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I just did a little googling about what happens when you pay more to a mortgage (short answer: pays off earlier, doesn't change monthly payment) and came across this article on MSN Money, which is a really good general "do this with your money" read: http://articles.moneycentral.msn.com/Banking/HomeFinancing/DontRushToPayOffThatMortgage.aspx
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May 7, 2009 15:49
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| # ¿ Apr 28, 2024 23:36 |
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How are you paying $200/mo on PMI? I also doubt that the mortgage company would be able to track it down to being loaned money if it's sitting in your bank account as cash. You could basically just call it a gift from your father. I have no real idea though, just seems tough to track.
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May 7, 2009 19:37
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Shows what I know. I figured there was something along the lines of that "gifting" process.
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May 7, 2009 20:01
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Strict 9 posted:Not sure. The bank quoted us around $180 for 15% down on a $400,000 house. Boston area. Based upon my (incredibly rudimentary) knowledge of how PMI is calculated, that seems about double what it should be. Might be some extenuating circumstance I don't know about.
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May 8, 2009 00:59
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I don't know, you seem like you're in a pretty ideal situation. A mortgate payment that's ~22% of your gross income doesn't seem like anything to worry about, especially considering your other debt only amounts to ~$400/month. If you're nervous, live like a pauper as much as possible for the first few months to see how you're doing, rebuild your emergency fund, and maybe pay down your other debt.
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May 8, 2009 14:49
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FidgetyRat posted:Plus, keep in mind not all areas have had many drops at all.. The place where I'm buying in NJ has hardly fallen at all, and in fact our builder just raised prices 10k after he sold out the new section of the development in 2 weeks. Then again, things were never ridiculous down here to begin with, so maybe that has something to do with it. It is funny thought hat half the development that was finished before the recession hit is paying almost 2x the taxes then the rest of us. It's the same general situation where I want to buy on the North side of Chicago. While my very relaxed, rudimentary tracking of condo values in the more desirable neighborhoods where I hope to buy at (Lakeview, Lincoln Park, Uptown, Bucktown, Logan Square, etc.) indicates that prices don't really seem to be going up, they sure don't seem to be appreciably going down either. Deals can be found in the more fringe and non-gentrified areas that weren't there previously, but I'm not exactly keen on dodging bullets for 5-10 years while the hood gets shuffled out to either save a few bucks or profit a few bucks down the road. Then again, all you have to do is drive 35 miles west to Plainfield to see vast tracts of empty sub-developments where they can't even give the houses away. Location, location, location.
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May 12, 2009 16:15
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| # ¿ Apr 28, 2024 23:36 |
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Tap posted:That reminds me, what is the most ideal (or common) place to put money you expect to use for a down payment? Savings account, money market or bonds.
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May 28, 2009 19:09
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