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I am bad with money management and math. Hopefully this is the right thread for this. My deal: 1. Married with 2 kids 2. House with ~$90K in equity 3. $1400 monthly payment at 2%. In March of '17 it goes to 3%. In March of '18 it goes to 4% 4. I got one payment behind due to reasons My mortgage company is offering 2 options: A. Raise rate to 3.65% and lock it for the life of the loan, reduce payment to $1250. Extends loan an extra 16 years. B. Pay ~$1700 for 5 months to bring it current. If I can handle either option financially, A is crazy, right? I could simply get current and hopefully refi in '18 and get back under 4%. I'm pretty ignorant when it comes to the process of refinancing and what to expect.
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Jul 13, 2016 18:22
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So you're 1500 dollars behind basically? Can you not just refi right now? A 30 year note could probably be around 3.3% at the moment. Around 3% for a 15 year note. And yes, option A is insane.
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Jul 13, 2016 18:33
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Hashtag Banterzone posted:This is on my to do list. Did you get any new locks or did you just rekey them all? I'm trying to figure out how you are supposed to rekey to a new key without buying a new lock. Can I just ask Home Depot or Lowes to cut a key with a random shape and just use that? I just rekeyed the existing locks (except for the one odd knob lock which I never got a key for but I just use deadbolts all the time anyway) to match new keys I got from Lowe's that were just copies of a random set they had there (they gave me the originals that have the pin numbers printed on them). For Schlage I got this https://smile.amazon.com/gp/product/B00002N768/ You can probably find cheaper ones that come with precut keys and just the pins you need but hey now I can just offer to change locks for the next however many housewarming gifts I need. The only thing I'd mention is don't pull the little white plastic cylinder out of the lock without the actual lock cylinder going back in behind it or the springs are all gonna explode out and you're going to be sitting there with a pair of tweezers trying to fit everything back together like me. Also listen to Mike, this was the best explanation video I found: https://www.youtube.com/watch?v=JWrRQXj8DUI
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Jul 13, 2016 18:36
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Does anyone really care about how easy it is to pick a lock? All the burglaries I've seen they just smash a window or kick a door down, they don't even bother trying to pick anything.
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Jul 13, 2016 18:42
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No Butt Stuff posted:So you're 1500 dollars behind basically? Correct, $1500 behind. And I apologize if this is ignorant, but what would be the point in refinancing now when I'm still at 2%? Shouldn't I at least wait until next year when I'm at 3%, if not '18 when I'm at 4%?
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Jul 13, 2016 18:45
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coronaball posted:Correct, $1500 behind. Because there's a good chance that next year rates could be higher? And you aren't subject to some weird floating rate structure. And I'd imagine you'd end up with a lower payment, even if you went on a 15 year note. Basically having a floating mortgage rate is bad. I don't have all the details though. What was your original note? How long have you had it? What are the terms of your mortgage that you have this weird step up over 3 years?
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Jul 13, 2016 18:50
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coronaball posted:Correct, $1500 behind. The only reason would be if you think rates are going to go back up to the point where a refi later wouldn't get you a better rate if you wait.
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Jul 13, 2016 18:50
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FCKGW posted:Does anyone really care about how easy it is to pick a lock? All the burglaries I've seen they just smash a window or kick a door down, they don't even bother trying to pick anything. Exactly, and shitloads of locks can be bumped (not just Kwikset), so to give them heat for something you've been able to do to pin-and-tumbler locks since the beginning of time is a bit disingenuous.
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Jul 13, 2016 18:51
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call to action posted:Exactly, and shitloads of locks can be bumped (not just Kwikset), so to give them heat for something you've been able to do to pin-and-tumbler locks since the beginning of time is a bit disingenuous. I'm not giving them heat for being bumped. This guy isn't bumping them at all. He's just inserting a piece of steel and turning. Just torqueing it unlocks it.
