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McJammer

Hi everyone - I think I know the answer but wanted thoughts from here . . . appraiser is coming on Friday. Taking photos of inside and outside of the house. Report will go to the lender and us. Should I clean up? LOL. Not sure how much difference it would make but do I want the house to appraise fo...

McJammer

Hi everyone - I think I know the answer but wanted thoughts from here . . . appraiser is coming on Friday. Taking photos of inside and outside of the house. Report will go to the lender and us. Should I clean up? LOL. Not sure how much difference it would make but do I want the house to appraise for...

McJammer

Buying, reading and actually applying the tips and advice in one of those "self-help" financial books titled something like "Financial Tips in your 20s" Oh and not my decision, but my Dad's . . . lucky enough that he paid for college. So blessed. My job and hubby and I paid for m...

McJammer

Reporting in with final results from a week and a half of reading, haggling, learning from you guys, think I got a good result and locked today with Loan Depot: D. TOTAL LOAN COSTS (A + B + C) $3,152 - Lender credits of $2,012 = costs rolled into loan $1,140. 2.99% fixed rate for a 20 year term, cas...

McJammer

Don’t forgot to consider E as part of the closing costs when you do your calculation. In some states, this can be thousands of $$ difference (NY and FL are good examples with their taxes on mortgages). ^This! Thank you so much! I just realized that Quicken may indeed be giving me the "best dea...

McJammer

Where does your nephew want to go to college? Who is paying? Parents, Uncle Sam, your nephew over the course of the next 20+ years? I'd also consider the environment - will it be one that provides opportunities to build up his character or eats him alive? The financial costs of unhealthy behavior ca...

McJammer

Closing cost (A+B+C=D $1750) Appraisal was $550(included in closing total). After all cost and lender credits. I get back -400 dollars back. Also, With Amex I get the appraisal refunded. Don’t forgot to consider E as part of the closing costs when you do your calculation. In some states, this can b...

McJammer

Closing cost (A+B+C=D $1750) Appraisal was $550(included in closing total). After all cost and lender credits. I get back -400 dollars back. Also, With Amex I get the appraisal refunded. Don’t forgot to consider E as part of the closing costs when you do your calculation. In some states, this can b...

McJammer

I’d tread cautiously. The downsides of intervening are significant, and really it’s their business, not yours. Your parents are barely 60? Mine are into their late 70s, working full time, zero savings. They get by, yours will too. A majority of retirees in this country live on social security alone...

McJammer

[quote=Sandtrap post_id=5336870 time=1593213253 user_ OP: actionably. If there's no extra money to spend frivolously, then there's no money to spend frivolously. So, make sure there's no extra money to spend frivolously. j :happy Exactly....it’s best if it’s an emotionless non event [/quote] Emotio...

McJammer

Brain, I closed with AIM back in March at the same rate and term (no cash out or escrow). No cost to me except prepaids which I was able to reduce a tad due to lender credit. My appraisal was waived . I found nothing fishy about their process and customer service was excellent. I would not hesitate...

McJammer

Agreed, this thread is incredibly helpful! I'm getting refi fatigue and have been through a few scenarios and tried a few lenders. Trying to make a choice between AimLoan and Quicken for a 20 year fixed rate cash-out refinance (of about $20,000). AimLoan is offering 3.00% and closing costs (from len...

McJammer

If it's helpful to those considering a cash out refinance, just got off the phone with Anthony from Lenderfi and they are not doing cash out refis right now. :( Darn, thanks for sharing. That is who I was planning to use as competition with Better. Sorry about that :( Conversing with AimLoan and th...

McJammer

If it's helpful to those considering a cash out refinance, just got off the phone with Anthony from Lenderfi and they are not doing cash out refis right now.

McJammer

Thanks everyone, this is so helpful and I really appreciate it! The first offer is from a lender who has pulled our credit... I'm uncomfortable having too many lenders pull our credit... FYI... You can shop around for a mortgage and it will not hurt your credit...from the Consumer Financial Protect...

McJammer

Those of you obtaining zero lender's fees . . . I'm wondering if you live in an area with a calmer real estate market. We live in Northern Virginia, right outside Washington, D.C, specifically in a hot, hot market. All quick quotes online from Lenderfi and Aimloan include lender's fees to go along w...

McJammer

Thanks everyone, this is so helpful and I really appreciate it! Our current mortgage is our first, and this is our first refinance. We need the cash for home repairs that should be done by fall. I'll be using some of our emergency fund but I want to keep most for . . . well emergencies. The first of...

