Rukh O'Rorke
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Post by Rukh O'Rorke on Jul 23, 2021 10:46:25 GMT -5
whats the mileage on the SUV, Niki? I've also got a 2013, but mine is about 175k miles at this point. I put about $1100 into it a couple months ago, figuring I will drive it til it refuses to move. since I WFH full time now, I really don't go anywhere anymore. this decision really is a balancing act. thanks, all. I asked them to send me more info on the process, it's coming by snail mail. what I'd love to know is if I have an opportunity after the realtor-determined value comes back, if I don't meet the 80%LTV, to make a lump sum payment to meet it. or, do I have to already be there when I initiate the process? I'm not doing anything today, definitely want to take a closer look at the fine print. how much is the PMI? Is there a balance where it comes off automatically?
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chiver78
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Post by chiver78 on Jul 23, 2021 10:51:11 GMT -5
whats the mileage on the SUV, Niki? I've also got a 2013, but mine is about 175k miles at this point. I put about $1100 into it a couple months ago, figuring I will drive it til it refuses to move. since I WFH full time now, I really don't go anywhere anymore. this decision really is a balancing act. thanks, all. I asked them to send me more info on the process, it's coming by snail mail. what I'd love to know is if I have an opportunity after the realtor-determined value comes back, if I don't meet the 80%LTV, to make a lump sum payment to meet it. or, do I have to already be there when I initiate the process? I'm not doing anything today, definitely want to take a closer look at the fine print. how much is the PMI? Is there a balance where it comes off automatically? $225/mo, and if left to pay out on schedule with the original value as the 100%, it was July or August 2027. so it's in my best interest to do *something* about it if I can. the question was what.
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nidena
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Post by nidena on Jul 23, 2021 11:29:34 GMT -5
Once they do the appraisal, ask them for how long is it valid. If it's for more than a couple months, that'll give you a chance to pay things down even further.
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Rukh O'Rorke
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Post by Rukh O'Rorke on Jul 23, 2021 12:27:55 GMT -5
how much is the PMI? Is there a balance where it comes off automatically? $225/mo, and if left to pay out on schedule with the original value as the 100%, it was July or August 2027. so it's in my best interest to do *something* about it if I can. the question was what. oh yeah - I'd definitely do something about that asap! If you put the 6k, that'd be a 45% return on your investment in the first 12 months! I would do it. Even if you miss it by a little bit, it will bring the end of it much closer. Unless your house gets valued lower! not likely! but a risk.
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Rukh O'Rorke
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Post by Rukh O'Rorke on Jul 23, 2021 12:31:09 GMT -5
Once they do the appraisal, ask them for how long is it valid. If it's for more than a couple months, that'll give you a chance to pay things down even further. yeah - if you can hold on to the 6k until you see what the value is and then pay down to remove, that would be ideal too.
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chiver78
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Post by chiver78 on Jul 23, 2021 14:51:14 GMT -5
yup, that's already on the list of questions I have. I just want to see the fine print in writing before I ask them to initiate the process. I'm also kind of hoping that I can get a couple projects finished by then, which would up the value some -the outdoor patio/shower area and to plumb the outdoor bar for a sink. just waiting on the stone...
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seriousthistime
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Post by seriousthistime on Jul 24, 2021 15:07:15 GMT -5
Is it a conventional loan? I thought they'd lowered the LTV requirement to 78% before you can get rid of MIP. yes, conventional loan. I hadn't heard the 80-to-78 thing. when I called, the woman I spoke with said specifically that the number I needed was $496k (and change. rounding all numbers for ease of posting..) which works out to 80. I'm curious to know your source for that? When I was assisting someone with their first house purchase a few years back, this was said at the closing: 78% LTV to remove PMI, and getting an appraisal to show an increased market value to remove the PMI wouldn't work. The lender sat directly across the table at closing. For them, the only way to take advantage of the higher market value to remove PMI was to refinance. This is the best I can find now. Seems the 80% to 78% thing is at lender discretion. If your lender says it is 80%, then that is better than any info on the internet. www.bankrate.com/mortgages/removing-private-mortgage-insurance/
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chiver78
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Post by chiver78 on Jul 24, 2021 15:57:56 GMT -5
thanks, seriousthistime. my lender actually has a note on the online dashboard offering a contact phone number where you can request to set the wheels in motion for revaluation. maybe because the market is just so nuts? I mean, if I'm at $495k today, then that is a $70k increase in less than a year. that's insane.
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nidena
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Post by nidena on Jul 24, 2021 19:36:00 GMT -5
With that refinancing information...an option might be to reset your mortgage back to its original time frame at the current amount owed. I don't remember what your rate was but it'd be a bonus if you could reduce it in the process.
