat posted:How did you manage to spend $1500 on a head gasket? it's not that hard a fix if the engine is still in good shape That is spot on and actually several hundred dollars lower than several spots in the country to have a shop do it. Most people do not have the time, tools/space, or expertise to do that job. Granted, it costs less to buy the parts and tools and do it yourself, but then what happens when you gently caress it up and have to do it again? You're out more parts money and lots of time without a vehicle while you fix it again, and hopefully you haven't actually damaged the engine. Besides that, to do it right you need to replace bearings too, because a hosed head has almost certainly had them washed out. It's not completely insane to pay a pro twice what it would cost to do it yourself.
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Mar 26, 2014 05:43
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Cracked cylinder head blah blah blah this isn't AI. Yes, I could have done more work on my car myself, but let's be realistic: I needed this car to work reliably within a week because of my job and graduate school, so I paid for it, and got a quote that AI-approved mechanic 13 Inch Dick said wasn't highway robbery, so I went for it. Bad with money story: I found out one of my classmates got a new car (a Yaris, so not completely insane at least) based on our graduate school stipend - something that shouldn't be possible as it is a financial aid award as opposed to real "income". Her payment is equal to a third of that stipend, and she doesn't work, and we live in the San Francisco Bay Area. She also lives an hour from campus and has a junk food addiction I estimate she spends hundreds of dollars a month on. She is currently fundraising on facebook to take her pomeranian to the vet. Gee, who guessed and emergency might one day happen?
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Mar 26, 2014 05:53
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Trilineatus posted:pomeranian Funny how little dogs seem to be almost wholly owned by the irresponsible.
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Mar 26, 2014 07:56
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NancyPants posted:Funny how little dogs seem to be almost wholly owned by the irresponsible. The original owner of my Maltese neglected her so badly she had worms, fleas, etc. that when they finally went to have her groomed the groomer talked them into giving her up for adoption. It was a young couple who had no business owning an animal of any kind. She's now safe and healthy with my wife and I, a responsible couple. She has had to learn how to 'play' with other dogs and people, and still has some odd quirks but she's doing better every day.
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Mar 26, 2014 13:36
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seacat posted:How did you manage to spend $1500 on a head gasket? it's not that hard a fix if the engine is still in good shape Doing head gaskets on a subaru boxer engine is not for the entry level noobs trying to save some money. It's around $1200 here at the local independent subaru specialist that probably does 5 of them a week. They are a known weakness of the subarus due to the design of the boxer engine. The same shop does it on all cars they resell, regardless of mileage. On the plus side, aside from head gaskets and rust, subarus are extremely reliable. But so are toyota matrii(? matrices?), like any car, some semblance of preventative maintenance is important.
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Mar 26, 2014 14:51
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dreesemonkey posted:Doing head gaskets on a subaru boxer engine is not for the entry level noobs trying to save some money. It's around $1200 here at the local independent subaru specialist that probably does 5 of them a week. They are a known weakness of the subarus due to the design of the boxer engine. The same shop does it on all cars they resell, regardless of mileage. For extra savings, buy a Pontiac Vibe. The mechanicals are identical to the Toyota Matrix, it just has some different plastic parts.
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Mar 26, 2014 14:53
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