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Jul 13, 2016 19:00
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No Butt Stuff posted:Because there's a good chance that next year rates could be higher? And you aren't subject to some weird floating rate structure. And I'd imagine you'd end up with a lower payment, even if you went on a 15 year note. I bought the house in 2007 with a 30 year note at something brutal like 5.5 or 6% which was common back then. In '12 I lost my job, and almost the house, and accepted a modification from my mortgage company to take it to 2% for 5 years and have a lower payment and take the loan out 3 years longer. (kinda the same thing they're offering now, but less onerous) The 5 years are up in '17. TBH I'm not sure if I'm even eligible to refi due to these weird terms, at least until '17. edit: I might be asking for an answer that can't be given without an extremely in-depth look into my income and expenses, I was mostly just making sure that option A was as bad as I thought it was. coronaball fucked around with this message at 19:13 on Jul 13, 2016 |
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Jul 13, 2016 19:11
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FCKGW posted:Does anyone really care about how easy it is to pick a lock? All the burglaries I've seen they just smash a window or kick a door down, they don't even bother trying to pick anything. This is why I didn't freak out that kwikset isn't as good as schlage. There's a window right next to the door in my house. If somebody is committed enough and has the time to pick the lock they have the commitment and time to break that window and open the door from the inside.
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Jul 13, 2016 19:13
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coronaball posted:I bought the house in 2007 with a 30 year note at something brutal like 5.5 or 6% which was common back then. In '12 I lost my job, and almost the house, and accepted a modification from my mortgage company to take it to 2% for 5 years and have a lower payment and take the loan out 3 years longer. (kinda the same thing they're offering now, but less onerous) The 5 years are up in '17. I would talk to a mortgage broker or your local bank. Refinancing might make sense for you.
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Jul 13, 2016 19:33
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Its all about insurance when it comes to locks, Broken door or window, easy to get a payout, the guy used a key? Much harder to get one. If someone picks the lock, there is always evidence you can give the insurance company showing the inside of the lock was all scraped up from the tools. Locks are, as always, for honest people, if someone wants in they will just take a chain saw to your wall, break your glass, or otherwise do something to get in your home.
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Jul 13, 2016 19:34
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FCKGW posted:Does anyone really care about how easy it is to pick a lock? All the burglaries I've seen they just smash a window or kick a door down, they don't even bother trying to pick anything. Seen where? Do you work in home security or something? Since we're doing anecdotes, a friend of mine was burglarized through an unlocked window. Sometimes a burglary is due more to opportunity than to someone doing everything in their power to break into a specific house. I know that "burgulars will just smash a window" is common wisdom, but the National Crime Prevention Council states that 2/3 of all break-ins show no sign of forced entry. No idea how many of these are false reports vs unlocked doors/windows vs copied keys vs bumped locks. And really, if you could bump a lock why wouldn't you? Bumping a lock takes no time at all, why would you smash and then crawl through a window full of broken glass if you could bump the lock instead? Obviously getting a bump-proof lock won't keep someone out who's determined to get in, but if someone is going to break into my home then I want it to be a visible and easily-reportable event. chupacabraTERROR posted:I installed like 15 locks the day I took the keys. Honestly it's super easy. The old locks were all mismatched (some doors has a schlage deadbolt and a kwikset handle, for example). Starting from scratch is a little more expensive ($500 versus maybe $200 with a locksmith) but now I can rekey them myself with the kwikset smartkey. So if at any point in the next 30 years I do 2 rekeys, I made my money back. Plus the locks don't suck and there's one key for the majority of the house. We had mismatched locks everywhere, too. Why do people do this? There were about 10 different keys to open all of the different locks. We bought a little bit of replacement hardware and a few rekey kits. The real advantage to doing this was consolidating down to as few keys as possible. We now have one key for the outside house doors, one key for the inside doors, and one key for the outdoor shed and the fence gate. QuarkJets fucked around with this message at 20:15 on Jul 13, 2016 |
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Jul 13, 2016 20:11
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Any consumer grade lock isn't going to stop someone intent on getting in through the door, and I'm not going to shell out for commercial grade poo poo. Put any lock into YouTube and you'll find someone showing how easy it is to break it. There's too many things to lose sleep over in life, I guess I just decided this isn't one of them. I'll probably get some cameras and try to catch the guy if anyone ever breaks in. Like other posters have mentioned, the door isn't going to stop someone determined. There's a nice single-pane window right next to my front door that's hidden behind a plant. That's where it'll happen, if it happens. I'd rather just get a dog than stress about my locks tbh. And gently caress mismatched locks.
