Heads up to home owners

steveinaz

The new incentive program for mortgages is in force, and allows for less appraised value to refinance at some fantastic rates.

Bev & I are going thru our mortgage broker to knock ours down to 15yr/fixed at 3.25%.

What this means is the "absorbtion" of our 2nd on the pool, 9 years knocked off our mortgage, and we'l be paying $9 a month LESS than we were with our 5.35%/fixed 30 yr + $26,000 owed on the pool.

Just a heads up, re-financing may pay off for you too right now. In many cases an appraisal is not even NEEDED. We had to ahve an appraisal, because of the 2nd on the pool. Cost to refinance was $1200, + the $500 appraisal. This will be paid for in 5 months due to the interest saved.

Fellow ARIZONANS: Hartland Mortgage out of Tucson is who we have used for the last 8 years. 2 home loans and 1 re-finance, they've been flawless...just my 2 cents.

codyc1ark

GASP! 3.25 is freaking awesome. I thought I was getting a deal on my 30yr/5.20%, but I'm on track (as of a few weeks ago) to have it paid in full in 20 years, then comes the beach house! Congrats to you and Bev, enjoy the extra cash!

mudwrx

Closed on a 30 year fixed at 5.0% last year and already re-financed at 4.5% fixed.

Now is a good time to be in a position to buy or re-finance. I don't think we'll be seeing such low rates for much longer.

WagnerRC

My home is paid off. The rates may go on for awhile longer

http://mynorthwest.com/?nid=800&sid=497733

FICO chief predicts 50 months of foreclosure problems

EndersShadow

I dont own a home yet :frown:

steveinaz

Since you don't have a home that you have to unload---the opportunities are excellent for you---assuming of course, that your ready.

steveinaz

WagnerRC wrote: »

My home is paid off. The rates may go on for awhile longer

http://mynorthwest.com/?nid=800&sid=497733

FICO chief predicts 50 months of foreclosure problems

Personally, I think the housing "problem" will extend to 4-5 years for now.

EndersShadow

steveinaz wrote: »

Since you don't have a home that you have to unload---the opportunities are excellent for you---assuming of course, that your ready.

I would be, but my wife's credit is such that she couldnt get on the mortgage at this point and w/o her additional income there isnt much we could really qualify for besides the crack house in the ghetto.

This year though our focus is on the credit score, so we are working on paying off my 2 small credit cards (~600 total), getting hers paid off (4k @ 30% :eek:), her car gets paid off in March next year (another 300 there) and then trying to start saving ~600 a month for a downpayment.

So honestly we are looking at 2-3 years at this point :frown:

But I would rather take my time and ensure I can afford it and live comfortably than rush it and be house poor or forclosed on in a year or two :eek:

steveinaz

Good plan man, no need to rush.

EndersShadow

steveinaz wrote: »

Good plan man, no need to rush.

I know, its just my dreams are filled with dedicated HT and 2 channel listening rooms...and its like torture lol....... :biggrin:

Strong Bad

Bought my house in '08 at 6.25%, then refinanced about a year ago for 4.875%. The rates will have to stay low for quite a long time.

Strong Bad

EndersShadow wrote: »

I would be, but my wife's credit is such that she couldnt get on the mortgage at this point and w/o her additional income there isnt much we could really qualify for besides the crack house in the ghetto.

This year though our focus is on the credit score, so we are working on paying off my 2 small credit cards (~600 total), getting hers paid off (4k @ 30% :eek:), her car gets paid off in March next year (another 300 there) and then trying to start saving ~600 a month for a downpayment.

So honestly we are looking at 2-3 years at this point :frown:

But I would rather take my time and ensure I can afford it and live comfortably than rush it and be house poor or forclosed on in a year or two :eek:

Agreed, good plan! I waited for a while till my income was such that I could be very comfortable with a mortgage. I also didn't go overboard and try to outdo the rest of the world for bragging rights! I bought what I was comfortable with and liked. Income jumps along with refinancing that lowered the monthly payment made it that much more comfy. Oh and remember, think about how much it will cost to heat and cool the home you buy as well. You may be able to afford the mortgage, but get your butt hammered in utilities every month!

shack

We refinanced last fall for 3% (0 points and no appraisal since they already had the mortgage) for 15 years. Will probably have it paid off in 7-8 years if not sooner.

Mike Reeter

Paid off our mortgage last week:biggrin: Rates are at historic lows,better take advantage if one can...Read somewhere that your interest writeoff might very well be gone one day,about the only writeoff left for a lota W-2 employees.

Tour2ma

1/2 of me is thinking "YEA"...

... other half is thinking. "Here we go again."

Polkersince85

I'm in the "Here we go again" column. Glad my balance is too low to refinance.

I-SIG

steveinaz wrote: »

The new incentive program for mortgages is in force, and allows for less appraised value to refinance at some fantastic rates.

Bev & I are going thru our mortgage broker to knock ours down to 15yr/fixed at 3.25%.

What this means is the "absorbtion" of our 2nd on the pool, 9 years knocked off our mortgage, and we'l be paying $9 a month LESS than we were with our 5.35%/fixed 30 yr + $26,000 owed on the pool.

