The Ohio Random Thread... aka We Should Probably Be Working

[CTt3P5]

Congrats/condolences Will. Good to hear that everthing went well with the transaction.

 

[Fiji Mazda3]

Congrats dude!!!!

Waiting for a call back from the mortgage guy. Looking at doing a streamline re-fi. Will only net us $60 in savings monthly but dropping from 4.5% to 3.25%!!!

I'm getting the same rate next Friday when we refinance our house too, plus dropping from a 30-year mortgage to a 25-year. (thumb)

 

[o0n8]

I'm getting the same rate next Friday when we refinance our house too, plus dropping from a 30-year mortgage to a 25-year. (thumb)

25 years from now or when you bought the house?

 

[WillD]

^ drove a newer WRX last night, felt better than I remember

I'll let you drive the STi when I get it.

Congrats/condolences Will. Good to hear that everthing went well with the transaction.

Thanks, the transaction went super smoothly and for that I'm really glad. I was nervous about it because my new car purchase hinged on it going well to a certain point.

 

[Fiji Mazda3]

25 years from now or when you bought the house?

From now.

 

[o0n8]

From now.

so how many years did you really cut off then?

 

[Fiji Mazda3]

so how many years did you really cut off then?

Little over 3 years.

 

[CTt3P5]

I'm getting the same rate next Friday when we refinance our house too, plus dropping from a 30-year mortgage to a 25-year. (thumb)

Sweet and I'll have to ask the guy about a different term. He worked the figures up based on a 30yr loan. Off the top of my head if we forego the small monthly savings we could probalby do 25 or so. Something to think about though.

I'll let you drive the STi when I get it.



Thanks, the transaction went super smoothly and for that I'm really glad. I was nervous about it because my new car purchase hinged on it going well to a certain point.

I can only imagine. Never sold one myself and know that if my new car was pending the sale of my current car, I'd be sweating bullets. I'd like a ride too...when you coming out to Eastern PA?

 

[Fiji Mazda3]

Sweet and I'll have to ask the guy about a different term. He worked the figures up based on a 30yr loan. Off the top of my head if we forego the small monthly savings we could probalby do 25 or so. Something to think

It made sense to me as my payment drops about $150/month even when we shorten the term. It's nice when I don't have to pay $80/month for required mortgage insurance through an FHA loan (going Conventional now).

 

[WillD]

Never been out to eastern PA. You'll have to come down to Mid-Ohio sometime!

 

[CTt3P5]

It made sense to me as my payment drops about $150/month even when we shorten the term. It's nice when I don't have to pay $80/month for required mortgage insurance through an FHA loan (going Conventional now).

Nice! Currently FHA and doing the FHA streamline to save out of pocket expenses and an appraisal. Pretty sure that we owe more than the house would appraise for at the moment, the benefit of buying before the market crashed. My PMI is currently around $92 a month but under the new Obama guidelines, under the re-fi it will double to $200! :/ If it wasn't for that my $60 montly savings would be around $170. Guy told me though that there are rumors of PMI becoming a permanent fixture!!! Maybe Marlon con confirm/deny this?

Never been out to eastern PA. You'll have to come down to Mid-Ohio sometime!

Well, I've been to Phen/Evan's twice soooooo since you've never been out East you can see the sites. Um, just don't take 80...no sites to be seen that way. hahahaha

 

[o0n8]

PMI is for when you owe more than 80% of the house's appraised value on the loan. Once you're belwo that 80% it drops off. If they make it permanent to the loan that would reduce the pmi you owe every month because it would be streched out 30 years and every payment you make would have pmi + p&i.

If you've paid extra to principle, a recast could be an option depending on the investor tied to your loan. Usually cheaper than a re-fi with the same terms ars the original mortgage

 

[Fiji Mazda3]

PMI is for when you owe more than 80% of the house's appraised value on the loan. Once you're belwo that 80% it drops off. If they make it permanent to the loan that would reduce the pmi you owe every month because it would be streched out 30 years and every payment you make would have pmi + p&i.

If you've paid extra to principle, a recast could be an option depending on the investor tied to your loan. Usually cheaper than a re-fi with the same terms ars the original mortgage

I was told that I had to have PMI because when we bought the house, I had less than two years in sales and didn't have any long-term employment history.

I have no idea what a recast is. Not sure if that's directed to me or CT.

*EDIT* I just read this article (http://www.bankrate.com/finance/mortgages/what-is-mortgage-recasting-and-why-do-it-1.aspx) and it said you can't recast on FHA or VA loans. Neither of us would be able to then.

 

[o0n8]

That's the first I've heard of that with PMI but could be something with FHA.

Recast was in general, I can bore you about those on the test drive.

 

[Fiji Mazda3]

That's the first I've heard of that with PMI but could be something with FHA.

Recast was in general, I can bore you about those on the test drive.

FHA was a real pain in the ass when we were trying to get approved and I'll be glad to be done with it.

Then it's going to be a real short test drive.

 

[Perro del Sol]

Nice! Currently FHA and doing the FHA streamline to save out of pocket expenses and an appraisal. Pretty sure that we owe more than the house would appraise for at the moment, the benefit of buying before the market crashed. My PMI is currently around $92 a month but under the new Obama guidelines, under the re-fi it will double to $200! :/ If it wasn't for that my $60 montly savings would be around $170. Guy told me though that there are rumors of PMI becoming a permanent fixture!!! Maybe Marlon con confirm/deny this?

They are looking at doing that Jeff. With so FHA financed homes going into foreclosure HUD is losing money.



Well, I've been to Phen/Evan's twice soooooo since you've never been out East you can see the sites. Um, just don't take 80...no sites to be seen that way. hahahaha

 

[Perro del Sol]

Well, today was a very good day! First off, looks like I will be getting a promotion and a serious increase in pay! Also, we submitted loan application and we got the financing we wanted. We will take delivery of "Kowalski" ( one of the penguins from Madagascar), when we return from Daytona.

 

[o0n8]

FHA was a real pain in the ass when we were trying to get approved and I'll be glad to be done with it.

Then it's going to be a real short test drive.

I could easily stretch it out to 45 minutes

Well, today was a very good day! First off, looks like I will be getting a promotion and a serious increase in pay! Also, we submitted loan application and we got the financing we wanted. We will take delivery of "Kowalski" ( one of the penguins from Madagascar), when we return from Daytona.

congrats on both!

 

[CTt3P5]

Good point on the PMI Nate, I hadn't even considered about it being stretched out over the 30 year term and never heard of recast either. We bought our first two homes via VA loans and it worked out well as we were younger with not a lot to put down, etc. But the fees the third time around outweighed the benefit so we went FHA.

Thanks for clarifying Marlon. Wasn't sure if the guy was trying to blow smoke up my ass to try make the 'sale'. And congrats on the promotion, raise and Kowalski (love the name) coming home soon.

Speaking of raises I got mine yesterday....didn't cover the 2% SST adjustment plus increase in benefits (going to be losing about $30 a month) but I have a job and it's better than the $120 I lost the first pay of the year.

 

[THE Phen]

Well, today was a very good day! First off, looks like I will be getting a promotion and a serious increase in pay! Also, we submitted loan application and we got the financing we wanted. We will take delivery of "Kowalski" ( one of the penguins from Madagascar), when we return from Daytona.

Kowalksi eh?

Remember this movie?