EDU Mortgage EDU

pookrat

OT Supporter
Dec 6, 2002
4,623
The Woodlands
CC debt is crushing. It’s almost insurmountable in a lot of cases. I’ve had it happen 2x. Once when I was just out of college and acting regarded (it wasn’t even that much). And once as an adult while going through a divorce and just after moving across country to start over my referral based business in a brand new area where I didn’t know anyone.

You are incredibly fortunate that it happened when house values have skyrocketed, and even have an opportunity to pay it off like this. Can you imagine if house value increased 5% instead of 50%? You should be counting your lucky stars and rushing to get this done ASAP. I’m curious to see what your rate and fee quote comes back to look like in this scenario.
I am amazingly fortunate to be in this scenario. And I totally understand. I did the old regarded out of college thing to the point where I just ignored everything for the 5-7 years for it to drop off before building my credit back up. So I know the feels. I could be looking at a horrible debt consolidation situation or even bankruptcy if it wasn't for the real taste situation.

I would not be against sharing my rate sheets and credit reports with you via PM. I will still be going with my Mortgage guy as he is a friend and all of the family have used him and such. But I respect your opinions and have learned a bit just from this thread. This is only my 3rd piece of real estate. I was a renter for way to long in my life. Didn't buy my first house until 35ish after spending crazy stupid amounts on rents. I was one of those that was resigned to never be married or have a family so I indulged way more than I should have. Single guy in his 20's and 30's, nice townhome, timeshsare, multiple cars, spending thousands on bares and restaurants monthly, lavish vacations, etc.... . I just didn't care. Now it is a completely different situation.
 
TS
TS
saabguy

saabguy

Saab-free since 2013. Mortgage guru
OT Supporter
Aug 11, 2003
22,561
Loserville. Population: 1
I am amazingly fortunate to be in this scenario. And I totally understand. I did the old regarded out of college thing to the point where I just ignored everything for the 5-7 years for it to drop off before building my credit back up. So I know the feels. I could be looking at a horrible debt consolidation situation or even bankruptcy if it wasn't for the real taste situation.

I would not be against sharing my rate sheets and credit reports with you via PM. I will still be going with my Mortgage guy as he is a friend and all of the family have used him and such. But I respect your opinions and have learned a bit just from this thread. This is only my 3rd piece of real estate. I was a renter for way to long in my life. Didn't buy my first house until 35ish after spending crazy stupid amounts on rents. I was one of those that was resigned to never be married or have a family so I indulged way more than I should have. Single guy in his 20's and 30's, nice townhome, timeshsare, multiple cars, spending thousands on bares and restaurants monthly, lavish vacations, etc.... . I just didn't care. Now it is a completely different situation.
I don’t mind looking at it to check for accuracy and guidance. But it also gives me a chance to see what other places are offering for rates/fees too so I know how I stack up.
 
  • Like
Reactions: ERabbit and jgon842

jgon842

OT Supporter
Feb 13, 2009
6,346
Tumwater, WA
Rebuilt my credit from 300s and 400s as a stupid kid and late 20s. Used to have the mindset of, "I will pay when they call a couple days in a row." My parents were fantastic at teaching me how to do this.
 

Menger

OT Supporter
Nov 23, 2011
24,218
Do it with your guy or with @saabguy . Either way, get the fuck out from under those CCs.

New 30fx is fine. Minimal rate bump. Remove PMI. Remove revolving debt. Apply half or all of that $850 savings to your mortgage. Your 30 year now becomes a 20.
IMO Don’t do this. Take that 850 and start saving money for irregular but predictable expenses like auto repairs and medical bills and a generic emergency fund. Stay liquid, fuck throwing more money at your mortgage when you haven’t been able to manage your inflow/outflow balance and have recently got yourself into 18% revolving debt. The way to keep that from happening again is to set the money aside in advance. Look into YNAB which will drill this deep into your skull. IMHO YMMV.
 

NiggaPHX420

OT Supporter
Jan 17, 2002
50,542
Phoenix, AZ
IMO Don’t do this. Take that 850 and start saving money for irregular but predictable expenses like auto repairs and medical bills and a generic emergency fund. Stay liquid, fuck throwing more money at your mortgage when you haven’t been able to manage your inflow/outflow balance and have recently got yourself into 18% revolving debt. The way to keep that from happening again is to set the money aside in advance. Look into YNAB which will drill this deep into your skull. IMHO YMMV.

Don't do the refi, or don't throw the $850/mo back the mtg?

Because I wholeheartedly agree. Max out those 30 yrs BAYBEE
 
  • Like
Reactions: conflayz

atxmike

This is my custom title
OT Supporter
Nov 28, 2007
2,721
Bay Area, CA
In Austin 1/2 of property taxes are due in November and the remaining balance of 2021 taxes are due 1/31/2022.

Current owner is responsible for the 11/1 payment. If I close in 2021 because my payment is due within 3 months bank requires me to either establish escrow accts (which I don’t want to) or I can pay my prorated portion of 2021 taxes to the bank at closing and provide document of prepaid homeowners and they’ll handle the 2021 prop tax bill from that escrow acct which realistically be less than 2 months of upfront costs and in 2022 I just pay once in Nov and once in Jan.
Do you know where I can find a source for the November 1 due date? Everything I can find says the bill should be mailed out around October 1st and my taxes are due January 31st.