Just a heads up, re-financing may pay off for you too right now. In many cases an appraisal is not even NEEDED. We had to ahve an appraisal, because of the 2nd on the pool. Cost to refinance was $1200, + the $500 appraisal. This will be paid for in 5 months due to the interest saved.

Fellow ARIZONANS: Hartland Mortgage out of Tucson is who we have used for the last 8 years. 2 home loans and 1 re-finance, they've been flawless...just my 2 cents.

I'm so far underwater that I doubt they'll even let me knock on the door.....

Wes

Toolfan66

We refinanced in December at 3.5-30yr fixed, our house payment is $300 less a month. I don't ever see us refinancing again..

Tony M

EndersShadow wrote: »

I would be, but my wife's credit is such that she couldnt get on the mortgage at this point and w/o her additional income there isnt much we could really qualify for besides the crack house in the ghetto.

This year though our focus is on the credit score, so we are working on paying off my 2 small credit cards (~600 total), getting hers paid off (4k @ 30% :eek:), her car gets paid off in March next year (another 300 there) and then trying to start saving ~600 a month for a downpayment.

So honestly we are looking at 2-3 years at this point :frown:

But I would rather take my time and ensure I can afford it and live comfortably than rush it and be house poor or forclosed on in a year or two :eek:

Isn't there a way to borrow some cash at a lower rate to pay off that loan at 30%. Those kind of rates up in the stratousphere is what harms alot of hard working people. Congrats on her being able to hang in there so far. Your future looks great after your plan switches from red to black. Keep that plan on the table.

cstmar01

I'm just amazed at the 500 bucks for an appraisal! I need to move to AZ and become an appraiser!

I think its bad when I pay 350.00 for one when I get values, 500 would be great! (if you were the appraiser of course).

EndersShadow

tony millard wrote: »

Isn't there a way to borrow some cash at a lower rate to pay off that loan at 30%. Those kind of rates up in the stratousphere is what harms alot of hard working people. Congrats on her being able to hang in there so far. Your future looks great after your plan switches from red to black. Keep that plan on the table.

We are working on it. I have a line of credit I am paying on. I can only take it out in 500 dollar increments. Each time I have 500 availible we take 500 out of that (its @ 8%) and put in on her card...

BIZILL

TOOLFORLIFEFAN wrote: »

We refinanced in December at 3.5-30yr fixed, our house payment is $300 less a month. I don't ever see us refinancing again..

pretty swell. i wonder how low a rate you'd have gotten with a 15 year. i refi'ed about the same time and got in at 3.75% and around 4.something APR. i'm paying alot less than my 30 year and am paying extra monthly toward principle.

TouchOfEvil

We just bought our house/closed 2weeks and 4 days ago i believe. We tried our hand at getting a house roughly 14 months ago but needed to clean up some problems with our credit and of course get the score a bit higher. Now that we got everything done we were able to get our rate at 2.9% locked in so i'm happy with that.
We were renting and now to buy it cost us about 40 bucks a month more. So very happy about that.

EndersShadow

DSkip wrote: »

Enders, my wife and I fought hard to stay out of debt and did fairly well minus student loans. We have zero credit card debt and only pay my grandmother $100/month for the 2000 Camry we bought off her. I used to own a 2007 Tacoma, but I paid over $3k for someone to take it off my hands. It was hard, but worth it to be where we are now. We also made the ultimate sacrifice and moved in w/ my parents.

Unfortunately (but fortunately), we had a bigger priority with a kid involved and made it our goal for him to grow up in a stationary place.

Yeah, we are heading down kiddie road shortly, but want to be close to a house before we go there.....

Off subject but how did you like the Tacoma and what kinda room if any does it have for a car system (like in my sig)...

My cars got a couple years left before I want to replace, but heard lots of good things bout the Tacomas...

punk-roc

I love my 2008 Tacoma Ender, I forgot my extended cab's official name, but its the one with half doors (not full-door extended cab). I had one of those slim Pioneer 10" subs custom-fit into one of my rear doors, so i still had room for my 2 amps under the front seats and focal fronts

Jason

EndersShadow

punk-roc wrote: »

I love my 2008 Tacoma Ender, I forgot my extended cab's official name, but its the one with half doors (not full-door extended cab). I had one of those slim Pioneer 10" subs custom-fit into one of my rear doors, so i still had room for my 2 amps under the front seats and focal fronts

Jason

Yeah, problem is I already have a very very nice sub that I would prefer to not part with (same w/ the amps), just make it work with a new box of some sort if possible...

punk-roc

It would fit somewhere i'm sure.. I just didn't want to take up my extended cab space.. but there's certainly room back there for a sub.. i was being picky and spent a little extra dough since i was building from scratch

EndersShadow

punk-roc wrote: »

It would fit somewhere i'm sure.. I just didn't want to take up my extended cab space.. but there's certainly room back there for a sub.. i was being picky and spent a little extra dough since i was building from scratch

Yeah, we would more than likely try to go with a Crew Cab (hence being scared about space) since we want seating for kiddies, and the ability to tow......since after we get a house and that car the next thing we want is a BOAT :biggrin:

punk-roc

someday i might have a boat.. I got the tow-package too hahaha, just in case