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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
  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 shou
  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 burni
  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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