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Rep Retirement Lodge 119: Legands of the Foopers
- Thread starter bigmrg74
- Start date
- Status
Ralph Baer
Let's Go 'Tute!
Re: Rep Retirement Lodge 119: Legands of the Foopers
Good Morning, MEUSA!
Good Morning, Wally!
Good Morning to the rest of tLodge!
Good Morning, MEUSA!
Good Morning, Wally!
Good Morning to the rest of tLodge!
MissThundercat
Are the cis okay?
Re: Rep Retirement Lodge 119: Legands of the Foopers
Good morning, Lodge. Hopefully this goes well today; if not, I'm in no major hurry to schedule another one...
Mmmm, beef liver pate on flatbread.
Good morning, Lodge. Hopefully this goes well today; if not, I'm in no major hurry to schedule another one...
mookie1995
there's a good buck in that racket.
Re: Rep Retirement Lodge 119: Legands of the Foopers
s'upp y'all
s'upp y'all
Lady wore Black
pawn in game of life
Re: Rep Retirement Lodge 119: Legands of the Foopers
Good Morning, Lodge!
Good Morning, Lodge!
crazytechfan
:)
Re: Rep Retirement Lodge 119: Legands of the Foopers
There is absolutely nothing like spending a lazy morning with your puppy laying on your feet, occasionally groaning.
There is absolutely nothing like spending a lazy morning with your puppy laying on your feet, occasionally groaning.
bigblue_dl
Armed
Re: Rep Retirement Lodge 119: Legands of the Foopers
Good Morning Lodge
I should get some work done today, hopefully I'm actually able to do that.
The house's inspection is tomorrow. I have to decide what to do for financing also...
Good Morning Lodge
I should get some work done today, hopefully I'm actually able to do that.
The house's inspection is tomorrow. I have to decide what to do for financing also...
Hammer
We'll be back.
Re: Rep Retirement Lodge 119: Legands of the Foopers
If I were you I would consider a 30-year fixed, but pay it off over a 15 year schedule. You're still going to have a super-low rate with the 30-year (although it would be a little bit higher than a 15-year rate, half-point or so), but you'll have some flexibility in the payment if you get in a jam a couple years down the road.
If I were you I would consider a 30-year fixed, but pay it off over a 15 year schedule. You're still going to have a super-low rate with the 30-year (although it would be a little bit higher than a 15-year rate, half-point or so), but you'll have some flexibility in the payment if you get in a jam a couple years down the road.
Lady wore Black
pawn in game of life
Re: Rep Retirement Lodge 119: Legands of the Foopers
Good Morning, again.
The phone call came. Grandma passed away this morning. Now the waiting game until I have to drive to Exit 1 in North Dakota.
Good Morning, again.
The phone call came. Grandma passed away this morning. Now the waiting game until I have to drive to Exit 1 in North Dakota.
bigblue_dl
Armed
Re: Rep Retirement Lodge 119: Legands of the Foopers
The problem is that one of the bathroom isn't finished so I might have trouble getting a secondary market loan, apparently. If that is the case I'd have to get an in house loan, which has a max duration of 7 years, with a lump sum payment at the termination of the loan. So I'd have to re-finance at some point after the first year, to get into a 30 year mortgage. Also, I'm getting pushed to try to get 20% down, to avoid mortgage insurance, but 20% down is a huge stretch for me, so I'm thinking that I'll pay the minimum, 5%, down, pay mortgage insurance for the first year, then get it re-assessed after a year, so they can use the assessed value of the house instead of the purchase price. Then I should be able to get over that 20% equity threshold, and be able to stop paying mortgage insurance.
Yeah, I am going to go with a 30 year fixed rate, which I can get an interest rate of 4.35%
The problem is that one of the bathroom isn't finished so I might have trouble getting a secondary market loan, apparently. If that is the case I'd have to get an in house loan, which has a max duration of 7 years, with a lump sum payment at the termination of the loan. So I'd have to re-finance at some point after the first year, to get into a 30 year mortgage. Also, I'm getting pushed to try to get 20% down, to avoid mortgage insurance, but 20% down is a huge stretch for me, so I'm thinking that I'll pay the minimum, 5%, down, pay mortgage insurance for the first year, then get it re-assessed after a year, so they can use the assessed value of the house instead of the purchase price. Then I should be able to get over that 20% equity threshold, and be able to stop paying mortgage insurance.
Re: Rep Retirement Lodge 119: Legands of the Foopers
Cash.
So sorry. I hated those calls.
Cash.
Good Morning, again.
The phone call came. Grandma passed away this morning. Now the waiting game until I have to drive to Exit 1 in North Dakota.
So sorry. I hated those calls.
Hammer
We'll be back.
Re: Rep Retirement Lodge 119: Legands of the Foopers
The problem is, the house may not appraise for enough to get you to 20% equity in just a year if you're only putting 5% down. The market's kinda *ed up that way. You're really going to have to take a chunk out of that mortgage in the 1st year to get you there. The 5% number is going to have to be adjusted.
The problem is, the house may not appraise for enough to get you to 20% equity in just a year if you're only putting 5% down. The market's kinda *ed up that way. You're really going to have to take a chunk out of that mortgage in the 1st year to get you there. The 5% number is going to have to be adjusted.
Re: Rep Retirement Lodge 119: Legands of the Foopers
You won't get rid of PMI after one year with a new appraisal. Housing prices are pretty well stuck in a rut right now in the twin cities. I'd suggest paying 10% down, using some of the leftover funds to do the bathroom, and then prepay the mortgage as future funds allow to ditch the PMI in 2-3 years. If you're lucky, the market will recover slightly in that timeframe which will accelerate the process a bit - but don't bet on that. I wouldn't bother with an appraisal for at least 2 years.
Editing my post given the new info:
You won't get rid of PMI after one year with a new appraisal. Housing prices are pretty well stuck in a rut right now in the twin cities. I'd suggest paying 10% down, using some of the leftover funds to do the bathroom, and then prepay the mortgage as future funds allow to ditch the PMI in 2-3 years. If you're lucky, the market will recover slightly in that timeframe which will accelerate the process a bit - but don't bet on that. I wouldn't bother with an appraisal for at least 2 years.
Last edited:
leswp1
New member
Re: Rep Retirement Lodge 119: Legands of the Foopers
So sorry to hear
Good Morning, again.
The phone call came. Grandma passed away this morning. Now the waiting game until I have to drive to Exit 1 in North Dakota.
So sorry to hear
Re: Rep Retirement Lodge 119: Legands of the Foopers
Morning Lodge
It occasionally catches sight of the Fooper tat, hence the groaning?
Sorry Lady.
Greyeagle,
I don't think bb_dl is some bigwig who can afford to send his two kids to private schools, so he'll likely have to finance the house like the rest of us peons.
Morning Lodge
There is absolutely nothing like spending a lazy morning with your puppy laying on your feet, occasionally groaning.
It occasionally catches sight of the Fooper tat, hence the groaning?
The phone call came. Grandma passed away this morning. Now the waiting game until I have to drive to Exit 1 in North Dakota.
Sorry Lady.
Greyeagle,
I don't think bb_dl is some bigwig who can afford to send his two kids to private schools, so he'll likely have to finance the house like the rest of us peons.
bigblue_dl
Armed
Re: Rep Retirement Lodge 119: Legands of the Foopers
Yeah, I'm being too optimistic hoping to get out of PMI in one year. The reason why I'm thinking its possible is because I got the house for about $100,000 less than the last appraisal. With the way the housing market is now, I have no idea what it will be appraised at now.
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