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Jul 13, 2016 20:22
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chupacabraTERROR posted:Any consumer grade lock isn't going to stop someone intent on getting in through the door... Like other posters have mentioned, the door isn't going to stop someone determined. Not sure if you were replying to me, but I also said this. Most break-ins are not due to a broken window or busted-down door, but if your door is just a solid piece of steel with an impossible-to-pick lock then a determined burglar will just break the window (or possibly move on to a different house)
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Jul 13, 2016 20:25
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There is only one true home defense solution:
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Jul 13, 2016 20:37
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FCKGW posted:Does anyone really care about how easy it is to pick a lock? All the burglaries I've seen they just smash a window or kick a door down, they don't even bother trying to pick anything. I would be more worried about getting the lock bumped. No signs of forced entry would be a giant insurance headache.
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Jul 13, 2016 20:45
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If 2/3rds of all break-ins occur without signs of forced entry, bumping is probably the least of your burglary worries.
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Jul 13, 2016 21:38
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call to action posted:If 2/3rds of all break-ins occur without signs of forced entry, bumping is probably the least of your burglary worries. Maybe, but at least I'll have a cool looking key. 
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Jul 13, 2016 22:41
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Why do you put carpet in your kitchens people. Stop it, just stop it.
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Jul 13, 2016 22:59
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QuarkJets posted:Seen where? Do you work in home security or something? Since we're doing anecdotes, a friend of mine was burglarized through an unlocked window. Sometimes a burglary is due more to opportunity than to someone doing everything in their power to break into a specific house. I'm on a crime watch Facebook page for my city and we get a number of break-ins throughout the year. It seems, in my anecdotal evidence, that most of the break-ins in my particular city occur from either A) Unlocked door/window, B) Kicked in side door on the garage or C) Smashed in sliding glass patio door (which solves the crawling through glass problem). My main point was that stressing over a front entry lock was pointless when it seems to me that there are easier and less noticeable ways to gain entry to a house.
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Jul 13, 2016 23:47
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QuarkJets posted:Seen where? Do you work in home security or something? Since we're doing anecdotes, a friend of mine was burglarized through an unlocked window. Sometimes a burglary is due more to opportunity than to someone doing everything in their power to break into a specific house. You can use a different key for the deadbolt and the normal front door key. Then only give out the normal front door key to people like cleaners, repairmen, pet sitters or anyone else who needs access to your home. If you don't want anyone entering your home you can lock the deadbolt. There are better solutions for this now with electronic locks.
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Jul 13, 2016 23:52
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call to action posted:If 2/3rds of all break-ins occur without signs of forced entry, bumping is probably the least of your burglary worries. Bumping is included in that statistic
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Jul 14, 2016 00:53
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Yay  Getting Homeowners and Flood insurance quotes are a pain in the rear end  Geico's like "haha gently caress your old rear end house" even though it was built in '85. State Farm wants like $170\mo despite me having auto with them. That's honestly been the most stressful part of this so far. Oh, and gently caress Louisiana entirely for being like 75% flood zone and 25% bad schools.
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Jul 14, 2016 16:53
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How's your credit rating, neighborhood, etc.? The homeowner's insurance on my five-figure garbage pile of a house costs as much as my coworker's $400k house, because I am bad with money and am moving to a place where crime exists.
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Jul 14, 2016 17:12
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GameCube posted:How's your credit rating, neighborhood, etc.? The homeowner's insurance on my five-figure garbage pile of a house costs as much as my coworker's $400k house, because I am bad with money and am moving to a place where crime exists. Credit's just shy of 700, neighborhood is decent. $130k for the house is apparently where I'm getting eaten alive by State Farm.
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Jul 14, 2016 17:33
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Irritated Goat posted:Yay Try living in Florida where pretty much none of the major(Statefarm/Geico/Allstate/etc) will insure homes. They basically contract them out to all these essentially 3rd party insurance companies who no one has ever heard of!
