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Short Corner

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Everything posted by Short Corner

  1. I literally told the car salesman that if he went down $500 more that I'd take it. He didn't. I'm still driving my Pontiac Grand Am. May buy one soon though, not sure. Just seems like so much money to spend on a bad investment.Dude, go with a lease...if you are SE on your taxes you can deduct the payment.
  2. If Assani comes back and tells us he eliminated Jesus, that's going to be bigger than his $45k win. That's a story worth passing down to your grandkids.I'll take the $45KBy the time Assani is 70 years old, $45k is going to be worth what $5 is today.With interest? $45k is what they'll be charging for a down payment on a 2058 Toyota Yaris.Wanna lend me $45K?
  3. If Assani comes back and tells us he eliminated Jesus, that's going to be bigger than his $45k win. That's a story worth passing down to your grandkids.I'll take the $45KBy the time Assani is 70 years old, $45k is going to be worth what $5 is today....and I would much rather knock out Cunningham than Jesus.
  4. If Assani comes back and tells us he eliminated Jesus, that's going to be bigger than his $45k win. That's a story worth passing down to your grandkids.I'll take the $45K
  5. If I'm not mistaken, that origination fee is another way of saying you're paying a point (or points). If the amount of the loan is $230K, that is a point. If it is $115K, that is 2 points.It is. I don't know why they split origination and discount points, but they are basically the same to the person getting the loan. I think the origination part is the "fee" part where brokers, etc. make their money. That is why menobrown mentioned that he could change around his fee to an origination fee because one the latter is tax deductible since it is a "point." The discount is the one that can slide up and down and change the rate, which is why people say they pay points to buy down the rate.So are these points or fees negotiable?Not usually, if you are getting a good rate. I was able to get Wells Fargo to match the broker I had used before. The rate and fees I got were a lot better than the rate/fees they show online. They already had my loan, so I called them up and asked them what they could do. I ended up with the same rate, but better fees because they threw everything in they could, including a friends and family $300 rebate. I was amazed how quickly I got that check, just a couple weeks after the close. I figured it was a freebie that I would get months down the road.WF is notorious for this. Most loan officers won't send do loans through them, in my region anyway.
  6. That looks great to me.With rates moving up about 3/8 of a point since yesterday, I'd jump on this. Countrywide quoted me a 30 yr fixed at 5.75 for no points earlier today...$4k in closing fees. Is that normal?It's mostly relative to the size of the loan, which is?
  7. Isn't this what screwed a lot of people in the first place? Yep, why change now? Go all in I say.So I guess go with the 30 year fix and save(put) your money in a bank. See where that gets you in 30 years. Good Luck, because you will need it. I am going to go with the 30yr to free up a little cash to prepare for buying another house later in the year. Now if people would just pay rent on time..... Good move.I have had problems with people paying on time and paying at all. But in the long run it's worth it. For rental, you have to go 15 year interest only. Good luck. Do you mean you should go 15 year for a rental? I was going to do a 15 probably anyway but why is it bad to do 30 on a rental?Nothing wrong with doing 30 on a rental. There is nothing magic about this decision. Just ask yourself if the lower rate you get on a 15 year note is worth the higher payment to you- most people say no and go for a 30 but if you feel comfortable with a 15 year payment and feel secure in your job you will save a lot of money by going for 15 years.15 Year Interest only is less than doing 30 year fix, we all need to know that.That being said the answer is you need to get your mortgage payment down. So 15 year interest only is the way to go. With a line of credit. This is Million dollar advice. But you aren't building equity in the meantime -- how are you supposed to move up to another house in a declining or stagnant housing market?Why would you want to pay down the balance of a depreciating asset if you didnt have to?
  8. They will just tack it onto your mortgage balance or you could take about .250 rate hit and have no closing costs. I would do the latter.That might not make sense depending on other variables such as the amount of the loan and how long you expect to have the loan.Of course there is no one answer for all scenarios. But IMO, in todays environment, it is the smart choice for the majority of borrowers out there. Especially if you anticipate the rates dropping further.
  9. They will just tack it onto your mortgage balance or you could take about .250 rate hit and have no closing costs. I would do the latter.
  10. Not exactly how it works. When you buy a point, you are paying 1% on the full amount. If your loan is 400k then that is $4000. You would pay this much annually if your rate was 6.125. If his rate is 5.125, and he is buying a point, he is probably at 5.375 or so, which is still an excellent rate right now.Thanks - good to know. That is a good number.Mortgage was roughly 200k, we paid 2k to go from a 5.325 to 5.125 and added it to the mortgage. The payoff for the point was 42 months so it was worth it to me.As long as you ride out the 42 months you are fine. Any refi before then is like burning $2000. Literally.
  11. I'm assuming this was a much cheaper option than going with one jumbo mortgage for the entire debt amount?My wife and I were going to take the same approach as you when we were homeshopping in the fall.You take anywhere from 2-2.5 point hit on the RATE when you go from conforming to jumbo.
  12. California 30 year FRM (Loan<$417K) 5.375% with no closing costs
  13. You go ahead and let us know when rates have bottomed out Nostradamus.
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