If you make an extra payment every year, the interest is always based off your original loan amount. It shortens your term Recasting lowers that figure for the remaining term... ultimately lowering the total interest paid, over time & shortening your term if you continue making extra payments over time. Be it lump-sum, annual, or bi-weekly
While lower, the difference between VA & Conventional rates would likely never make paying a $10k VA funding fee worthwhile. That said, there might be other reasons why you need to go the VA route.
VA is great in these scenarios: You don't have down payment / equity for rate-term refi - 100% financing, Need additional cash-out, on refi (can do up to 90% LTV, FHA 85%, Conv 80%) You are at least 10% disabled by VA & exempt from VA Funding fee Tight debt-to-income ratios - VA used residual income factor, not DTI for qualification. Have vets with insane debt (>68% DTI) get approved It is typically better to look at other options, in any other scenario
Kind of embarrassed to admit this and I'll keep this post short. I'm supposed to go down to the home development office today, and pay the earnest money to officially put myself on the hook for my first home. I have the money for the down payment squared away, crunched the numbers a million times. should be able to afford it by being reasonably frugal and moving in two roommates (which arent hard to find) Its just so...daunting though. $230K over 30 years....furniture...expenses...appliances.. Once i hand over that check there's no turning back.
Yeah, I don't understand either. Signing your name to that amount of money & responsibility is nerve-wracking... it's on you at that point.
Well...yeah. Just nerves, i keep having nightmare scenarios of what happens if I lose my job or something. Im in a good market to sell a home though and the value will only go up.
I think it's fair to say that most of us have been there. Those that haven't are either rich (most posters on this board) or have a poor concept of finance.
Nothing to be embarrassed about. You have the right idea, a plan and you’ll soon have some equity. It’s the biggest investment most people make in their life.
Trying to smarten my home. Have Orbi WiFi router, a handful of echos, Schlage electric lockset and high speed Comcast internet. Looking for recommendations on tstat, hub, irrigation controls and etc. Alexa and iPhone compatible.
Just refinanced a couple years ago to a 3.99% 30 year mortgage. Took out $40k for home improvements. Windows, doors, siding, electrical panel, tankless water heater and furnace will all be new by the end of this month. Needless to say my wife’s list of shit she wants done is beyond $40k. Kitchen, adding a bathroom and remodeling another bath. I live in CA. $650k home appraisal a couple years ago. I’ve gotten calls and emails from Quicken Loans(current holder) and just had some random quote me a refinance $484k@ 3.5% 30year with $7k in fees. Owe $409k @$2,150 P&I now. $2,175 new payment with $68k, after fees, out. Plan is to rent this home if we ever wanted to move. Are any of the above fees/rates super high? Next stop is my credit union.
So my buddy just got this. Apparently the house has a water leak. They can't actually expect someone to pay something like this right? This would bankrupt some people. Any ideas y'all?
He's going to do that of course but I was wondering if anyone here had run into a similar situation, with an undiscovered leak, and had different advice.
Will it? I mean it's not like we haven't seen a massive price correction in our lifetimes or anything
Don’t know where else to put this, but just paid off our home note. We own this bitch free and clear now.
City of Denver did some dumb shit on my business water bill, claimed I never paid anything and sent me a bill for over $25k. I got it sorted quickly but damn, that bill wasn’t fun to open.
it's pretty neat, that's for sure. Although, kinda gives me FOMO having so much equity tied up into one thing and not having much flexibility.
so here's a dumb question...how does it work after you pay it off? obviously you still have escrow/taxes etc. do you just continue paying monthly through your provider or just lump sum them individually once a year?
Once you have 20% equity in your house, escrowing for taxes/insurance is not required. We just refinanced and are at about 30%, so we're just going to throw the money we would be paying toward escrow into a savings account that's actually earning interest, and we'll pay the tax and insurance bills on our own.
Don’t know where else to put this, but I just refinanced and will have a mortgage until I’m 70+. Definitely not jealous of this page at all.
On a shittier note just found my own plumbing debacle at my new house. I'm gone alot, came home to moisture in the back yard. Traced it to a wooden walkway in the back yard. Started pulling up planks to find an uncapped cleanup pipe which had been pushing awful up for God knows how long. Rooter found the clog 30' in. Roots, wetwipe and a full old-school tampon applicator. I'm guessing several months to years. There was an odor but not a strong one. We thought probably was coming from the creek directly behind the house. Clog is removed, ran a couple of lbs of root killer through the system, and letting everything dry but expecting to have a literally shitty shoveling weekend. Still better than being a Tennessee fan though. Nsflunchtime Spoiler
My rear driveway is on a 45 degree slope and has a fair amount of water run on it when it rains. It is in need of some concrete patching in several spots. How do prevent the concrete from washing off? Just use Top and Bond mix to top it?
Finished grading on our lot this week. This is a few days ago before they were done, but you get the point.
It varies. Got one big dip that's gonna take a full 50 pound bag and the majority of it is just cracks
If it's just a dip, like not thicker than 2", would probably go with a non shrink grout and monkey's milk