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Jul 14, 2016 17:42
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Irritated Goat posted:Yay Welcome to the Louisiana insurance club. Between flood and homeowners, my total monthly is almost double. Luckily the new maps hit Orleans parish end of September and my lot is getting rezoned to an X so hopefully that drops my flood price substantially.
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Jul 14, 2016 17:52
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couldcareless posted:Welcome to the Louisiana insurance club. Between flood and homeowners, my total monthly is almost double. Luckily the new maps hit Orleans parish end of September and my lot is getting rezoned to an X so hopefully that drops my flood price substantially. Yeah. I'm looking at about $300 more most likely. AE flood zone.
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Jul 14, 2016 19:02
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Irritated Goat posted:Yay If you haven't already find a local independent insurance agency that can quote you across dozens of companies at once. I have a bunch of family in St. James Parish, not sure who they use but it's some little independent outfit that has been around a long time
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Jul 14, 2016 19:09
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I just want to echo what the insurance thread says about finding an independent agent. First 2 agents were unable to find me anything that came close to Progressive or Geico. But the 3rd was able to find me a really good deal for Auto + Home.
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Jul 14, 2016 19:09
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Hashtag Banterzone posted:I just want to echo what the insurance thread says about finding an independent agent. First 2 agents were unable to find me anything that came close to Progressive or Geico. But the 3rd was able to find me a really good deal for Auto + Home. Is this a state specific thing? I want to do this, but every single agent I can dig up in the area is associated with a specific insurance company. I'm in PA.
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Jul 14, 2016 21:03
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opengl128 posted:Is this a state specific thing? I want to do this, but every single agent I can dig up in the area is associated with a specific insurance company. I'm in PA. Edit: the below is regarding independent real estate brokers, not insurance agents In some places, like Illinois, you have to be a managing broker's bitch for a few years before you can get your own license, and that's in PA too: http://www.dos.pa.gov/ProfessionalLicensing/BoardsCommissions/RealEstateCommission/Documents/Board%20Documents/Act%2015.pdf To be a broker: quote:4) The applicant shall have been engaged as a licensed So most agents won't get their broker license, most agents are attached to a brokerage. baquerd fucked around with this message at 22:13 on Jul 14, 2016 |
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Jul 14, 2016 22:09
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Some states require sponsorship from an existing real estate broker in order to be eligible to get a brokers license. Really keeps the scam going.
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Jul 14, 2016 23:48
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Your house is where a lot of claims happen. You pay slightly more the the average claim per year. That is how insurance works. Find the company with the lowest claims estimate for your swamp.
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Jul 15, 2016 01:49
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Finally got a quote I can live with. I'll echo the local company idea. Flood insurance is a bitch cause there's FEMA and Private. I'm 1ft below and FEMA would make me pay like double my annual.
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Jul 15, 2016 18:29
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I was looking to refinance my house on a 10 year mortgage and i noticed something weird: Fannie May 10 year fixed: 2.375%, 0 points, $1099 lender fees FHA $100 HUD Repo 203(k) 10 Year Fixed 2.375%, -1.25 points, -$151 lender fees I've never heard of the FHA 203k program before. I don't need any major renovations (maybe just to replace my deck which is sort of falling apart). Is there any reason why i shouldn't sign up for this program, even if i don't need much, if any, repairs? Are there any additional fees or restrictions that i don't know about?
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Jul 17, 2016 21:57
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Mister Fister posted:I was looking to refinance my house on a 10 year mortgage and i noticed something weird: What's your loan amount? 1.25 points means that you're paying 1.25% of the loan amount as an additional fee up front. If your loan amount is greater than $75840, then the 203k option you've shown here is actually going to cost you more than the Fannie May option. IIRC 203k loans usually require you to submit contractor bids for whatever rehab work you want done, and usually they come with some additional loan reserve so that you're borrowing a fair bit more than what you'd need to just pay off the old note. This means that your loan amount is actually higher as a 203k loan than it would be under the Fannie May loan, which means the points cost more and your payments will be larger. QuarkJets fucked around with this message at 22:11 on Jul 17, 2016 |
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Jul 17, 2016 22:07
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That's minus points which would result in a rebate. FHA rates are showing higher rebates lately.
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Jul 17, 2016 22:10
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