nidena
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Post by nidena on Jul 2, 2020 14:12:48 GMT -5
The big banks won't necessarily have the best rate for you. That's why it's best to go with mortgage brokers rather than through the banks. Bank goals are to get new customers. Broker goals are to get you the best rate. I would recommend checking out www.vettedva.com for awesome loan officers. They deal a lot with VA loans but know a tremendous amount about ALL loans. And they'll work to find you the best rate because they're not tied to any one lending institution. ETA: Keep in mind there are numerous things that come into play for rates: DTI ratio Location Credit Score Lending company to name a few... Thank you very much, nidena , we thought about using a broker but a bit shy there as the last two we worked with burned us. Maybe if we look for a better recommendation for a broker as you suggested The people on the website go through a lengthy process to be included and ethical practices are THE biggest criteria because, when it comes to veterans, many banks can be VERY predatory while also trying to "bank" on military-friendly names. Veterans United is one such predatory lender.
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chiver78
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Post by chiver78 on Jul 2, 2020 14:26:48 GMT -5
Yeah, I was wondering the same thing, where are those super low rates? When we asked the bank that holds our mortgage, they said it would be around 3.5 (possibly a tad lower now) but with 4-6K in closing cost. I checked couple of other big banks that would post online rates and right now they're offering 3.375 and about 1.6K in closing costs. I guess there are those "online lenders" as I don't know what to call them, but has anyone refinanced through them and could shed some light if they're really OK? I believe bobosensei has mentioned one company just recently when I was searching through the boards on refi information and I just don't know how to check them out and their online reviews are always glowing I actually found my broker via Lending Tree when I was looking to refinance my townhouse a number of years ago. it had spent the summer on the market, and since I knew I was stuck til spring, I thought I would take advantage of the interest rates about as low as they are now. if anyone seriously wants the recommendation, lmk. I'm linked on FB with some of you already, so giving my RL name isn't an issue via PM.
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anciana
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Post by anciana on Jul 2, 2020 14:47:02 GMT -5
Yeah, I was wondering the same thing, where are those super low rates? When we asked the bank that holds our mortgage, they said it would be around 3.5 (possibly a tad lower now) but with 4-6K in closing cost. I checked couple of other big banks that would post online rates and right now they're offering 3.375 and about 1.6K in closing costs. I guess there are those "online lenders" as I don't know what to call them, but has anyone refinanced through them and could shed some light if they're really OK? I believe bobosensei has mentioned one company just recently when I was searching through the boards on refi information and I just don't know how to check them out and their online reviews are always glowing I actually found my broker via Lending Tree when I was looking to refinance my townhouse a number of years ago. it had spent the summer on the market, and since I knew I was stuck til spring, I thought I would take advantage of the interest rates about as low as they are now. if anyone seriously wants the recommendation, lmk. I'm linked on FB with some of you already, so giving my RL name isn't an issue via PM. Thank you for the offer, chiver78, really appreciate it and will give it some thought. Silly question, are brokers restricted by area, could your broker work with us in another state? Tells you just how much of a novice I am
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nidena
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Post by nidena on Jul 2, 2020 14:52:45 GMT -5
I actually found my broker via Lending Tree when I was looking to refinance my townhouse a number of years ago. it had spent the summer on the market, and since I knew I was stuck til spring, I thought I would take advantage of the interest rates about as low as they are now. if anyone seriously wants the recommendation, lmk. I'm linked on FB with some of you already, so giving my RL name isn't an issue via PM. Thank you for the offer, chiver78 , really appreciate it and will give it some thought. Silly question, are brokers restricted by area, could your broker work with us in another state? Tells you just how much of a novice I am They are restricted only by the states in which they're licensed and it's possible to be licensed in all of them.
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chiver78
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Post by chiver78 on Jul 2, 2020 14:59:01 GMT -5
what nidena said. I don't know where you are, but I do know that the company is licensed in more than just MA. even if he isn't licensed where you are, someone else in his company could be.
