Selling your Home
- Thread starter Tom Hendricks
- Start date
In Italy we don't have homecoming, but gladiatorial combats among students. Whoever survive last is crowned Imperator Feriarum and can bone as many slaves as he want before being sacrificed to the gods.
You know what the best thing about Toads and Iguanas are, you run over them with you car and you hardly even notice.
Dude, what the hell?
Fixed.
With Iguana I still have to use my imagination. Now, where was I?
You must know thats a joke.
It's a really weird joke, and just comes off as very passive aggressive.
Oiled-up iguanas for some, miniature American flags for others!
I'm mostly confused because I didn't realize iguanas were rampant on New York highways.
Dude, we are everywhere. 
Yay!
Finally heard back about my appraisal (Refinancing my house). After a 10% downpayment back in 2006 when I bought it, and 5 years of payments, only 9% underwater. About 78% of my purchase price. Doesn't count the $25k I spent to update the kitchen and bathroom, although sadly that was factored into the appraisal number...
Thankfully, the numbers still work out. We had planned on putting some of our savings into the mortage to get into the new loan, and the value was just high enough that it lets me get into the 90% LTV I needed without having to take a higher-fee loan, or stick with a 30-year loan. Not happy with the number, just happy it wasn't so bad that I can't do this.
On the PLUS side, I'm getting into a 15-year loan (shaving 10 years off the current one) at 3.75%, which is a little nicer than the 5.875% I'm paying now. All but about $100 of the fees are covered by a $2500 closing cost incentive thing the bank is doing, so all in all, pretty excited. And probably will be, right up until I have to go get the giant check used to make the downpayment and get the loan back to 90%. Fun part of all of this is that when all is said and done, I'm getting 10 years off the mortgage, 2+ points off the interest rate, and my payment will be about $150/month less!
Glad I planned ahead back when i bought this house, as I went a little bigger figuring I'd grow into it and be ok if I was there a while. If I had bought a smaller one, I'd be in pretty hard shape right now. Not from a mortgage perspective (not having problems with payments, just want better terms), but from having to sell in this market. Would LIKE to buy a bigger house, but can't quite swing the payments on the kind of house I'd like to upgrade to anytime soon. If the current one ever ends up with equity again, can look into it in another 5-10 years i guess...
Thankfully, the numbers still work out. We had planned on putting some of our savings into the mortage to get into the new loan, and the value was just high enough that it lets me get into the 90% LTV I needed without having to take a higher-fee loan, or stick with a 30-year loan. Not happy with the number, just happy it wasn't so bad that I can't do this.
On the PLUS side, I'm getting into a 15-year loan (shaving 10 years off the current one) at 3.75%, which is a little nicer than the 5.875% I'm paying now. All but about $100 of the fees are covered by a $2500 closing cost incentive thing the bank is doing, so all in all, pretty excited. And probably will be, right up until I have to go get the giant check used to make the downpayment and get the loan back to 90%. Fun part of all of this is that when all is said and done, I'm getting 10 years off the mortgage, 2+ points off the interest rate, and my payment will be about $150/month less!
Glad I planned ahead back when i bought this house, as I went a little bigger figuring I'd grow into it and be ok if I was there a while. If I had bought a smaller one, I'd be in pretty hard shape right now. Not from a mortgage perspective (not having problems with payments, just want better terms), but from having to sell in this market. Would LIKE to buy a bigger house, but can't quite swing the payments on the kind of house I'd like to upgrade to anytime soon. If the current one ever ends up with equity again, can look into it in another 5-10 years i guess...
Congratulations, that sounds like an awesome deal! That's the magic of refi, when the circumstances work in your favor.
With my house, I'm getting refi options in the mail all the time (damn marketers trying to get my business) but I just don't see it being financially feasible. I have an FHA 30-year fixed loan right now, and the rate is good. One of the nice things about FHA is that you can get a no-questions-asked refinance, without re-appraisal. I just don't see that I could get much of a cost savings by refinancing at a lower rate once you factor in closing costs.
Yeah, pretty happy. Been wanting to do it for a while, and as the rates kept dropping, finally decided it had to be worth it no matter what. Really just the appraisal number (Loan to Value Ratio) was what was holding me up. Was afraid to find out how much I'd lost. Final number this go-around was $66k, and like I said, not counting the $25k I put into renovations. Not really sure I buy the number they gave me, as looking around, I'm fairly positive I could sell it for 10-15k more than the appraisal amount, but it was close enough to the numbers I needed that I don't really care at the moment.
Could have stayed in a 30-year (or had them adjust it to 20-25 years, same interest rate) and saved a ton every month, but pretty happy with getting the 15 year and STILL taking about $150/month off my payments. 2.125 points are a lot of interest over the life of a loan!
I was offered a modification, with no real paperwork having to be done, for a $750 fee. Would have shaved about a half point off my original rate, but couldn't modify the terms, and while it sounds good in a vacuum, the 5.25% they were offering really can't touch the 3.75% the market was giving out, so kind of a dumb option. Good if you're desperate, but that's probably just enough to give you another foot of rope before you hang yourself, not enough to save you.
Could have stayed in a 30-year (or had them adjust it to 20-25 years, same interest rate) and saved a ton every month, but pretty happy with getting the 15 year and STILL taking about $150/month off my payments. 2.125 points are a lot of interest over the life of a loan!
I was offered a modification, with no real paperwork having to be done, for a $750 fee. Would have shaved about a half point off my original rate, but couldn't modify the terms, and while it sounds good in a vacuum, the 5.25% they were offering really can't touch the 3.75% the market was giving out, so kind of a dumb option. Good if you're desperate, but that's probably just enough to give you another foot of rope before you hang yourself, not enough to save you.
I was gonna use Storms line from XMen "You know what happens to a toad when struck by lightning?" However that didn't included Iguana and felt while more appropriate for this board, still is tge single stupidest line ever written. Especially when you know Josh Whedon wrote it.
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