Author Topic: House buying/owning advice  (Read 46112 times)

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Offline ben ji

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Re: House buying/owning advice
« Reply #725 on: February 10, 2020, 04:51:40 PM »
as a former home owner, there is something about coming home after a hard days work, and knowing there is no yard work, or handyman job waiting on me, just grab a beer and kick my feet up.

As a homeowner there is no better feeling than coming home after a hard days work, grabbing a beer and watering my garden then crushing some golf wiffle balls in the backyard while your dogs run around and ruin the grass in a circle inside your fence. Just in the zone for 2+ hours crushing suds and wiffle balls in between weeding/watering with no landlord to worry about. Only a couple more months until that time again!
« Last Edit: February 11, 2020, 02:04:15 PM by ben ji »

Offline meow meow

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Re: House buying/owning advice
« Reply #726 on: February 11, 2020, 08:52:31 AM »
 :cheers:

Offline steve dave

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Re: House buying/owning advice
« Reply #727 on: February 26, 2020, 07:54:51 AM »
Irl just refi’d a 15 at 2.875. If that’s a 30 number it’s smoking and nice work. Also congrats!


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Yep.  I was a ruthless negotiator with the financiers and sellers.  I owe it all to my close studying of the art of the deal.

BET YOU FEEL LIKE AN IDIOT NOW DLEW  :lol:


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Offline DQ12

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Re: House buying/owning advice
« Reply #728 on: February 28, 2020, 02:56:29 PM »
Irl just refi’d a 15 at 2.875. If that’s a 30 number it’s smoking and nice work. Also congrats!


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Yep.  I was a ruthless negotiator with the financiers and sellers.  I owe it all to my close studying of the art of the deal.

BET YOU FEEL LIKE AN IDIOT NOW DLEW  :lol:


 :cry:
Hey I got super duper liquid like a week before this market collapse for this down payment so I'm feeling OK about everything.


"You want to stand next to someone and not be able to hear them, walk your ass into Manhattan, Kansas." - [REDACTED]

Offline K-S-U-Wildcats!

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Re: House buying/owning advice
« Reply #729 on: March 04, 2020, 03:16:44 PM »
These mortgage rates are amazing. I had about a year to go on my 7yr ARM at 3.125%, but I just refi'd to a 15yr at 3% with zero closing costs. (I never count on keeping a mortgage long enough to pay points or even pay the closing costs up front for a lower rate). Could probably get down around 2.75 if you're cool with paying a thousand up front. All thanks to the hysteria over something way less deadly than any given flu season. :billdance:

Also time to shift a couple farms into the market. :Carl:
I've said it before and I'll say it again, K-State fans could have beheaded the entire KU team at midcourt, and K-State fans would be celebrating it this morning.  They are the ISIS of Big 12 fanbases.

Offline XocolateThundarr

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Re: House buying/owning advice
« Reply #730 on: March 04, 2020, 04:42:42 PM »
These mortgage rates are amazing. I had about a year to go on my 7yr ARM at 3.125%, but I just refi'd to a 15yr at 3% with zero closing costs. (I never count on keeping a mortgage long enough to pay points or even pay the closing costs up front for a lower rate). Could probably get down around 2.75 if you're cool with paying a thousand up front. All thanks to the hysteria over something way less deadly than any given flu season. :billdance:

Also time to shift a couple farms into the market. :Carl:

Just refi'd ours down to 2.75% with no closing costs.

Offline K-S-U-Wildcats!

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Re: House buying/owning advice
« Reply #731 on: March 04, 2020, 04:47:48 PM »
That's amazing. Congrats!
I've said it before and I'll say it again, K-State fans could have beheaded the entire KU team at midcourt, and K-State fans would be celebrating it this morning.  They are the ISIS of Big 12 fanbases.

Offline steve dave

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Re: House buying/owning advice
« Reply #732 on: March 04, 2020, 06:02:18 PM »
These mortgage rates are amazing. I had about a year to go on my 7yr ARM at 3.125%, but I just refi'd to a 15yr at 3% with zero closing costs. (I never count on keeping a mortgage long enough to pay points or even pay the closing costs up front for a lower rate). Could probably get down around 2.75 if you're cool with paying a thousand up front. All thanks to the hysteria over something way less deadly than any given flu season. :billdance:

Also time to shift a couple farms into the market. :Carl:

Just refi'd ours down to 2.75% with no closing costs.