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TheHaitian
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Post by TheHaitian on Jul 2, 2020 19:44:35 GMT -5
bankrate doesn't have anything listed under 3%. Where to go for these 2.25 type rates? www.lower.com/ at 2.75% First I went to lending tree, entered my information and they gave me a list of banks and their going rates and how much it will cost in closing costs. I was matched with 25 and only contacted 1 and the other 3 contacted me, felt a good rapport with the guy from lower so went with him. Bad side: once you give your information to lending tree, everyone and their mama will start blowing your phone up about refinancing. Some others that had good low rates: Amerisave mortgage corporation 2.75% —-> Amerisave has the 2.25% but it is for 15 years. Cardinal Financial company 3%
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TheHaitian
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Post by TheHaitian on Jul 2, 2020 19:45:32 GMT -5
Actually going through a refinance process right now and their advertised rate is 2.75% for 30 years. Due to my debt to limit ratio that lowered my credit score (duh duh)… I was approved for 3.25% and 30 years (currently at 3.5%). Does not save me much in terms of interest but it gets ride of PMI which is $439/month (home appraised for 630k vs 476k owed). That takes my monthly payments from $3,315 to $2,705/month … $610/month lower. So I think I will accept it. But if I did not have ~80k worth of debt I am carrying around that lowered my credit score 2.75% would have been a possibility. They even suggested trying to do it with just my wife (all the debt is under my name) since she has excellent credit (close to 800) and she would have qualified for the 2.75% but she needed my income to qualify for the mortgage so that was a no go. Hope that lower payment can help you reduce the other debts faster. Good luck. That is the goal...
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TheHaitian
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Post by TheHaitian on Jul 2, 2020 19:50:23 GMT -5
Actually going through a refinance process right now and their advertised rate is 2.75% for 30 years. Due to my debt to limit ratio that lowered my credit score (duh duh)… I was approved for 3.25% and 30 years (currently at 3.5%). Does not save me much in terms of interest but it gets ride of PMI which is $439/month (home appraised for 630k vs 476k owed). That takes my monthly payments from $3,315 to $2,705/month … $610/month lower. So I think I will accept it. But if I did not have ~80k worth of debt I am carrying around that lowered my credit score 2.75% would have been a possibility. They even suggested trying to do it with just my wife (all the debt is under my name) since she has excellent credit (close to 800) and she would have qualified for the 2.75% but she needed my income to qualify for the mortgage so that was a no go. If there is unsecured debt that you'll not increase again, could you do a cash-out refi to pay those off? Maybe not the credit cards but the personal loans. Or will the monthly savings be enough to knock them out that way? Don’t have enough equity for that... But between having paid my 401k loan ($700/month) and refinancing going through hopefully by end of July ($600/month) that is $1,300/month I just freed up to throw towards the debt.
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forwardwego
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Post by forwardwego on Jul 3, 2020 7:50:29 GMT -5
UPDATE Forwardwego 7/3/2020 $12,100 (11/3/2019 $38,648. C208) Borrowing from bankergurl , celebrations for this update: We made it to our 'tweens Without any additional prepayments the mortgage would be finished in 17 more months. Monthly interest is now @ $32. By next update maybe it will be under a dollar a day .
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swordguy
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Post by swordguy on Jul 3, 2020 18:41:47 GMT -5
We got an offer in on our old home today. We'll see. They want some things done that we don't really (a) want to do and (b) don't think we need to do. Plus they want us to cover a whole lot of closing costs. Don't know from their offer whether they're just cash poor or a hard-ass bargainer or just hoping and praying that shaky finances will be approved. They aren't putting anything at risk in their offer. We're working on a counter-offer. We may be getting another offer tomorrow. Hopefully it will be much stronger offer. We've had 19 showings since it went on the market on Monday and another scheduled for Sunday.
