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Originally posted by dabrockster
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4.5% is one hell of a deal"Be a philosopher. A man can compromise to gain a point. It has become apparent that a man can, within limits, follow his inclinations within the arms of the Church if he does so discreetly." - The Walking Drum
"And here’s what life comes down to—not how many years you live, but how many of those years are filled with bullshit that doesn’t amount to anything to satisfy the requirements of some dickhead you’ll never get the pleasure of punching in the face." – Adam Carolla -
"Wuap's "problem" is that he is smart & principled & committed to a moral course of action. His actions are supposed to reflect his ethical code.
The rest of us rarely bother to think about our actions." --SolonComment
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Really?Originally posted by Mormon Red Death View Post
I'm getting 4.375%. But I'm refinancing and my LTV <80%--is that the difference? If so, can I do better? My guy had two offers--one at 4.625% with no origination fee or one at 4.375% with an origination fee of about 1%. Since we plan on being here a while, we were going with the latter.At least the Big Ten went after a big-time addition in Nebraska; the Pac-10 wanted a game so badly, it added Utah
-Berry Trammel, 12/3/10Comment
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The longer you are somewhere the better your lower interest rate is going to be (when comparing loans of the about the same length)Originally posted by ERCougar View Post"Be a philosopher. A man can compromise to gain a point. It has become apparent that a man can, within limits, follow his inclinations within the arms of the Church if he does so discreetly." - The Walking Drum
"And here’s what life comes down to—not how many years you live, but how many of those years are filled with bullshit that doesn’t amount to anything to satisfy the requirements of some dickhead you’ll never get the pleasure of punching in the face." – Adam CarollaComment
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Because I have work that I should be doing that I don't really want to do, I pulled my calculator out and figured your breakeven. If your loan term is longer than 9 years then your effective interest rate is lower than 4.625% if you pay the origination fee and take the lower rate. On a 30-year mortgage, you'll make your 1% down payment back in 5.6 years.Originally posted by ERCougar View Postsigpic
"Outlined against a blue, gray
October sky the Four Horsemen rode again"
Grantland Rice, 1924Comment
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Mortgage Question:
So I am in the process of finalizing a home we are wanting to buy. In the past we did FHA loans and we closed at the end of the month. By doing so it gave us roughly 2 months without a mortgage payment. So If I closed on August 27th. I would not have a payment until November.
I spoke to the guy I am working with right now and he says that is not possible. That the only way the other bank did this (5th/3rd bank) was they collected an additional 30 days principal and interest at closing, in essence just having you bring the first payment to closing.
Is this correct?? Or is their some other creative financing that was done for this to be accomplished?
TIA for your help..
Also Cougjunkie. Do you work for Wells Fargo?? I am looking at purchasing a Home Path home and I noticed they are one of the vendors.. Boardmail me...Comment
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Get your loans locked in long-term now boys. Inflation is going through the roof over the next five years, regardless of who's in the White House. The only way you pay off debt like ours is to inflate it away. To do that safely, you do it over a 5-10 year period, with 10-15% inflation every year. Lock in the federal budget debt levels, pass mandatory caps on spending (no more deficits). And just inflate it away.
If you've got a locked in mortgage, you'll come out ahead. The single biggest expense you have will get cheaper and cheaper every year.
Get <5% interest rates while they're hot. They'll be at 10-15% in 5 years...Comment
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Mostly correct. If you look on the second page of your old settlement statements, you can see how much interest they've collected at closing and included in your closing costs. I don't recall ever seeing any principal collected at closing so I think the loan guy you're speaking with is off on that one.Originally posted by dabrockster View Post
Regarding whether or not they really can't do that anymore, I actually have no idea. I spent too many months of my past life staring at FHA settlement statements, but I don't know what's changed in the last few years.Comment
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Do you intend to be condescending in your finance posts, or can you just not help yourself?Originally posted by statman View PostComment
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Neither - just generic talk at the campfire talk. But you knew that already...Originally posted by beelzebabette View PostComment
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I am crossing my fingers hoping for your predicted inflation.Originally posted by statman View PostComment
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Looks like the tax credit was extended through the end of September as well. Which is good news for folks like me that are getting bogged down in the short sale process."They're good. They've always been good" - David Shaw.
Well, because he thought it was good sport. Because some men aren't looking for anything logical, like money. They can't be bought, bullied, reasoned, or negotiated with. Some men just want to watch the world burn.Comment
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Question: I will finally meet the First time homebuyer critieria in July (2-year criteria). Does this mean I could still benefit from it or is it for those who have entered a contract in April and are looking to close before Sept.???Originally posted by DrumNFeather View Post
I am holding out hope that I can take advantage...Comment
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