FHA really screws you on PMI. Reason it went that way way DTI was too high carrying both loans to qualify for conventional. Supposedly after showing rental income for a couple of years that can be included in a refi so get out of FHA. I just have not done anything about it yet. Within the next 2-3 years I will probably either do that or sell the rental and pay this house way down. Or maybe I will just sell all my junk, sell both houses and whatever cash I get use that to pay cash for whatever I can get for whatever amount that ends up being and not have a payment anymore.
Sent from my iPhone > On Apr 29, 2020, at 5:30 PM, Dan Penoff via Mercedes <mercedes@okiebenz.com> > wrote: > > Holy cow! You must have been a hell of a risk when that mortgage was > underwritten! Or is it because it’s an FHA mortgage? > > On a $285k mortgage we put 5% down on ($300k sale price) our PMI is > $83/month. Even that’s a screw, as the house appraised for $315k. They would > get their money back and more if we defaulted. > > That’s another reason for the refi, although a minor one. Get rid of PMI and > accelerate the mortgage. Cost about $1400 to buy down a point, that will get > amortized in no time flat. We pay biweekly on the current one and will do the > same on the refinance, too. That means two payments a year go directly to > principle. > > -D > >> On Apr 29, 2020, at 6:24 PM, Kaleb Striplin via Mercedes >> <mercedes@okiebenz.com> wrote: >> >> If at some point I sell the old house I would imagine I probably will take >> the cash from that and plow it into this house then refi it at a much lower >> rate and term and without PMI. The loan in the new house is FHA and the PMI >> is close to $300 a month of the payment. >> >> Sent from my iPhone >> >>>> On Apr 29, 2020, at 5:03 PM, Dan Penoff via Mercedes >>>> <mercedes@okiebenz.com> wrote: >>> >>> That sucks. Sorry to hear that. >>> >>> We just did a refinance on our new house because we went into with the bare >>> minimum (5%) to avoid tying up cash. Now that our former house has sold, >>> we’re rolling a good part of the proceeds into the new house’s mortgage and >>> knocking the rate down over a full point to 2.5% for 15 years. We applied >>> and got approved in record time, like three days. Mortgage guy said we >>> would probably not be able to close until mid May, as new home buyers get >>> priority in the closing queue. >>> >>> New home mortgages must have tanked significantly, as our late May closing >>> is now next week. >>> >>> Another interesting thing: Our mortgage company is requiring employment >>> verification within 24 hours of our closing and a questionnaire about >>> COVID-19 issues that have Federal penalties if you misrepresent the >>> answers. Wow. >>> >>> -D >>> >>>> On Apr 29, 2020, at 5:53 PM, Kevin Kraly via Mercedes >>>> <mercedes@okiebenz.com> wrote: >>>> >>>> The deal for the other house didn’t work out, so we’re staying put at >>>> least for now. Since we don’t have enough income for another loan for the >>>> new property, we either have to be able to do a rent/pre-occupancy deal >>>> while our house sells or a contingent, bumpable buyer. With four dogs, and >>>> being both visually impaired, we can’t be in limbo without a place to >>>> live. The seller’s lender was going to allow pre-occupancy, but her lender >>>> wouldn’t approve our rent as income so she couldn’t more forward with the >>>> loan on her new property. >>>> Kevin in Hillsboro, OR >>>> 2019 Sprinter 750 miles, Low Mileage Lutgard >>>> 1982 240D, High Mileage Hildegard with the low mileage engine, soon to be >>>> back on the road!!! >>>> >>>> Sent from my iPhone >>>> >>>>>> On Apr 29, 2020, at 2:44 PM, Dan Penoff via Mercedes >>>>>> <mercedes@okiebenz.com> wrote: >>>>> >>>>> Yeah, I was really lucky to score this one. I’m surprised someone didn’t >>>>> beat me to it. >>>>> >>>>> Sounds like the 240D is just about ready to go. How much longer before >>>>> you move out to the new digs? >>>>> >>>>> -D >>>>> >>>>>> On Apr 29, 2020, at 5:11 PM, Kevin Kraly via Mercedes >>>>>> <mercedes@okiebenz.com> wrote: >>>>>> >>>>>> Sounds like you got an awesome deal on that E420! A used car of any era >>>>>> with EVERYTHING working is a rarity, let alone one that is 25 years old! >>>>>> I finally got some news on my 1982 240D that’s been in the shop since >>>>>> February. They are wrapping things up, and it COULD be ready by the end >>>>>> of the week! It will be nice to have Hilde back! My niece moved up here >>>>>> from California, and she’s excited to drive it! >>>>>> Kevin in Hillsboro, OR >>>>>> 2019 Sprinter 750 miles, Low Mileage Lutgard >>>>>> 1982 240D, High Mileage Hildegard with the low mileage engine soon to be >>>>>> back on the road!!! >>>>>> >>>>>> Sent from my iPhone >>>>>> >>>>>>>> On Apr 28, 2020, at 8:18 AM, Dan Penoff via Mercedes >>>>>>>> <mercedes@okiebenz.com> wrote: >>>>>>> >>>>>>> The $1500 1995 E420 arrived yesterday morning from Columbus OH about >>>>>>> 9:30. No surprises for the most part. >>>>>>> >>>>>>> I forgot how much fun these cars are. Really. The W124 has that “bank >>>>>>> vault” feeling when you close the door, and the interior, while >>>>>>> spartan, is comfortable yet “tight”. Engine idles smoothly, could >>>>>>> easily pass the champagne glass