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nidena
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Post by nidena on Jul 3, 2020 19:13:43 GMT -5
We got an offer in on our old home today. We'll see. They want some things done that we don't really (a) want to do and (b) don't think we need to do. Plus they want us to cover a whole lot of closing costs. Don't know from their offer whether they're just cash poor or a hard-ass bargainer or just hoping and praying that shaky finances will be approved. They aren't putting anything at risk in their offer. We're working on a counter-offer. We may be getting another offer tomorrow. Hopefully it will be much stronger offer. We've had 19 showings since it went on the market on Monday and another scheduled for Sunday. Don't settle. You have a great house for sale. On the house I'm buying, I purposely offered $11,000 over the list price so that they would feel comfortable fixing whatever I asked them to fix from the home inspection and provide closing concessions. And please tell you're realtor to not be biased against VA loans, if that comes up. VA loans will cover a purchase price up to appraised value. Obviously, not every buyer can afford appraised value but that doesn't mean nobody can.
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swordguy
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Post by swordguy on Jul 4, 2020 8:50:52 GMT -5
Woke up to discover our old home had a 40 photo spread linked from the front page in the online version of our local newspaper. Buyer's agent says the buyer's finances are solid and they could easily afford a more expensive house. I think we'll counter with covering 1/2 the closing costs instead of all of them. We can raise the price by that amount if they are cash poor.
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nidena
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Post by nidena on Jul 4, 2020 10:38:55 GMT -5
Woke up to discover our old home had a 40 photo spread linked from the front page in the online version of our local newspaper. Buyer's agent says the buyer's finances are solid and they could easily afford a more expensive house. I think we'll counter with covering 1/2 the closing costs instead of all of them. We can raise the price by that amount if they are cash poor. If they want all of them covered, why not raise the price that full amount? Let them come back with the "1/2".
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movinonup
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Post by movinonup on Jul 4, 2020 12:40:45 GMT -5
update - movinonup: 07/01/2020 $255,545.25 (02/12/2013 $309,217.65 NE100) NYAccount | Standard Interest Rate
| Monthly Interest
| 02/12/2013
| 06/01/2020 | 07/01/2020 | Balance Reduction Since Last Update
| Total Balance Reduced
| Percentage Reduced
| LOC | 18.24% | $28.34 | $3,500.00 | $3,300.73 | $1,303.05 | $1,997.68 | $2,196.95 | 62.77% | CC#1 | 18.99% | $0.00
| $20,688.08
| $108.36 | $0.00 | $108.36 | $20,688.08 | 100.00%
| CC#2 | 16.99% | $34.09 | $(8.16)
| $2,300.00 | $2,334.09 | $(34.09) | $(2,342.25) | (28,704.04)%
| CC#3 | 19.99% | $0.00 | $10,300.00
| $11,814.00 | $11,814.00 | $0.00 | $(1,514.00)
| (14.70)%
| CC#4 | 16.99%
| $61.29 | $9,135.05
| $4,255.35 | $4,198.75 | $56.60 | $4,936.30
| 54.04% | CC#5 | 10.99% | $0.00 | $4,910.22
| $0.00 | $12,421.33 | $(12,421.33) | $(7,511.11)
| (152.97)%
| CC#6 | 0.00% | $0.00 | $1,239.00 | $0.00 | $0.00
| $0.00 | $1,239.00 | 100.00% | CC#7 | 20.99% | $0.00 | $0.00 | $0.00 | $0.00
| $0.00 | $0.00 | 0.00% | SL#1 | 3.50% | $23.74 | $23,021.50
| $7,993.88 | $7,830.58 | $163.30 | $15,190.92 | 65.99%
| SL#2 | 6.80% | $0.00 | $4,748.54
| $0.00 | $0.00 | $0.00 | $4,748.54
| 100.00%
| SL#3 | 6.55% | $0.00 | $2,533.57
| $0.00 | $0.00 | $0.00 | $2,533.57
| 100.00% | MTG | 3.875% | $637.97 | $220,170.76 | $197,133.77 | $197,133.77 | $0.00 | $23,036.99
| 10.46%
| Auto
| 4.24%
| $0.00
| $8,979.09
| $0.00
| $0.00 | $0.00
| $8,979.09
| 100.00%
| HELOC | 2.25% | $62.89 | $0.00 | $18,546.79 | $18,509.68 | $37.11 | $(18,509.68) | 0.00% | Total
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| $848.32
| $309,217.65
| $245,452.88 | $255,545.25 | $(10,092.37) | $53,672.40 | 17.36%