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debthaven
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Post by debthaven on Jul 24, 2021 19:44:42 GMT -5
chiver78 I get wanting to get rid of the PMI. I don't get it being a priority when you still have nearly 50k in CC debt. I don't live in the US anymore so maybe my optics are wrong. To me, with 6K you could pay off half of the first card, or all of the second card, and revisit the PMI in 6 months having done that AND the work you've planned, which will increase the value of your home even more! But I guess I'm the outlier here. Also, Covid ... I know you're very cautious and staying near home. But at some point that's going to change, and you're going to want to go on the music cruises again and go to concerts again. Personally I'd rather have 6K less CC debt when that happens than no PMI. You could be under 40K in no time with that 6K!!! That's my last comment on the subject, I promise.
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chiver78
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Post by chiver78 on Jul 24, 2021 19:53:59 GMT -5
um, because it is the definition of wasted money, even more so than CC interest. and, truth be told, I could move balances around again and keep some promotional rates for some cheap BT fees. $225/mo would go a long way toward paying stuff down. and, it isn't something that can be reinstated if the market were to crash and I lose home value.
as with anything, YMMV. buy I think you're right when you say you've been out of the US for a long time. I don't know much about home loans in the EU, past that practices are a lot different than here. 🤷♀️
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nidena
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Post by nidena on Jul 24, 2021 20:03:15 GMT -5
PMI really is the definition of such. It protects nobody except the mortgage company. I bought the Delaware house via a Conventional 80/20. It was great because I automatically avoided PMI merely by concurrently taking out an HEL for the same length as my mortgage. The best part is that I paid them separately so I was actually able to pay the HEL off much earlier than the mortgage.
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muffyinthered
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Post by muffyinthered on Jul 25, 2021 8:55:34 GMT -5
MuffyintheRed#2 06/23/2021 $168,030.90 (06/22/2020 $175,394.16 Amount paid off: $820.36 CU Savings: $25,652.40
Well it is my anniversary here and we have paid off $7,363.26 in a year! We also bought a washer and dryer which will be paid off in October with no interest paid. We are also paying off our Home Depot account next month and maybe doing a bank transfer to finish out the Bank of America because I don't have enough cash to get it paid off by it's expiration for 0% and I will not pay interest on it. I then want to move my payment for the washer and dryer over to my mortgage. Not a lot but it is more than we are paying now. Unfortunately we will get the Lowes bill back shortly or the beginning of next year because we need a new stove and dishwasher!
Chiver I hate PMI. We paid it on our first house but not since than. We have always tried to put 20% down or more. But you will save alot. When I sold real estate back in another lifetime, if you put that $6k on after the first appraisal you would have to pay for another. At least that was the way it was in the late 70's and early 80's. Good luck.
We are having our shower redone, hopefully soon and that will take $6500 from our savings. But our Minimum Required Distribution will cover that. The government's way of finally getting their tax on your IRA or 401k. They require you to take out what they chose is appropriate for the amount you have in there.
Enjoy your summer!
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debthaven
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Post by debthaven on Jul 25, 2021 10:34:16 GMT -5
I hope the numbers work out well for you chiver78!
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chiver78
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Post by chiver78 on Jul 28, 2021 11:05:37 GMT -5
I'm eagerly awaiting the info packet now! zillow's update email today gives an estimated value of $499,900. this might actually all parse out okay, woo hoo!
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muffyinthered
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Post by muffyinthered on Jul 28, 2021 11:52:56 GMT -5
chiver78 Fingers crossed for you. I know you hate the PMI and it does seem like wasted money.
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nidena
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Post by nidena on Jul 29, 2021 8:52:44 GMT -5
I'm eagerly awaiting the info packet now! zillow's update email today gives an estimated value of $499,900. this might actually all parse out okay, woo hoo! What do redfin and realtor.com list it as?
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chiver78
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Post by chiver78 on Jul 29, 2021 9:05:06 GMT -5
Redfin is $488k, up from $486k last time I checked. Realtor.com is messed up. it's saying no change since I bought at $425k, which just isn't reality. so I'm really right at that line...just inching closer each update.
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nikiz628
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Post by nikiz628 on Jul 29, 2021 11:41:17 GMT -5
Good luck chiver78, I hope you meet the criteria and save yourself some MOOOOLA.
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Minnesotagirl7
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Post by Minnesotagirl7 on Jul 31, 2021 12:31:44 GMT -5
Hey racers! I know we’re due for updates. Unfortunately my computer with the spreadsheet on it has died. Waiting for my IT guy (aka, DH) to resurrect it for me. Fingers crossed!
