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Here's a translation of what many posters were saying, versus how you took offense to it:OlSpazzy posted:Because one of two friends, both of whom you've known for nearly a decade, and have never ever not once ever had any disagreements with someone especially not each other and/or you who never has anything come up different in his own life, will have the opportunity to do something else in their particular line of work, or external relationship, or the incredibly unlikely situation that you yourself have something happen in your own personal life and they or you will want to move out and stop paying part of the mortgage.
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Jul 10, 2011 20:47
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| # ¿ May 14, 2024 11:53 |
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Every now and then, I think people need a reminder of the subtitle for this thread, so... I'm sure many of you have heard about this hurricane thing, Irene I think. Well, I'm not in a mandatory evacuation situation in the middle of NJ, but boy, when you get lots of rain in a short period of time and the "even ground" area around the house seems more like "slightly graded towards one side" and that gutter you meant to clean out during a dry weekend got put off so the runoff is creating a nice cascade towards that slope on the ground, you might just get a little water seepage in the basement. Oh, and the sump pump decides to clog at a really nice time. On the plus side, that's not the side we have everything stored. Just the washer and dryer. DO. NEVER. BUY.
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Aug 28, 2011 13:44
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eddiewalker posted:I started a 20yr mortgage about a year ago, and have paid off about 25% of my principle since then, so now my normal monthly payments are more principle than interest. You are correct. However, if you have been prepaying by a ton (and it seems like you have) and you continue at that pace then it may still end up in your favor because you'll get back to your current ratio quickly. The only way to know for sure is to do a calculation comparing the rates AND the total amount spent with your prepayment strategy. It probably won't be a huge difference either way, because you've paid off 25% in a year  kudos to you.
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Oct 14, 2011 03:37
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zaurg posted:You'll make that back in equity when the housing market bounces back up anyway, so it's worth it.  Oh man, follow that advice at your own risk.
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Apr 1, 2012 16:43
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Dik Hz posted:Sounds like you just described buying a house there. There's a reason the original subtitle of this forum was DO NEVER BUY. Land moguls aside, who has ever heard of a truly happy landlord? Forget the razor-thin margins you're usually working with; does anyone really want the hassle of upkeep on a property that someone else is using while it is still ultimately your responsibility? Seriously people, if you want to speculate on the housing market and satisfy an itch to earn money through real estate, just put a bit of discretionary income towards an REIT or something.
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Apr 8, 2012 04:36
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moana posted:Is it really? I bought a house with my boyfriend and it wasn't hard at all to find a lender, although we both had good credit. If both of your names are on the mortgage, I don't see how it matters at all. It doesn't. If the lender is giving any number of people trouble about getting a mortgage, it's because one or more of those people are coming up short in their eyes to qualify. Any hardship past that point is based on how the payments are made on a monthly basis. If you can't pay because your BFF is a moocher, or because you broke up with your boyfriend, or your spouse finally asked for the divorce since they started banging the milkman...it's all the same scenario in the eyes of a lender. All the more reason to make sure that you have a huge financial cushion, a decent amount of flexibility, and a glut of research/time on your side, otherwise DO NEVER BUY.
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Jan 5, 2013 02:46
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Steve French posted:I'm not disagreeing with your overall point, but isn't "stealing from your future self" exactly what a mortgage is? (or any other form of debt, really) You have to live somewhere. The most common scenarios are rent or buy. If someone told you "there's an apartment for rent that's just $50 per month more, but it's nicer and all you have to do is remove money from your retirement account to make up the difference..." I'm not sure most people would bite. To put it another way: you're asking if it's a good idea to borrow your own tax-advantaged money to make it cheaper to borrow more money for a product with fewer advantages AND makes you create your own self-imposed penalty.
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Apr 24, 2014 03:59
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shortspecialbus posted:My motherfucking credit score dropped 50 points in the last month because it happened to calculate when a couple cards were close to maxed - they weren't carrying any balance and they've been paid in full every month for the last forever, minus one month where a couple hundred carried to the next month and then was promptly paid off. Not advocating a video game score mentality, but a quick glance based on the information yove given suggests that you're credit limit may be really low. Also if those are your only sources of credit history, you may be doubly screwed over by a short history. Just keep your usage ratio as low as possible.
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May 22, 2014 03:26
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Leviathan Song posted:I'm just starting to look at homes now. I've got my down payment together, preaproval, and think I've found a decent buyers agent. I was looking around and found a short sale cash only for about $60K that's the perfect size in the perfect location, my style of architecture, everything. How old are you? If you're sinking in 30k of Roth money then the opportunity cost is losing ~6 years of contributions that you will never get back and the investment earnings that would come with it tax free until the time you retire. Obviously the reward is no mortgage and the chance to save/invest/use the amount that you would pay monthly. If you have decades before you retire, then the greater value is likely with keeping the Roth intact. If you're near retirement age then it skews towards eliminating the monthly expense. Of course take this with a mountain of salt since there is a ton of other factors. Edit: oh and make sure you have a big enough emergency fund after the purchase because if it's a cash short sale there is a decent chance for some major repairs to be done 
balancedbias fucked around with this message at 21:39 on Jun 1, 2014 |
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Jun 1, 2014 21:34
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LabyaMynora posted:Thank you very much. This property has been on the market for 27 days, but was also on the market from Feb to July last year without selling. 2 similar homes have sold in the past year, one for $100,00, and the other for $109,000, but they were in rougher shape from what I can tell. Nothing's selling for close to $129,900 which is why I'm not going to buy at that price. My hope is that by offering $118,900, I'll pay between $122 and $124. Your post makes your thoughts clear. If your Realtor explains the reasoning, then determine if it meshes with you. If the Realtor remains nebulous, then you may need a different one.