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EF = $269.41 And construction continues. I now have stairs in my house. Very exciting. I don't remember what the $12,000 on CC#5 was. Maybe bathroom fixtures. Scary that I can drop 12 grand and have no idea what I bought. The $421.33 was a trip to Costco. CC#3 will be paid this upcoming week when the bill is due. CC#5 is due in another 10 days or so. My Mortgage payments are starting up again this month. The three skipped payments will just get tacked onto the end of the Mortgage. It will get refinanced after construction is done, so that's completely irrelevant information. When I strip out the construction related costs, everything is moving in the right direction. Happy Independence Day to everyone! -movinonup
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swordguy
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Post by swordguy on Jul 4, 2020 14:56:12 GMT -5
Woke up to discover our old home had a 40 photo spread linked from the front page in the online version of our local newspaper. Buyer's agent says the buyer's finances are solid and they could easily afford a more expensive house. I think we'll counter with covering 1/2 the closing costs instead of all of them. We can raise the price by that amount if they are cash poor. If they want all of them covered, why not raise the price that full amount? Let them come back with the "1/2". Because the selling season is nearly over, we want it sold, and we budgeted about $6k for various fixes, etc. in our sales price. A few thousand isn't worth losing a deal over. Their finances are solid and that's "a big deal" in this day and age.
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nidena
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Post by nidena on Jul 4, 2020 17:05:21 GMT -5
If they want all of them covered, why not raise the price that full amount? Let them come back with the "1/2". Because the selling season is nearly over, we want it sold, and we budgeted about $6k for various fixes, etc. in our sales price. A few thousand isn't worth losing a deal over. Their finances are solid and that's "a big deal" in this day and age. There's another two months in PCS season for military bases but I get your point.
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swordguy
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Post by swordguy on Jul 4, 2020 19:51:33 GMT -5
Because the selling season is nearly over, we want it sold, and we budgeted about $6k for various fixes, etc. in our sales price. A few thousand isn't worth losing a deal over. Their finances are solid and that's "a big deal" in this day and age. There's another two months in PCS season for military bases but I get your point. My understanding is that PCSing has been largely postponed for awhile?
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nidena
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Post by nidena on Jul 4, 2020 20:55:55 GMT -5
There's another two months in PCS season for military bases but I get your point. My understanding is that PCSing has been largely postponed for awhile? They lifted it in June and extended the moving season.
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swordguy
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Post by swordguy on Jul 4, 2020 22:08:12 GMT -5
My understanding is that PCSing has been largely postponed for awhile? They lifted it in June and extended the moving season. Good to know! Thanks!
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nidena
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Post by nidena on Jul 4, 2020 22:18:23 GMT -5
An interesting thing that I've been pondering about myself--please weigh in if you've thought similarly or what not--I don't want for much. I'm pretty content with my small income from disability and military pension but I realized something. Part of the reason that I haven't pursued a full-time job or advocated heavily for a higher income is because I don't want to take anything away from someone else. Like, if paying me the $10.75/hr at the part-time helps someone else make more and it's their only income, then I'm okay with that. BUT, there are a number of things that I want to do in the upcoming decades and I'm going to need more income to do it. I keep telling myself that it's okay to make more. It's why I sought out an ACP mentor and it's why I commissioned someone's help for my resume. I can't help all the people I want to help on my current income. I can only pay my bills. And it's okay for me to want more income.
It's almost like imposter syndrome but with a slight twist. Can anyone relate?