I don't expect my bill to arrive in the mail because I've spent 9 months trying to get the appraisal district to correct the name and address with no luck 🤬 so trying to stay on top of it manually.
 

pookrat

OT Supporter
Dec 6, 2002
4,623
The Woodlands
IMO Don’t do this. Take that 850 and start saving money for irregular but predictable expenses like auto repairs and medical bills and a generic emergency fund. Stay liquid, fuck throwing more money at your mortgage when you haven’t been able to manage your inflow/outflow balance and have recently got yourself into 18% revolving debt. The way to keep that from happening again is to set the money aside in advance. Look into YNAB which will drill this deep into your skull. IMHO YMMV.

This for sure. We will build up a sufficient rainy day fund way before putting more into the mortgage. Plan is to build up a good savings for emergencies then start putting half towards retirement to catch up there and half towards additional payments on the mortgage when available. Maybe around Bonus Time or Tax Return time etc.
 
  • Like
Reactions: conflayz and Menger

lescivic

OT Supporter
Oct 13, 2003
2,211
Space Coast FL
Thinking about doing a cash out refi on a rental property. Local credit union told me 3.875% on 30 year with $7,600 closing cost. House value is $320k and taking 240k out. This sound reasonable?
 

pookrat

OT Supporter
Dec 6, 2002
4,623
The Woodlands
That cash out amount seems rather large for them to approve. Guess it would depend on the market in the area. And I am guessing it is almost paid off? If you don't own it I can't see you getting a loan for more than 100% LTV.
 
TS
TS
saabguy

saabguy

Saab-free since 2013. Mortgage guru
OT Supporter
Aug 11, 2003
22,561
Loserville. Population: 1
Thinking about doing a cash out refi on a rental property. Local credit union told me 3.875% on 30 year with $7,600 closing cost. House value is $320k and taking 240k out. This sound reasonable?
Florida has high costs for their taxes and title fees. What you really need to find out is how much specifically the origination charges are. Is that all part of the $7600? Is $7600 only the origination and taxes/title are in addition to that?
 
  • Like
Reactions: lescivic
TS
TS
saabguy

saabguy

Saab-free since 2013. Mortgage guru
OT Supporter
Aug 11, 2003
22,561
Loserville. Population: 1
New conforming loan limits have been announced:

$647,200
FHA is usually 65% of the conforming limit, so an FHA loan will likely be $420,680

The "high cost" conforming county loan limits have not been released yet. Last year there were high-cost counties that allowed loan limits up to $822,375. So for 2022 they will probably be pushing $1m

JFC
 

atxmike

This is my custom title
OT Supporter
Nov 28, 2007
2,721
Bay Area, CA
Wow, last year the limit was 540k right? Do you think this will cause home prices to push up further as confirming guidelines fit more people than jumbo?
 
TS
TS
saabguy

saabguy

Saab-free since 2013. Mortgage guru
OT Supporter
Aug 11, 2003
22,561
Loserville. Population: 1
Wow, last year the limit was 540k right? Do you think this will cause home prices to push up further as confirming guidelines fit more people than jumbo?
$548,250. I really don't know wtf is going on anymore :run:

66340531.jpg
 
  • Haha
Reactions: bearsdidit

pookrat

OT Supporter
Dec 6, 2002
4,623
The Woodlands
Refi got funded yesterday. Got the $30,000 cash out in the bank. Monthly stayed the same. Was planning on paying off most consumer debts down to less than $1000 than paying the rest off over the next year. Received Christmas Bonus from work and was told don't have to start on the Mortgage payments until February so now in great shape. Will pay all debts off completely, get some work done around the house that we have been wanting, and be able to pay a payment or two ahead on the mortgage to get ahead. All before the Holidays so that's good too. Feels good man.
 

conflayz

Banned
May 31, 2018
8,157
dirtydirtysouth
Refi got funded yesterday. Got the $30,000 cash out in the bank. Monthly stayed the same. Was planning on paying off most consumer debts down to less than $1000 than paying the rest off over the next year. Received Christmas Bonus from work and was told don't have to start on the Mortgage payments until February so now in great shape. Will pay all debts off completely, get some work done around the house that we have been wanting, and be able to pay a payment or two ahead on the mortgage to get ahead. All before the Holidays so that's good too. Feels good man.
Love that! Youkd just pay off every last penny and then move forward, charging within your means. No need to pay interest on 1k.
 
  • Like
Reactions: jgon842
TS
TS
saabguy

saabguy

Saab-free since 2013. Mortgage guru
OT Supporter
Aug 11, 2003
22,561
Loserville. Population: 1
Refi got funded yesterday. Got the $30,000 cash out in the bank. Monthly stayed the same. Was planning on paying off most consumer debts down to less than $1000 than paying the rest off over the next year. Received Christmas Bonus from work and was told don't have to start on the Mortgage payments until February so now in great shape. Will pay all debts off completely, get some work done around the house that we have been wanting, and be able to pay a payment or two ahead on the mortgage to get ahead. All before the Holidays so that's good too. Feels good man.
or...











the-price-is-right-a-new-car.gif
 

Users who are viewing this thread

About Us

  • Please do not post anything that violates any Local, State, Federal or International Laws. Your privacy is protected. You have the right to be forgotten. Site funded by advertising, link monetization and member support.
OT v15.11.2 Copyright © 2000-2022 Offtopic.com
Served by fx.offtopic.com

Online statistics

Members online
299
Guests online
100
Total visitors
399

Forum statistics

Threads
76,144
Messages
7,405,872
Members
87,013
Latest member
jexic84026