McJammer

I wonder how much of those fees the "consultant" gets. I would just shop around on my own. I have never paid an application fee let alone $1200. I agree. You would be well served to get some other quotes for your refinance. I'd recommend you get at least three quotes so you can compare wh...

McJammer

Thanks for all the replies! I really appreciate it. here's the worksheet from the mortgage consultant: Estimated Closing Costs Items Payable in Connection with Loan Application Fee $1,195.00 Validation Services Fee $110.00 Appraisal Fee $525.00 Credit Report $95.00 Title Charges Lender’s Title Insur...

McJammer

It's crystal clear to me.... The new lender want's $6,000 in pre-paids to go to escrow. How much your current lender has or requires has not bearing on what the new lender is requiring. If you feel they miscalculated for whatever reason go ahead and ask. The actual cost of the loan is covered by le...

McJammer

Last night our home loan consultant e-mailed with a preliminary cash-out refinance estimated itemized fee worksheet. Turns out (as I suspected) hubby has collections on his credit report. Ugh. Good news is that my credit score is 801 and I qualify for the loan based on my salary alone. It's likely ...

McJammer

Thanks so much golf maniac. I didn't realize no escrow was an option.

McJammer

Thanks for the reply! Lender is requiring an appraisal at $525 as part of closing costs. Final total for closing costs (including title and transfer charges) is $4,742. Reserves and Prepaid Costs are below for a total of $4,751,00: Items Required by Lender to be Paid in Advance: Daily Interest 20 Da...

McJammer

Have you looked into the rates for second mortgages? I've read that lenders dislike the risk of a second position loan so rates are typically higher. Have you thought about a home equity line of credit, aka HELOC?

McJammer

Last night our home loan consultant e-mailed with a preliminary cash-out refinance estimated itemized fee worksheet. Turns out (as I suspected) hubby has collections on his credit report. Ugh. Good news is that my credit score is 801 and I qualify for the loan based on my salary alone. It's likely w...

McJammer

Bumping this up b/c we are in a similar situation though with different numbers. We're in need of home repair costing approximately $45K. Mortgage broker sent over two scenarios, and one seems doable for us. A cash-out refinance of $20K (we have about 25 K in emergency funds right now, don't want to...

McJammer

WOW, thank you so much lakpr. That's a new calculation to me. Forgive me but . . . I don't quite follow! If I'm doing the math right after looking at my W-2 from last year, I think our state tax rate is 5%. Does that change things for us? It's interesting . . .I'm totally open to increasing to 20% b...

McJammer

lakpr, I don't understand how you're calculating the 5.43%.
You said "State otherwise, your interest rate on the mortgage is POST TAX, and its taxable equivalent is 5.43%."

McJammer

Thanks for your thoughts Lakpr. Actually we itemized. In addition to our mortgage interest, we also had some charitable contributions. It all equaled several thousand more than the standard deduction. We live in a very high cost housing area, hence, the big mortgage. We're actually in the lower end ...

McJammer

Thanks niceguy. I got a horrible "stock tip" from my father about a decade ago and bought a few shares of Rock Creek Pharmaceuticals. Yeah. I know. Back when Ally was called Trade King. So I "inherited" the zero value stock and the brokerage account - I wanted to see how it all w...

McJammer

Thanks! Yes, BB & T requires a minimum of $10,000 and there's a $250 recast fee. Have I got this right? > a big benefit of making extra payments toward principal is that you can shorten the life of your mortgage if you pay down the principal. But with recasting, you're still stuck with same # of...

McJammer

Thanks feehater, very helpful.
By waiting until tax time, you mean say, February of 2020, do some preliminary tax estimates, and then see if the ROTHs would make sense for tax year 2019?

McJammer

If there's a wet/dry vac in the basement, that's a good sign there'll be water issues in the basement. Don't be in a rush to move in - do the big things that are easier to do when the house is empty, like refinishing floors and painting. If you heart breaks when the offer's not accepted, something j...

McJammer

He can't max out his 403(b) because he's a highly compensated employee. That's part of what I'm trying to address How do we make up that lost opportunity for tax-deferred growth? If I'm calculating correctly, our MAGI (the same as our agi) is $173,000. So should we do a ROTH IRA or focus on paying d...

McJammer

So excited to have found this forum! First time post though I have been lurking for a few weeks after learning about Mr. Bogle and rolling over my husband's 403 (b) former employer-sponsored plan to a Vangard IRA account. Seeking advice on the next step for our financial planning. For 2019, currentl...

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Re: First post - mortgage recast vs. Roth IRA, vs taxable investing

First post - mortgage recast vs. Roth IRA, vs taxable investing