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swordguy
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Post by swordguy on Jul 5, 2020 9:22:34 GMT -5
An interesting thing that I've been pondering about myself--please weigh in if you've thought similarly or what not--I don't want for much. I'm pretty content with my small income from disability and military pension but I realized something. Part of the reason that I haven't pursued a full-time job or advocated heavily for a higher income is because I don't want to take anything away from someone else. Like, if paying me the $10.75/hr at the part-time helps someone else make more and it's their only income, then I'm okay with that. BUT, there are a number of things that I want to do in the upcoming decades and I'm going to need more income to do it. I keep telling myself that it's okay to make more. It's why I sought out an ACP mentor and it's why I commissioned someone's help for my resume. I can't help all the people I want to help on my current income. I can only pay my bills. And it's okay for me to want more income. It's almost like imposter syndrome but with a slight twist. Can anyone relate? If you don't receive what your work is worth in the marketplace, then the owners will get the worth of your work instead. Seeing as you're the one doing the work, it only seems fair you get the pay for it.
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swordguy
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Post by swordguy on Jul 5, 2020 9:24:09 GMT -5
Got a not-quite-good-enough offer on the house on Friday, sent back changes we wanted and are now expecting an amended offer this afternoon. Buyer's agent says they have solid finances.
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steph08
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Post by steph08 on Jul 5, 2020 13:37:31 GMT -5
An interesting thing that I've been pondering about myself--please weigh in if you've thought similarly or what not--I don't want for much. I'm pretty content with my small income from disability and military pension but I realized something. Part of the reason that I haven't pursued a full-time job or advocated heavily for a higher income is because I don't want to take anything away from someone else. Like, if paying me the $10.75/hr at the part-time helps someone else make more and it's their only income, then I'm okay with that. BUT, there are a number of things that I want to do in the upcoming decades and I'm going to need more income to do it. I keep telling myself that it's okay to make more. It's why I sought out an ACP mentor and it's why I commissioned someone's help for my resume. I can't help all the people I want to help on my current income. I can only pay my bills. And it's okay for me to want more income. It's almost like imposter syndrome but with a slight twist. Can anyone relate? Do you lose your disability payment if you make a higher income? I wasn't sure how that worked. Also, I believe you posted before that your pension and disability total $3500/month. I don't consider that a small income. That is around my take-home on a $70k salary. But, if you have the skills and want a higher paying job, I don't see why you should feel badly about going for one.
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nidena
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Post by nidena on Jul 5, 2020 15:26:19 GMT -5
My disability and pension aren't effected by outside agencies. The only way my disability goes down is if I'm determined to have a lower disability rating by the VA.
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swordguy
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Post by swordguy on Jul 5, 2020 17:11:29 GMT -5
Old house is under contract!
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swordguy
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Post by swordguy on Jul 5, 2020 17:57:30 GMT -5
Race # | Description | Update Date | Current Amt | Race Start Date | Race Start Amt | 1st Page # | Change | Notes | 2 | HELOC | 2/2/2020 | $ 0 | 11/20/2019 | $ 15,000 | WIRR209 | 0 | Funding Renovations on Houses #6 and #7 | 3 | Mortgage | 7/5/2020 | $137,530 | 11/20/2019 | $145,890 | WIRR209 | -1346 | Mortgage for old House | 4 | Mortgage | 5/5/2020 | $225,040 | 1/16/2020 | $230,000 | WIRR215 | -5 | Mortgage for new House |
Just sent in the (hopefully last!) payment for our old house (race #3). Closing scheduled for early next month, but a few days after the payment is due. Hopefully we'll be posting that race #3 is paid off by mid-August. Wish us luck, this is the third time to the altar with this house. SwordGuy (2) 2/2/2020 $0 (11/20/19 $15,000 WIRR209)SwordGuy (3) 7/5/2020 $137,530 (11/20/19 $145,890 WIRR209)
SwordGuy (4) 5/5/2020 $225,040 (1/16/20 $230,000 WIRR215)Hope you are all doing well and stay safe. So far, so good for us. PS -- Keep up the social distancing and wear masks when you have to go out to meet people.