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Feb 15, 2015 14:27
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Higgy posted:Depends on your answers to: Yeah, it's to make sure you haven't splurged on something or magically decided to stop paying all of your other expenses to afford a brand new mortgage. This is also why the rule of thumb is to not do anything new until every step is done. They will question everything all over again.
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Mar 8, 2015 15:27
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ghostter posted:It's pretty normal and I just happen to live in the highest insurance premium neighbourhood of the GTA. I got a $40 slap-on-the-wrist ticket for going 15 over two years back. It ended up raising my insurance by 25% (a little over a grand a year) for 5 years. If I knew this could happen I would've paid $200 for ex-copper or something and had it thrown out. Besides that I have a clean record. Rent is an exchange where you pay for shelter and the maintenance of the property, with the money going to a landlord. Owning is taking on a massive amount of debt in exchange for paying all maintenance costs yourself, while most of your money goes to the lender. If by "keep most of it" you mean "keep a couple hundred in equity as long as the value of the home doesn't depreciate and the only way to access it is either debt to myself or getting rid of my own shelter" then yes, you're right! In other words, rent is the highest you will have to pay in a month, and it's fixed for a while. A mortgage is the lowest you will ever pay in a month, with the expectation that you will shell out tons more at random intervals. Please don't be shortsighted on this.
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Jan 16, 2016 15:48
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antiga posted:read the guidelines for cancelling PMI. There is often a seasoning requirement if you're getting the new appraisal based on market price appreciation. If you have a FHA mortgage the rules will differ. Can't emphasize this enough. Know your loan parameters inside and out. Know the exact number you would need the house to be valued at, or how much you would have to pay down. You can use both to your advantage if the circumstances are right. If it's FHA, I hope it was originated before the most recent changes. Their version of PMI is now permanent; you'd have to refinance into a conventional loan.
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Jul 26, 2016 22:32
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OhDearGodNo posted:Real quick couple questions and time is somewhat of essence: I'm not sure I understand...your complaint about the first lender is that it's too good to be true? Do you have any evidence to support that?
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Jul 29, 2016 02:14
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Subjunctive posted:No, because there are relevant qualifications for being hired, and they will be acting as an agent of the company. It does too often introduce implicit bias, but it's hard to blind that process well enough to avoid it. It's not the case with a house purchase or sale; it's very easy to protect yourself from bias given how little personal information is necessary for the transaction, and that there is an agent who can be a blinding intermediary. So are you actually going to address the practical points of a Google and public records check (information relevant to the condition of a major financial purchase) or continue with your initial less related point? "Ooh, this guy is quoted in an article about Superstorm Sandy...but there's no record of flood repairs. Let me make sure the inspector checks the basement very carefully." Not a hypothetical; my friend was looking at buying in with a few other people at a shore house. Initial looks were fantastic, all new work...and zero permits to show for it. He passed, wisely.
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Jul 30, 2016 23:49
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Xenoborg posted:I got sent over here from the personal fiance thread with my PMI question: It seems like common sense that, since the PMI penalty is due to not putting down 20% of the purchase price, then as soon as I have under 80% of the loan value, I'm all set! NOT SO FAST! The official rule is 78%. So just pay a little more to hit that mark, and you can confidently tell them cancel without the hoop of an appraiser unless you signed some unscrupulous contract. FYI, people have also used appraisals in their favor, by  proving the propety's value went up far enough that their equity qualifies for the 78%mark irrespective of the payments themselves.
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Feb 28, 2017 02:54
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Twerk from Home posted:Turns out that type of house I'd been looking out are mostly "Horizontal Property Regimes", a complex ownership structure in which the owner only owns the land under the foundation and a 3rd party legal organization owns the surrounding land, which is shared with other nearby homeowners. I'm bothered by this, does anyone have experience with detached homes that in a situation like this? Apparently all these houses are like this because it's a legal way to subdivide larger lots without going through actual splitting of existing lots. The end result is higher density without the consent of neighborhood homeowners, which I'm not too worried about. I just see this as even more risk because it's like the worst of condo ownership combined with the worst of detached single family homeownership. Ever seen a really old cartoon or sitcom where there was some misunderstanding about where property lines were, so neighbors would purposely mark off delineations in inconvenient ways or challenge the most basic point of contention just to be dicks? Yeah, imagine that but with multiple neighbors doing it all at once and with little recourse in terms of going to court about it.
