Noodleface
A Mod Real Quick
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Home buying thread
- Thread starter Pasteton
- Start date
Noodleface
A Mod Real Quick
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Just about 4 years now.
I'd like to get out of PMI, but im really unaware of any additional benefits refinancing bring.
Blazin
Creative Title
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well there are two potentials
1.) Lower rates - this is unlikely to apply to you as rates have been low and steady for a good number of years. We are in a slight up tick that is likely to continue.
2.) it re amortizes the loan so you are borrowing less and starting over, which can result in lower payments.
the offset of these benefits is the cost of doing the transaction. It can cost a few thousand dollars overall, with title insurance usually being the largest expense, but if you don't plan on moving and you eliminate PMI that you are currently paying it may take a few years but refi can begin to work in your favor.
Edit.. If you are currently paying PMI you don't have to refi to get rid of it but you do have to pay it down to 79% LTV based on the original appraisal. I believe it is now law they are required to drop this, they use to let people just keep paying it even when it was no longer owed. On a 30 yr mortgage though if you started with standard FHA 3% range then it will take a lot more than 4 yrs to get to 79% LTV, but if your goal is savings but have extra cash , you can pay down some extra on mortgage for next few years to get it to the 79%
I tried to determine if you could actually get the PMI stripped from your loan or not and I came to the conclusion it seemed easier to just refi the house. I also got a better rate since it wasn't a low downpayment FHA loan.
Noodleface
A Mod Real Quick
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Yeah we're at 87%ish LTV or something and with kids it's tough to pay off a ton extra. I usually do an extra hundred or two per month but it's slow going
Started at 270k and we're down to 235k, I can't even remember what we put down but I think 5%. I was an idiot when I purchased, I know. Wife fell in love with the house.
Aldarion
Egg Nazi
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LOL 20% down. This is the financial equivalent of how all FOH posters (except me) are married to women who look like supermodels and love giving blowjobs.
In real life I know exactly zero people who had 20% to put down on their house. I put precisely zero down on mine. Guess I'd be better off building zero equity while renting for the next decade.
I'm gonna go ahead and file this in the same folder with FOH relationship advice
In real life I know exactly zero people who had 20% to put down on their house. I put precisely zero down on mine. Guess I'd be better off building zero equity while renting for the next decade.
I'm gonna go ahead and file this in the same folder with FOH relationship advice
Noodleface
A Mod Real Quick
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Frenzied Wombat
Potato del Grande
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I put 35% down on mine and my GF is a 10 who cooks me gourmet meals and offers me BJ's while playing Xcom. 3/4 of these things are untrue.
Xarpolis
Life's a Dream
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I put 0% down. My wife used to cook gormet style meals, but I guess that got too hard. Now she makes easy shit (I'm not complaining. I don't cook). She also never offers BJ's, but she'll perform if I ask for one. She's not a 10, but easily a high 7. Not a model, but then again, neither am I.
Asshat wormie
2023 Asshat Award Winner
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Springbok
Karen
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This may have been covered elsewhere in this thread, but anyone have any experience in an older, historical/preservation home? My wife and I live in Edmond OK, but were looking at moving down to a historical area and have found a place we like. I've got a copy of a previous inspection and major concerns as follows: Sill plates in garage not visible; Recommend window well covers; Federal Pacific Panel Stab has history of problems, Hvac tech examine; Furnace not in proper working order, HVAC tech examine; Overhead wires too low across driveway.
Other than typical things like the roof, electric, plumbing, Heat/Air, lead paint/asbestos what should I be looking for when looking at the property? I guess the concern is that with an older home (built in 1936) AND with it being a historical preservation home, updating would be a massive pain in the dick both from an expense standpoint, and red-tape standpoint. Anyone do this and consider it a labor of love? Or, just said fuck it after 5 years and moved to the burbs? For the money we're talking about, we could build a mcmansion in Edmond - but the loss of character, charm, and convenience aren't trivial.
Other than typical things like the roof, electric, plumbing, Heat/Air, lead paint/asbestos what should I be looking for when looking at the property? I guess the concern is that with an older home (built in 1936) AND with it being a historical preservation home, updating would be a massive pain in the dick both from an expense standpoint, and red-tape standpoint. Anyone do this and consider it a labor of love? Or, just said fuck it after 5 years and moved to the burbs? For the money we're talking about, we could build a mcmansion in Edmond - but the loss of character, charm, and convenience aren't trivial.
Khane
Got something right about marriage
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You'll probably want to check with the historical society because I'm willing to bet the rules/regulations in place in that area are going to be very different than the rules/regulations in a place like New England for instance.
I can tell you this though, you have to be a masochist in the truest sense of the word to want to restore one of these old Victorian New England homes. And after they are preserved/restored they are not comfortable to live in at all. Uneven, creaky, noisy as all hell floors. Tons of windows and doorless entryways (Ridiculous heating and cooling bills). Dirt crawlspaces rather than basements. They look great from the outside but fuck living in one.
I can tell you this though, you have to be a masochist in the truest sense of the word to want to restore one of these old Victorian New England homes. And after they are preserved/restored they are not comfortable to live in at all. Uneven, creaky, noisy as all hell floors. Tons of windows and doorless entryways (Ridiculous heating and cooling bills). Dirt crawlspaces rather than basements. They look great from the outside but fuck living in one.
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Noodleface
A Mod Real Quick
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It's more like a euphemism for "different than normal" which could be ugly and shitty, but usually they're just these off the wall places which snowflakes can sell as unique even though nobody gives a shit.
zzeris
King Turd of Shit Hill
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Damn, I thought I was in the politics thread after that derail. I don't think anyone doesn't waste money on something so just find where you value wasting on. My first home was a PMI FHA with 8% down. It helped me learn for the next time. Nothing's a complete waste if you learn from it and everyone has something they get burned on. Frenzied, I pick option #4 since she's still the GF.
Springbok
Karen
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I walked in, saw mud tape all over every ceiling in the house, saw a furnace that was fucked, a saltwater pool that was tiled in the 40's (by the looks of things), and a little box in the kitchen that I was told the milkman used to shove milk through. Noisy, creaky floors were definitely present (though they looked really neat) - ya, it seems so labor intensive that even after we drop $100k into the deal there are still many qol things to deal with on a daily basis. I was/am willing to do it, but my wife checked out after about 12 minutes and went outside to play with the sellers dog....
Xarpolis
Life's a Dream
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I wish some of you guys were wealthy.
I ran across a property today that has HUGE potential. It's an ocean front half acre in a popular city. Mostly undeveloped land, just a small "shack" like house. The listing price is right around 6 mil, but the property itself is worth 5.25. It would be easy to demo the "shack" that's on it right now and put up a mansion for major benefits. Like 10-15 mil selling price. I'm going through my list of every wealthy individual I have met over the years, but it's not as high as I would like it to be. Doh.
I ran across a property today that has HUGE potential. It's an ocean front half acre in a popular city. Mostly undeveloped land, just a small "shack" like house. The listing price is right around 6 mil, but the property itself is worth 5.25. It would be easy to demo the "shack" that's on it right now and put up a mansion for major benefits. Like 10-15 mil selling price. I'm going through my list of every wealthy individual I have met over the years, but it's not as high as I would like it to be. Doh.