I got 2.875% with no costs in early Feb. I'm enraged that I missed out on the lower rates available now. I irl called my guy and asked for another refi with no cost to myself at the new lower rates and he told me to get lost. lmao.

Offline K-S-U-Wildcats!

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Re: House buying/owning advice
« Reply #733 on: March 04, 2020, 06:27:05 PM »
Where did you guys get these rates? My broker would probably give me a match rather than risk me refi’ing again and losing his commission.
I've said it before and I'll say it again, K-State fans could have beheaded the entire KU team at midcourt, and K-State fans would be celebrating it this morning.  They are the ISIS of Big 12 fanbases.

Offline steve dave

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Re: House buying/owning advice
« Reply #734 on: March 04, 2020, 06:43:08 PM »
local credit union. for any type of credit you will possibly pay some interest on a local credit union is the best option (unless the manufacturer of the car offers 0% or some crap). where are you at? I'm sure you can find any number advertising stuff at 2.5% and could easily get no costs at a higher number.

Offline TheHamburglar

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Re: House buying/owning advice
« Reply #735 on: March 04, 2020, 08:29:36 PM »
local credit union. for any type of credit you will possibly pay some interest on a local credit union is the best option (unless the manufacturer of the car offers 0% or some crap). where are you at? I'm sure you can find any number advertising stuff at 2.5% and could easily get no costs at a higher number.

Do Owasso, OK SD.
I got a guy on the other line about some white walls

Offline steve dave

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House buying/owning advice
« Reply #736 on: March 04, 2020, 08:52:53 PM »
local credit union. for any type of credit you will possibly pay some interest on a local credit union is the best option (unless the manufacturer of the car offers 0% or some crap). where are you at? I'm sure you can find any number advertising stuff at 2.5% and could easily get no costs at a higher number.

Do Owasso, OK SD.

Anymore brain busters?*




*I did not check terms for crap on this


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Offline XocolateThundarr

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Re: House buying/owning advice
« Reply #737 on: March 05, 2020, 08:20:43 AM »
My current mortgage company called me yesterday and offered to lower my rate.  Spent 10 minutes on the phone and about 5 minutes e-signing forms when I got back to my office. 

Offline K-S-U-Wildcats!

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Re: House buying/owning advice
« Reply #738 on: March 05, 2020, 08:59:20 AM »
I'll have to check into the CUs. I'm sure SD and others know this, but "no points" like in the example above doesn't mean no closing costs. It just means you're not paying an extra fee to buy down your rate. Also, if a lender offers to wrap your closing costs into the finacing, you're still paying them. What you're looking for is a lender credit to cover the closing costs in exchange for agreeing to a slightly higher interest rate. The lender gradually recovers the closing costs (maybe, maybe not, maybe more - depends on how long you keep the loan) with the higher interest.

In this environment, you're probably better off paying a slightly higher rate in exchange for a lender credit to offset closing costs. It lets you refi again, without spending a dime, if the Covid hysteria continues and rates continue to plunge.

Also, calling your current lender and seeing if they'll give you a mod to reduce your rate in lieu of a refi is a great idea. But often lenders either won't/can't do this (mine) or want some absurd doc fee to complete the mod.
I've said it before and I'll say it again, K-State fans could have beheaded the entire KU team at midcourt, and K-State fans would be celebrating it this morning.  They are the ISIS of Big 12 fanbases.

Offline TheHamburglar

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Re: House buying/owning advice
« Reply #739 on: March 05, 2020, 09:23:49 AM »
I don’t think I’m eligible for that CU. Checked with a Tulsa one I am eligible for and they gave me 3.375 with an 800+ credit score.

 :shakesfist:
« Last Edit: March 05, 2020, 09:31:10 AM by TheHamburglar »
I got a guy on the other line about some white walls

Offline TheHamburglar

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Re: House buying/owning advice
« Reply #740 on: March 05, 2020, 09:26:23 AM »
Also, calling your current lender and seeing if they'll give you a mod to reduce your rate in lieu of a refi is a great idea. But often lenders either won't/can't do this (mine) or want some absurd doc fee to complete the mod.

