tloony
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Post by tloony on Apr 8, 2019 10:05:20 GMT -5
Just talked to Cardinal mortgage. Considering I have $130k in equity in $310k house They giving me $75k which brings my $1400/ mo pmt to $2K Equity left $50k Mortgage from $180k to $225k Rate from 3% to 4.5%
I am not sure what am I getting into.
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hoops902
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Post by hoops902 on Apr 8, 2019 10:06:37 GMT -5
Is there a question here? I'm not sure what you're wanting/expecting replies or discussion to be about. Also I thought you had a 2% mortgage?
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tloony
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Post by tloony on Apr 8, 2019 10:15:49 GMT -5
Is there a question here? I'm not sure what you're wanting/expecting replies or discussion to be about. Also I thought you had a 2% mortgage? Question is...$130k equity becomes $50k $180k mortgage becomes $225k So...where is my gain? I am losing $80 in equity. I am losing $45k in mortgage amount. $125k vs $75k Is it even supposed to be up for discussion? And yes it’s 2% Typo
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NastyWoman
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Post by NastyWoman on Apr 8, 2019 10:18:12 GMT -5
Just talked to Cardinal mortgage. Considering I have $130k in equity in $310k house They giving me $75k which brings my $1400/ mo pmt to $2K Equity left $50k Mortgage from $180k to $225k Rate from 3% to 4.5% I am not sure what am I getting into. Are you going to use that money to buy out your STBX? He has at least a right to $65k of the home's equity at this point
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Deleted
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Post by Deleted on Apr 8, 2019 10:18:24 GMT -5
So are you going to give 65K of that to your ex to buy him out?
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TheHaitian
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Post by TheHaitian on Apr 8, 2019 10:19:16 GMT -5
Stupid question: and your husband is ok with signing those papers without getting his cut of the equity?
just asking for friend...
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TheHaitian
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Post by TheHaitian on Apr 8, 2019 10:19:46 GMT -5
Seemed like we all asked the same question at the same time LOL!!!
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TheHaitian
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Post by TheHaitian on Apr 8, 2019 10:21:01 GMT -5
So are you going to give 65K of that to your ex to buy him out? Will she get approved under her income alone? It is one thing for someone to tell you what you “may” get, the tune may change once application are filed, income is asked and credit is run.
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hoops902
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Post by hoops902 on Apr 8, 2019 10:24:21 GMT -5
Is there a question here? I'm not sure what you're wanting/expecting replies or discussion to be about. Also I thought you had a 2% mortgage? Question is...$130k equity becomes $50k $180k mortgage becomes $225k So...where is my gain? I am losing $80 in equity. I am losing $45k in mortgage amount. $125k vs $75k Is it even supposed to be up for discussion? And yes it’s 2% Typo Your "gain" is in accessing 75k in equity, and I'm assuming the costs for this are about 5k hence the discrepancy. I'm not sure how they're giving you 75k and only raising the amount you owe by 45k (another typo?). Your numbers would also indicate your equity (310-225) would still be 85k. If the mortgage actually went from 180-260 then your numbers would make more sense. Either way, the "gain" you get isn't a gain, it's getting cash out of the equity in your house.
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swamp
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Post by swamp on Apr 8, 2019 10:26:50 GMT -5
Just talked to Cardinal mortgage. Considering I have $130k in equity in $310k house They giving me $75k which brings my $1400/ mo pmt to $2K Equity left $50k Mortgage from $180k to $225k Rate from 3% to 4.5% I am not sure what am I getting into. You are getting deeper into debt.
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Deleted
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Post by Deleted on Apr 8, 2019 10:31:49 GMT -5
Does your ex know that you are taking out more than half the equity? Are you using it to pay him off so you can get his name off the deed?
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HoneyBBQ
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Post by HoneyBBQ on Apr 8, 2019 11:08:32 GMT -5
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giramomma
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Post by giramomma on Apr 8, 2019 11:11:20 GMT -5
Aside from all the divorce stuff.. Have you dealt with Cardinal Financial before? Do you trust them? It seems like it's hit or miss with the quality of service they provide. And that would worry me a little bit. I admire your ability to take on risk. Normal rule of thumb is to have a mortgage that is 2-2.5x your yearly gross income. I've had my caffeine, so I can math pretty well. Just guessing, following that rule of thumb, your mortgage "should" be about 75K. 225K is a WHOLE lot bigger than 75K.
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resolution
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Post by resolution on Apr 8, 2019 11:33:04 GMT -5
Just talked to Cardinal mortgage. Considering I have $130k in equity in $310k house They giving me $75k which brings my $1400/ mo pmt to $2K Equity left $50k Mortgage from $180k to $225k Rate from 3% to 4.5% I am not sure what am I getting into. If your current mortgage is $180k and you are taking out an additional $75k, wouldn't the new mortgage be $255k? That is the spot where I see the numbering being off. If this is to buy out your husband, are you able to qualify for this alone without his signature? If you are giving him this equity to buy him out, you should see a lawyer to ensure that he legally loses all interest in the further appreciation of the house. Please be careful and make sure you have a realistic budget to make the new payment.
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oped
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Post by oped on Apr 8, 2019 11:37:38 GMT -5
Are your taxes insurances, etc. part of your mortgage? Or do you pay those separately?
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oped
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Post by oped on Apr 8, 2019 11:38:49 GMT -5
Yeah, none of those numbers make sense....
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TheHaitian
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Post by TheHaitian on Apr 8, 2019 11:39:25 GMT -5
Yeah, none of those numbers make sense.... Cannot believe you expected them too
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tloony
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Post by tloony on Apr 8, 2019 12:10:17 GMT -5
Does your ex know that you are taking out more than half the equity? Are you using it to pay him off so you can get his name off the deed? I am not paying him off! I am sharing $75k with him. He will sign his kidney off because he is too lazy to Get into details of any shit!