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Minnesotagirl7
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Post by Minnesotagirl7 on Aug 4, 2021 8:47:18 GMT -5
Racers!!! I'm up and running again. Smileys have been updated. Amazing progress over the last couple months everyone. Keep truckin' along, we know its worth it! Updates are back on track and will be coming every couple weeks. Link to Smileys
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nidena
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Post by nidena on Aug 5, 2021 18:27:48 GMT -5
So, my boss delegates the payroll approvals to me. It's only my paycheck and I'm the only one that it effects so...no worries. Well, this week, I forgot to do it until yesterday. It should have been done Monday. So, now I'm not getting paid until Monday. Ugh. Dumb mistake.
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nidena
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Post by nidena on Aug 6, 2021 13:46:44 GMT -5
What will $1150 get you in Indiana?
Two guys for six hours and...
20+ new grounded sockets (one being a GFCI because there was no ground in the socket receptacle); two of which require three feet of conduit. Three repurposed circuit breakers (from baseboard heaters to washer, dryer, and sump pump) One new 220 receptacle A ceiling fan installed A vanity light installed
...and conversation with people that I don't work with, off and on, for seven hours.
Money well spent, in my opinion.
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muffyinthered
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Post by muffyinthered on Aug 7, 2021 9:42:50 GMT -5
nidena- Ok what will $50 get you in Wisconsin?
A Geek Squad gentleman who fixed DH's computer and tuned it up. I think it was well spent because I don't have to carry his desk top computer up the basement steps, out to the car and into the store. We did that once when we lived in NC and when we got home and opened the trunk the computer fell out into a 1,000 pieces! So $50 well spent.
Sounds like you did good too.
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muffyinthered
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Post by muffyinthered on Aug 7, 2021 16:36:06 GMT -5
I just noticed that I made a mistake on my last report. It should say that it was for 7/23/2021 not June. I hope this doesn't mess things up too much.
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nooccar
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Post by nooccar on Aug 8, 2021 14:23:38 GMT -5
Update: nooccar (2): 8/8/2021 $13,505.13 (11/4/2010 $73,475.09 WU197)
I'm back from my trips. I'm waiting for the last purchases to post to my credit card so I can pay it all at once. I enjoyed myself & am now getting ready to get back to work in 2 weeks. There are some small projects I want to finish around my home.
I just caught up reading what's happening here. Sounds like a lot has been going on. I hope you all are enjoying your summer.
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ners
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Post by ners on Aug 8, 2021 19:00:22 GMT -5
Update Race 2
5338.68 (4/21/2018 $12,161.07 R172)
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nikiz628
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Post by nikiz628 on Aug 9, 2021 21:32:41 GMT -5
UPDATE RACE #4 8/9/21RACE #4 | INTEREST RATE | STARTING BALANCE | LAST UPDATE | THIS UPDATE | DIFFERENCE | Truck Loan | 4.8% | $24.945.53 | $18,160.88 | $17,831.42 | -329.46 |
NikiZ628(4) 8/9/2021 $17,831.42 (6/26/19 $25,195 WIRR197) Total Paid in 2021: $2,743.61 Total Amount Paid Off: $7,625.50
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chiver78
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Post by chiver78 on Aug 10, 2021 9:05:05 GMT -5
this morning, I got the notification that the remainder of my stock/bonus had vested. I went in to the system and liquidated that stock (at another transaction fee of $33.25, ugh ) so I should have those proceeds in a few days. I hate the program change, it was so much easier the other way. in addition to what hit my account 2w ago for the "old format" of the stock/bonus program, those funds were already earmarked for the house projects: -patio installation starts this week, with materials paid for back in the spring. I'll pay labor as hourly. -painting is almost complete. the remaining balance is in the $1800 ballpark. -1st estimate came in for paving the driveway - $7900. I'm waiting on callbacks from a couple other places, but I expect the numbers to be similar. if anything is left of the bonus after this, I'll throw it at my racing balance. current Zillow and Redfin estimates are $508k and $493k, respectively. I'm going to hold off initiating the " PMI" process with the mortgage company until at least the kitchen painting is done. I'm still waiting on the literature with the fine print on whether I can throw a lump sum to make up the difference if the revaluation comes in low.
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nidena
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Post by nidena on Aug 10, 2021 16:29:58 GMT -5
I had planned on getting a new washer and dryer this year but I think I'll just keep the dying washer limping along. It'd be different if I did five loads of laundry every week but it's more like one load every two weeks. I can deal with a hose that drips only when the washer is running for another few months.
My Sirius renewal hit this month and my vehicle registration is due in a couple weeks.
I've been staying on top of the expenses but I'd really like to get ahead of them so that's what I'll be working on. I'd like to get further along on the computer room by getting the closet turned into a bookcase and getting the 30 year old carpet replaced. Time will tell.
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