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swordguy
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Post by swordguy on Jul 6, 2020 8:28:26 GMT -5
Race # | Description | Update Date | Current Amt | Race Start Date | Race Start Amt | 1st Page # | Change | Notes | 2 | HELOC | 2/2/2020 | $ 0 | 11/20/2019 | $ 15,000 | WIRR209 | 0 | Funding Renovations on Houses #6 and #7 | 3 | Mortgage | 7/5/2020 | $137,530 | 11/20/2019 | $145,890 | WIRR209 | -1346 | Mortgage for old House | 4 | Mortgage | 7/6/2020 | $224,040 | 1/16/2020 | $230,000 | WIRR215 | -1000 | Mortgage for new House |
Went ahead and paid the August payment on the new house, plus a smidge extra. Hoping to be making a $162,500 payment on it within the month plus paying off the old house. So very close... again... SwordGuy (2) 2/2/2020 $0 (11/20/19 $15,000 WIRR209)SwordGuy (3) 7/5/2020 $137,530 (11/20/19 $145,890 WIRR209)
SwordGuy (4) 7/6/2020 $224,040 (1/16/20 $230,000 WIRR215)Hope you are all doing well and stay safe. So far, so good for us. PS -- Keep up the social distancing and wear masks when you have to go out to meet people.
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ners
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Post by ners on Jul 7, 2020 6:09:28 GMT -5
Update Race 2
7717.87 (4/21/2018 $12,161.07 R172)
166.29 paid this month
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chiver78
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Post by chiver78 on Jul 7, 2020 8:13:03 GMT -5
posting a couple days early, because I am so excited about this update. I was able to pay off that $1600 I mentioned in the quoted content, as well as throw another $5k at the Discover card. I don't need to keep *that* much of a buffer in my checking account, now that I have been able to get a solid handle on exactly where my money is going. I realize I reacted like a Depression-era kid who grows up to hoard food - equally unhealthy. I took a look at my spreadsheet and have figured out that I can pay $2k toward my Discover with each paycheck until it is paid off with my 14Aug paycheck! new issue that will wreak a little havoc temporarily. one of my pups is likely going to need surgery for a ruptured ligament. I'll find out for sure when I speak with the vet later today. I do have pet insurance, but it's the sort where I need to pay up front and get reimbursed. that BofA card that's listed in red is going to sustain some abuse during this process, but I'll be able to cover the float once I pay off the Discover completely. side note. the BofA card in red is the one that lives in my phone wallet case. I don't carry a purse, so there's going to be a card involved. I've verified that everything else has successfully had the address change accepted. I'm going to be changing this last address and putting this one away in favor of paying it down/off like the rest. I will rotate through the others I intend to keep, in order to keep them open, for daily expenses. I just need to figure out which ones I'm keeping other than the AmEx (oldest account). there's also a lingering $1600 balance that shows as a cash advance on that BofA card, at some obscene interest rate. so that's my next focus. maybe even before the first Discover snowball payment. idk. ETA: I just realized what the $1600 cash advance line is - I put 1st/last for this temporary rental on this card via PayPal. it was for less than my old mortgage payment, but it was due way earlier than a mortgage payment would have been made. I'll pay that off now, before the next update. creditor | start | 7/7 | interest rate | Chase | $9856.41 | $0
| 16.49 | Discover #1 | $14,278.26 | $7,369.45 | 12.49 | AmEx Blue | $12520.02 | $0 | 11.99 | Discover #2 | $16,553.65 | $0
| 14.49 | 1st National | $24,168.63 | $23,127.06 | 5.99/life of balance | BofA #1 | $11,813.71 | $12,564.40 | 9.99 | Citi #1 | $4394.29 | $0 | 13.49 | SMCU | $11,958.93 | $11,422.34 | 2.99/13.99, resets 1/21 | Citi #2 | $12,826.10 | $12,386.82 | 0.99/23.49, resets 4/21 | BofA #2 | $7820.39 | $0 | 19.49 | BCU | $12,304.92 | $0 | 13.49 | total | $138,495.31 | $66,870.07 |
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chiver78 7/7/20 $66,870.07 (5/9/20 $138,495.31)
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Rukh O'Rorke
Senior Associate
Joined: Jul 4, 2016 13:31:15 GMT -5
Posts: 10,030
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Post by Rukh O'Rorke on Jul 7, 2020 8:30:26 GMT -5
paying off 4k a month is huge chiver! You will be done before you know it!!
Kudos!!
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