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Mar 12, 2017 16:19
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5 RING SHRIMP posted:This may be a little off topic for this thread but on topic for the conversation. General rule of thumb :"You make your money when you buy." The idea is to purchase the house way below its current value so you will have a substantial equity gain after all of the renovations are done. Selling it at that point with the new appraised price should be much easier and you keep the final proceeds. If the final numbers support holding it and renting for positive cash flow, you can do that and keep the forced appreciation as an added bonus (maybe a cash out refinance later, if you're looking to stay in real estate and buy another property without adding any of your personal money). The situation you described, if you're gauging it correctly, is a bad deal because you're looking to buy for what the house will remain at in that particular market. Flippers look for obvious fixer-uppers in decent markets for that reason. You can force it to be a "good deal" by lowballing an offer at a number that produces a profit for you. Obviously if you have the knowledge and experience to do any of the renovation points yourself, you can save money. But talk to people that have done this type of investing and contracting before; don't approach it like those HGTV shows  e:fb but seriously, if you want to be an investor in good standing, don't be a slumlord and/or scummy flipper. Word travels fast and it will be tougher for you in the long run. It's not a hard standard to meet. balancedbias fucked around with this message at 01:35 on Apr 11, 2017 |
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Apr 11, 2017 01:31
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SurgicalOntologist posted:I've posted in this thread before, but now it's time to start making moves and I've got some actual questions. Mainly about the whole loan qualification process. There's a chance you'd be looking at some unfavorable rates if you don't don't have a consistent source of income for conventional lending. The W2 history certainly helps, but nothing lined up at time of application can be an automatic disqualifier. It sounds like you have reserves, but that's exactly how the lender sees it, too (just reserves that will get depleted without proof of steady income). If you don't mind, what's your rush to purchase a house in the new area? balancedbias fucked around with this message at 04:08 on Apr 27, 2017 |
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Apr 27, 2017 00:58
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Leperflesh posted:Francis, Mohinder, Etsuko, and Tariq have decided to buy a triplex together as a tenancy-in-common for $250,000 This was a pleasant surprise and the world is better for this post.
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Jul 11, 2017 22:21
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deep web creep posted:Did the inspection yesterday and it went pretty well -- stuff we expected, minor code violations, etc. However, the inspector told me that the HVAC and boiler are from '95. The selling agent told us during the open house and prior to signing that they were last replaced in 2009 (didn't notice myself, totally new to this). We even have printouts of the listings and a handout from the open house that lists 2009 mechanicals as a selling point. My realtor called and the selling agent said it was a mistake and/or she misunderstood the seller. It sounds like the inspection is a part of contingency, so you have options. You can ask them for a credit, you can ask for a replacement (unlikely since the product works) and *gasp* you can ask for a price reduction outright. Don’t let FOMO drive the decision; it was never your house to begin with!
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Feb 11, 2018 19:21
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Leperflesh posted:You should report them, yes. It's possible the owners are unaware of the people occupying their house, it's possible the occupants have been cheated, who loving knows... but what's certain is your city is being defrauded of its rightful tax income and that puts the burden of the city's expenses onto everyone else, unfairly. Um...yes, I agree it's the right thing to do, but the bolded part should not be understated. You need to be safe. If you are the only person these people have spoken to, any complaint could come back to bite you hard. Discretion valor yadda yadda... Or tldr what that guy said above
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Aug 23, 2018 02:30
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Motronic posted:
Sooooo close to this happening when we bought out current house. However, it worked in our favor! We did the final walkthrough and they still had a ton of poo poo scattered in the basement, but clearly near ready to pack in boxes, hand trolley loaded up, etc. They also had a fully furnished theater room that they forgot about. Guess who got to keep a sweet set of recliners that we made sure to deep clean because I don't want old furiture but drat THESE ARE NICE for no additional cost? 
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Aug 29, 2018 01:08
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Seven Hundred Bee posted:For us we're only buying because of two reasons: Just a heads up about this: When you are a renter, you are only responsible for whatever is stated in your lease. Everything else is on your landlord financially. When you own a home, everything is your responsibility, no matter what it costs. Therefore, think of your rent as the ceiling, and your mortgage as the floor. If there is no gap, then it's likely more expensive to own a house in that market in the short term.
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Oct 21, 2018 23:35
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EAT FASTER!!!!!! posted:Hi, yes, don't doxx me. Counterpoint: Interestingly enough, the change to AMT calculations can make this a wash. Counter-Counterpoint: If you make enough that your income exceeds the AMT calculation then this is moot.
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Feb 7, 2019 02:02
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Motronic posted:Wait, what? That kind of thing sounds absolutely insane. Are you sure you are understanding that reg properly? Those are not any kind of C of O requirements I've ever heard of. From the one person know in that area, yes the Cleveland POS rules are...well...POS
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Apr 1, 2019 01:18
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| # ¿ May 14, 2024 11:53 |
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Good to hear it worked out. When I closed on our refinance earlier this year I was thankful that we had a verification contact person well ahead of time in case we got fraudulent information. I was terrified about that happening.
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Aug 18, 2020 18:24
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