The Home Improvement Thread

Yada wrote:
For example, the following illustrates the savings of a .5% and 1% drop in rate for a $400,000 loan.

                                                          Monthly  Annual   Lifetime
Savings decreasing rate .5% $114       $1,368 $41,040
Savings decreasing rate 1% $224       $2,688 $80,640

sounds like a good deal to me
who doesn't want to save on paying interest to your lender? 

closing costs is where the rubber meets the road

Keep us posted Sidehatch!

Maybe it’s time to start a:


Is it time to refinance your mortgage?



Thread?

Lets not

Hatch will be the guy at 73 still refinancing his home and owing the current appraised value.

not sure I get that joke?

Hatchy wrote:
not sure I get that joke?

It's not a joke… My father in law bought his home in like 30ish years ago for like 100k… as of today I think he owes like 500k on it due to borrowing against it multiple times, pulling money out, and refinancing.

Yada wrote:

Hatchy wrote:
not sure I get that joke?

It's not a joke… My father in law bought his home in like 30ish years ago for like 100k… as of today I think he owes like 500k on it due to borrowing against it multiple times, pulling money out, and refinancing.

Oh I get it now
Yeah I have a friend who did the same thing
got this great apartment for like 80k in mt pleasant in the 90s
and has refi-ed it to like 500k and complains he can't make money off the renters

Yada wrote:

Hatchy wrote:
not sure I get that joke?

It's not a joke… My father in law bought his home in like 30ish years ago for like 100k… as of today I think he owes like 500k on it due to borrowing against it multiple times, pulling money out, and refinancing.

Holy shit, that’s wild.

Yada wrote: at 73 still refinancing his home and owing the current appraised value.

Although I gotta question a bank that would write a 30 year loan to a man in his 70s
He should just file for bankruptcy now and he would get the home

Hatchy wrote:

Yada wrote: at 73 still refinancing his home and owing the current appraised value.

Although I gotta question a bank that would write a 30 year loan to a man in his 70s
He should just file for bankruptcy now and he would get the home

He's not bankrupt and has plenty of money, has just done dumb things leveraging his home for the past 30 years.

Yada wrote:

Hatchy wrote:

Yada wrote: at 73 still refinancing his home and owing the current appraised value.

Although I gotta question a bank that would write a 30 year loan to a man in his 70s
He should just file for bankruptcy now and he would get the home

He's not bankrupt and has plenty of money, has just don't dumb things leveraging his home for the past 30 years.

If that’s the case, he’s kinda done a (stupid, horribly-rated) de facto reverse mortgage.

Hatchy wrote:

Yada wrote: at 73 still refinancing his home and owing the current appraised value.

Although I gotta question a bank that would write a 30 year loan to a man in his 70s
He should just file for bankruptcy now and he would get the home

Being over 55 (I think that’s the cutoff) is a protected class where age cannot be taken into consideration for loan approval legally.

Obviously there are ways around that like most 70 year olds are not still working and therefore have little to no income so “creditworthiness”, but a bank cannot just go “you will be dead before this loan pays off — denied.”

I just don’t know enough to opine

Pulitzer wrote:
Origination - this was close to $2k last time
    this is the number I'm looking at this time around as they said they would cover 'their closing costs'

Welp…true to their word…there is a $1975 lender credit line in my closing costs

still will cost $2500 to close ($1k va transfer tax!! time to liberate Virginia!)
And there is still a little wiggle room on title and title insur…so could be a little lower if I make an effort.

Will take 16-18 months to break-even on those costs…but I'll be paying $140 less per month, for the life of the loan
50k less in interest payments over the life of the loan

This is by no means life-changing
but will certainly pay for a small weekend getaway …every year

And the total amount you owe doesn’t go up?

We finally received our stimulus "check," in the form of a debit card. Still planning on depositing it and using it to pay taxes.

hutch wrote:
And the total amount you owe doesn’t go up?

of course, it does. the closing costs are wrapped in…so that's where they go
I could pay them up front in cash, but instead, I'm financing that at 2.99%

Space wrote:
We finally received our stimulus "check," in the form of a debit card. Still planning on depositing it and using it to pay taxes.

Shouldn’t this go in the stimulus check thread?

I don’t know though..maybe having finance and home improvement go in this catch all nightmare thread is a good idea

hutch wrote:

Space wrote:
We finally received our stimulus "check," in the form of a debit card. Still planning on depositing it and using it to pay taxes.

Shouldn’t this go in the stimulus check thread?

I don’t know though..maybe having finance and home improvement go in this catch all nightmare thread is a good idea

Sorry, totally Spaced and forgot about that thread. You are correct.