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tloony
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Post by tloony on Apr 8, 2019 12:20:25 GMT -5
Yeah, none of those numbers make sense.... Cannot believe you expected them too I am just wondering...how long does it take for person to figure out that their ridiculing doesn’t have any affect on the ridiculed party and they keep being...(the word I don’t want to be banned for writing...lol ) I think some people would argue with clinically insane just for the ability to argue because in real life they aren’t able to due to whatever... So they would bearing a horse who was pronounced dead just because they can. But horse doesn’t give a SHIT! Literally...lmao
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Deleted
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Post by Deleted on Apr 8, 2019 12:24:20 GMT -5
Does your ex know that you are taking out more than half the equity? Are you using it to pay him off so you can get his name off the deed? I am not paying him off! I am sharing $75k with him. He will sign his kidney off because he is too lazy to Get into details of any shit! And you're going to pay the extra $600/month mortgage payment on your own?
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Deleted
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Post by Deleted on Apr 8, 2019 14:18:55 GMT -5
Does your ex know that you are taking out more than half the equity? Are you using it to pay him off so you can get his name off the deed? I am not paying him off! I am sharing $75k with him. He will sign his kidney off because he is too lazy to Get into details of any shit! So are you sharing enough so that he no longer has equity in the house? Is he going to remove his name from the deed? This is why we have to pay for title insurance.
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NastyWoman
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Post by NastyWoman on Apr 8, 2019 14:49:01 GMT -5
I am not paying him off! I am sharing $75k with him. He will sign his kidney off because he is too lazy to Get into details of any shit! And you're going to pay the extra $600/month mortgage payment on your own? You are not keeping up lady. She will have a family move in (while staying in the house herself) that will pay her enough for the mortgage and in June, when BF hopefully moves in with his daughter, she'll be on easy street...
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tloony
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Post by tloony on Apr 8, 2019 15:08:46 GMT -5
I am not paying him off! I am sharing $75k with him. He will sign his kidney off because he is too lazy to Get into details of any shit! And you're going to pay the extra $600/month mortgage payment on your own? That’s why I am not doing it yet... My mortgage seems better. But $75k seems good as well...
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tloony
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Post by tloony on Apr 8, 2019 15:11:29 GMT -5
And you're going to pay the extra $600/month mortgage payment on your own? You are not keeping up lady. She will have a family move in (while staying in the house herself) that will pay her enough for the mortgage and in June, when BF hopefully moves in with his daughter, she'll be on easy street... Wow! You are good, lady! Lmao Yeah...I know you are laughing but I am as well now.
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Deleted
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Post by Deleted on Apr 8, 2019 15:11:47 GMT -5
And you're going to pay the extra $600/month mortgage payment on your own? That’s why I am not doing it yet... My mortgage seems better. But $75k seems good as well... But, you're only getting half of that if splitting with ex. $600/month for what? 10 years?
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hoops902
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Post by hoops902 on Apr 8, 2019 15:26:00 GMT -5
That’s why I am not doing it yet... My mortgage seems better. But $75k seems good as well... But, you're only getting half of that if splitting with ex. $600/month for what? 10 years? She only needs half of it to go on her vacation she was trying to refi for anyways though. No price is too high for a nice vacation!
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tloony
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Post by tloony on Apr 8, 2019 15:26:09 GMT -5
That’s why I am not doing it yet... My mortgage seems better. But $75k seems good as well... But, you're only getting half of that if splitting with ex. $600/month for what? 10 years? I know he would looove to have some money now. So if I did it - I would ask him to split $600! But what bothers me is my $180 grows into $225 and my $130 goes down to $50... It would make sense if I could invest and get something out of it...but I am not like that. So...
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hoops902
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Post by hoops902 on Apr 8, 2019 15:28:54 GMT -5
But, you're only getting half of that if splitting with ex. $600/month for what? 10 years? I know he would looove to have some money now. So if I did it - I would ask him to split $600! But what bothers me is my $180 grows into $225 and my $130 goes down to $50... It would make sense if I could invest and get something out of it...but I am not like that. So... There would be no reason for him to split the $600. The reason it is costing you $600 is so that you own the house. Him paying half of it isn't him cashing out his equity, it's just him taking a weirdo loan. That would be like if I owed you $1000. If the bank offered to loan me $2000 as long as I paid them back $100/month...would you want to give me $50/month in order for me to give you $1000? That's not paying you what I owe you, that's just you running some weird loan through the bank via my loan.
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Deleted
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Post by Deleted on Apr 8, 2019 15:30:50 GMT -5
But, you're only getting half of that if splitting with ex. $600/month for what? 10 years? I know he would looove to have some money now. So if I did it - I would ask him to split $600! But what bothers me is my $180 grows into $225 and my $130 goes down to $50... It would make sense if I could invest and get something out of it...but I am not like that. So... Where are you getting the 225 number. If you owe 180 and take out 75 more, that's 255K.
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Deleted
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Post by Deleted on Apr 8, 2019 15:32:35 GMT -5
But, you're only getting half of that if splitting with ex. $600/month for what? 10 years? I know he would looove to have some money now. So if I did it - I would ask him to split $600! But what bothers me is my $180 grows into $225 and my $130 goes down to $50... It would make sense if I could invest and get something out of it...but I am not like that. So... And what if you give him half, and two months later he decides he's done paying you anything? But really, that's his equity that you owe him from the divorce anyhow.
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