My mortgage got sold to some company that I couldn’t get to answer the phone if you gave me a 24 hours to sit on hold.
I got a guy on the other line about some white walls

Offline IPA4Me

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Re: House buying/owning advice
« Reply #741 on: March 05, 2020, 09:30:47 AM »
Also, calling your current lender and seeing if they'll give you a mod to reduce your rate in lieu of a refi is a great idea. But often lenders either won't/can't do this (mine) or want some absurd doc fee to complete the mod.

My mortgage got sold to some company that I couldn’t get to answer the phone if you gave me a 24 hours to sit on hold.
PennyMac bought mine. Bunch of corksuckers.

Offline steve dave

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Re: House buying/owning advice
« Reply #742 on: March 05, 2020, 09:38:40 AM »
I'll have to check into the CUs. I'm sure SD and others know this, but "no points" like in the example above doesn't mean no closing costs. It just means you're not paying an extra fee to buy down your rate. Also, if a lender offers to wrap your closing costs into the finacing, you're still paying them. What you're looking for is a lender credit to cover the closing costs in exchange for agreeing to a slightly higher interest rate. The lender gradually recovers the closing costs (maybe, maybe not, maybe more - depends on how long you keep the loan) with the higher interest.

In this environment, you're probably better off paying a slightly higher rate in exchange for a lender credit to offset closing costs. It lets you refi again, without spending a dime, if the Covid hysteria continues and rates continue to plunge.

Also, calling your current lender and seeing if they'll give you a mod to reduce your rate in lieu of a refi is a great idea. But often lenders either won't/can't do this (mine) or want some absurd doc fee to complete the mod.

correct on the above. you have to negotiate the closing costs either by just getting them to eat them (lender credit) or by agreeing to take a slightly higher rate. Our closing costs we got them to eat came to like $5k. about a billion small title fees, signature fees, fee fees, appraisal fee (if you've had a recent one make them use it), etc.

also for a CU you have to become a member of the CU. So now I have a $10 savings account that I've already forgotten about that 100 years from now my great great great gandchild will get a letter saying that they have a giant windfall from a forgotten savings account and here is a check for $13.

Offline steve dave

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Re: House buying/owning advice
« Reply #743 on: March 05, 2020, 09:41:17 AM »
I don’t think I’m eligible for that CU. Checked with a Tulsa one I am eligible for and they gave me 3.375 with an 800+ credit score.

 :shakesfist:

you could get a much lower one at most of the national providers even if you can't find a local CU. just enter your info at Lendingtree and you'll get about 5 million offers lower than that almost immediately and then just go with whichever will eat all of the costs.

Offline star seed 7

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Re: House buying/owning advice
« Reply #744 on: March 05, 2020, 09:42:36 AM »
Pretty sure I still have a <$100 savings account at the cu from 2 car loans ago
Hyperbolic partisan duplicitous hypocrite

Offline steve dave

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Re: House buying/owning advice
« Reply #745 on: March 05, 2020, 09:43:34 AM »
Pretty sure I still have a <$100 savings account at the cu from 2 car loans ago

I'm staring to believe a good piece of the CU business plan is to just hold a shitload of tiny savings accounts forever.

Offline catastrophe

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Re: House buying/owning advice
« Reply #746 on: March 05, 2020, 09:50:14 AM »
Idk if I’m putting in the wrong numbers, but the calculators I’ve been using say it would not be economical to refi. Currently in a 15 with 3.375%. I guess there’s not a ton left on the mortgage but it’s a decent amount? :dunno:

Offline steve dave

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Re: House buying/owning advice
« Reply #747 on: March 05, 2020, 09:56:37 AM »
Idk if I’m putting in the wrong numbers, but the calculators I’ve been using say it would not be economical to refi. Currently in a 15 with 3.375%. I guess there’s not a ton left on the mortgage but it’s a decent amount? :dunno:

everything you read will say the rule of thumb is if you save a percent it's worth it if you have to pay the costs. that said, if you can just shave percents with no costs any savings is worth it. I'm assuming that calculator is taking those costs into consideration.

Offline Dugout DickStone

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Re: House buying/owning advice
« Reply #748 on: March 05, 2020, 11:15:05 AM »
AS an owner of multiple residential properties, do I try and get these done by the same outfit at the same time or separate them out...

Offline steve dave

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Re: House buying/owning advice
« Reply #749 on: March 05, 2020, 11:17:08 AM »
AS an owner of multiple residential properties, do I try and get these done by the same outfit at the same time or separate them out...

I’d imagine you’d gain some negotiation power by doubling up. But I have no experience with that.


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