test. Everything, I mean EVERYTHING, >>>>>>> works on this car. If there was a complaint I would say that the >>>>>>> sunroof doesn’t open all the way, but that’s clearly due to a need for >>>>>>> a good greasing. Suspension is tight, there’s no wandering, swaying and >>>>>>> the steering tracks straight and true. >>>>>>> >>>>>>> The good: >>>>>>> >>>>>>> Everything works >>>>>>> 113,000 miles on the clock >>>>>>> All maintenance up to date >>>>>>> Nearly new (snow) tires on the car, spare set of wheels with old >>>>>>> Michelins >>>>>>> Suspension rubber appears to be tight >>>>>>> No road or drivetrain noises >>>>>>> Inside of valve covers are CLEAN >>>>>>> >>>>>>> The bad, or not so bad: >>>>>>> >>>>>>> Paint on roof is toast. Clear coat is a crackle finish. Good part is >>>>>>> that this is limited to the roof, so it would be easy to fix. Rest of >>>>>>> the paint is good. >>>>>>> Driver’s seat bottom is torn >>>>>>> One rear headrest is split >>>>>>> Front bumper cover is missing under right corner. Gone. >>>>>>> ASR and ABS lights are on. SDS revealed a bad idle position switch, >>>>>>> which is on order >>>>>>> Brake booster leaks internally >>>>>>> Both air intake hoses are toast >>>>>>> Broken right front sway bar bracket >>>>>>> Coolant reservoir level switch is bad >>>>>>> Trunk lid stops are gone >>>>>>> Fuse box lid has one hook broken off >>>>>>> Retainer mounts on the tops of the headlights are broken or missing >>>>>>> Blower motor regulator needs to be replaced, only runs on low speed >>>>>>> Cover for seat heater fuses is missing >>>>>>> >>>>>>> So yes, it’s not perfect and there are some minor repairs needed, but >>>>>>> the seller made these all known so they’re not a surprise. I’ve ordered >>>>>>> all of the parts necessary for the repairs so as those trickle in I’ll >>>>>>> be covering the jobs as I do them. Big ones will be the brake booster >>>>>>> and the blower motor regulator. All the rest are little rinky-dink ones >>>>>>> I can do as the parts show up. I ordered a new lock cylinder, too, as >>>>>>> the keys I have are both pretty worn. Might as well replace the lock >>>>>>> cylinder and get a new key out of the deal since I would order a new >>>>>>> key anyway. >>>>>>> >>>>>>> I’ll drive it with the snow tires as they’re literally new. No need to >>>>>>> drop serious coin for new skins when these will do the job, they’ll >>>>>>> just wear out quicker. I got a new front bumper cover for under $150 >>>>>>> shipped, so I’ll need to rattle can that along with the bumper strip, >>>>>>> since it’s still black (should be bumper color on this model year). >>>>>>> >>>>>>> It may take some time to get the paperwork sorted since I’ve got to do >>>>>>> everything with the tax collector (they do all the DMV stuff in FL) >>>>>>> through the mail. I could swap a valid plate from one of my other cars >>>>>>> and drive it without an issue, I’m sure, but it would be nice to be >>>>>>> legal. >>>>>>> >>>>>>> More fun as it takes place! First parts order is probably due on >>>>>>> Thursday, so that’s when the fun really starts! >>>>>>> >>>>>>> -D >>>>>>> _______________________________________ >>>>>>> http://www.okiebenz.com >>>>>>> >>>>>>> To search list archives http://www.okiebenz.com/archive/ >>>>>>> >>>>>>> To Unsubscribe or change delivery options go to: >>>>>>> http://mail.okiebenz.com/mailman/listinfo/mercedes_okiebenz.com >>>>>>> >>>>>> >>>>>> _______________________________________ >>>>>> http://www.okiebenz.com >>>>>> >>>>>> To search list archives http://www.okiebenz.com/archive/ >>>>>> >>>>>> To Unsubscribe or change delivery options go to: >>>>>> http://mail.okiebenz.com/mailman/listinfo/mercedes_okiebenz.com >>>>>> >>>>> >>>>> >>>>> _______________________________________ >>>>> http://www.okiebenz.com >>>>> >>>>> To search list archives http://www.okiebenz.com/archive/ >>>>> >>>>> To Unsubscribe or change delivery options go to: >>>>> http://mail.okiebenz.com/mailman/listinfo/mercedes_okiebenz.com >>>>> >>>> >>>> _______________________________________ >>>> http://www.okiebenz.com >>>> >>>> To search list archives http://www.okiebenz.com/archive/ >>>> >>>> To Unsubscribe or change delivery options go to: >>>> http://mail.okiebenz.com/mailman/listinfo/mercedes_okiebenz.com >>>> >>> >>> >>> _______________________________________ >>> http://www.okiebenz.com >>> >>> To search list archives http://www.okiebenz.com/archive/ >>> >>> To Unsubscribe or change delivery options go to: >>> http://mail.okiebenz.com/mailman/listinfo/mercedes_okiebenz.com >>> >> >> >> _______________________________________ >> http://www.okiebenz.com >> >> To search list archives http://www.okiebenz.com/archive/ >> >> To Unsubscribe or change delivery options go to: >> http://mail.okiebenz.com/mailman/listinfo/mercedes_okiebenz.com >> > > > _______________________________________ > http://www.okiebenz.com > > To search list archives http://www.okiebenz.com/archive/ > > To Unsubscribe or change delivery options go to: > http://mail.okiebenz.com/mailman/listinfo/mercedes_okiebenz.com > _______________________________________ http://www.okiebenz.com To search list archives http://www.okiebenz.com/archive/ To Unsubscribe or change delivery options go to: http://mail.okiebenz.com/mailman/listinfo/mercedes_okiebenz.com
