House Payment

[muchado]

Dat's right... If you borrow let's say $10,000 against your equity line, and use $5000.00 for improvements and then pay the other $5000.00 against your mortgage, you can spread out the payments over many months and if you put it into a short term investment account, you can make 2-3% on it and still write off the whole $10,000.00 as home improvements.

..all while writing off your interest as well I like your way of thinking

 

[CHASMAN9]

..all while writing off your interest as well I like your way of thinking

For $29.95 plus $6.00 shipping and handling, I can send you my 2 hour video of how you too can be succesful in "Modified Money Laundering Management" Step by step directions on how you too can turn a dime on the IRS

 

[ROCKYOTA]

I say sell it all and live in a van down by the river !

 

[Bones]

I just met with Wells Fargo last night to talk about refinancing my house.

Off the top of my head I owe $116K on my current loan, been there 3 years and it's a 5 year ARM (currently 6% IIRC) so I want to refinance while the gettin is good.

Dude shows me 3 options last night.

30 year at 4.5%, drops my payment ~130/mo and I gotta pay out my ass to get that rate, refinancing for 127,500!! I paid 124 for it 3 years ago....Interest reduction 15,800

30 year at 5.0%, drops my payment ~105/mo and I gotta pay out my ass to get that rate, refinancing for 124,000 AGAIN Interest reduction 5,000

15 year at 4.0%, increases my payment 170/mo and I gotta pay out my ass to get that rate, refinancing for 127,500!! Interest reduction 78,600

So I need to look into my Credit Union and see their 30, 20 and 15 years fixed rates before I jump ship. I am unsure if I will stay here 2, 5, 10, 15 more years, so that is also a catch 22 if the cost is even worth it..


ramble off.

 

[bigsilly]

I just met with Wells Fargo last night to talk about refinancing my house.

Off the top of my head I owe $116K on my current loan, been there 3 years and it's a 5 year ARM (currently 6% IIRC) so I want to refinance while the gettin is good.

Dude shows me 3 options last night.

30 year at 4.5%, drops my payment ~130/mo and I gotta pay out my ass to get that rate, refinancing for 127,500!! I paid 124 for it 3 years ago....Interest reduction 15,800

30 year at 5.0%, drops my payment ~105/mo and I gotta pay out my ass to get that rate, refinancing for 124,000 AGAIN Interest reduction 5,000

15 year at 4.0%, increases my payment 170/mo and I gotta pay out my ass to get that rate, refinancing for 127,500!! Interest reduction 78,600

So I need to look into my Credit Union and see their 30, 20 and 15 years fixed rates before I jump ship. I am unsure if I will stay here 2, 5, 10, 15 more years, so that is also a catch 22 if the cost is even worth it..


ramble off.

Sounds like they are taking people to the cleaners with the low rates and charging crazy high fees. I guess they hope the by lowering some one's monthly they will not pay much attention to the fees. That is crazy

 

[muchado]

I say sell it all and live in a van down by the river !

I'd love to.

 

[Bones]

Sounds like they are taking people to the cleaners with the low rates and charging crazy high fees. I guess they hope the by lowering some one's monthly they will not pay much attention to the fees. That is crazy

Yeah the fees are nuts! I need to refi before my ARM in 2 years, but I am not desperate to refi and pay that kinda fees when I have a 740 credit score.

 

[wngrog]

Dude, get out of that ARM even if you have to pay up. The side-effect we will all see to this crazy govt. spending is inflation. Right now, they are doing their best to control it before the 2010 elections, but after that bloodbath they are going to let them fly (in my opinion) and try to toss the blame on the Republicans since they will "be in control"

 

[Bones]

Dude, get out of that ARM even if you have to pay up. The side-effect we will all see to this crazy govt. spending is inflation. Right now, they are doing their best to control it before the 2010 elections, but after that bloodbath they are going to let them fly (in my opinion) and try to toss the blame on the Republicans since they will "be in control"

I will and am in the process. I am not paying 10K to refinance though. Main reason is I doubt I stay here long enough to benefit from it. The other is I am a member of a credit union and have others to check into as well. Wells Fargo is NOT my only option, let alone my first.

 

[CHASMAN9]

I recently re-fied with Wells Fargo and they decided that after 10 years of living in my current home that I should have flood insurance even though I am not in a flood plain per a engineering survey. They made me purchase flood insurance to close a 4.25% loan and told me to fight with FEMA to have it clarified and maybe the insurance carrier would refund part of my premium back. So I am out the re-fi charges and now the flood insurance (1) year premium and fighting with FEMA, what a hassle to lower my rate, but in the enmd will be worth the 1.75% decrease.

 

[John Galbreath Jr.]

I recently re-fied with Wells Fargo and they decided that after 10 years of living in my current home that I should have flood insurance even though I am not in a flood plain per a engineering survey. They made me purchase flood insurance to close a 4.25% loan and told me to fight with FEMA to have it clarified and maybe the insurance carrier would refund part of my premium back. So I am out the re-fi charges and now the flood insurance (1) year premium and fighting with FEMA, what a hassle to lower my rate, but in the enmd will be worth the 1.75% decrease.

I had the issue with flood insurance as my property line is the center of the river. Doh, it is UNDER water. Then, I told them that the basement is 65 feet above the water, they did not follow through with requiring it.

I have a bigger problem with fire insurance. Being on a well and the closest hydrant is one mile away.

 

[CHASMAN9]

I had the issue with flood insurance as my property line is the center of the river. Doh, it is UNDER water. Then, I told them that the basement is 65 feet above the water, they did not follow through with requiring it.

I have a bigger problem with fire insurance. Being on a well and the closest hydrant is one mile away.

RAPE, my property is split up into 2 seperate parcels. They think that I picked up my house and moved it to the property closest to the creek. You can't dumb fix ass, wait, you fix can't dumb ass, no, you dumb fix ass. Fawk it, they got my money and I have placed a call to a couple of guys down in Pearl River Mississippi to help out with the error...


I do imagine that if they saw the Galbreath Christmas extravaganza, the Propane Palace would be even tougher to insure.