AngryBMW

I totally get it. BUT...if you were to relocate to a different country, for whatever reason, would you NOT learn that language? Since your relocation still within the US are you perfecting your Spanish so you can get along? If so, don't you find that a bit ridiculous? -Marc

Damn straight. Yet...as a country...we do not acknowledge English as our official language. Dumb. -Marc

I'll sell it back to you for $75 and I'll buy the $35 dollar one? -Marc

Colin Beach - 937-524-9355...let him know I sent you. Thanks, Marc

I would highly suggest reaching out to Kelly Parton with Health Markets. He has helped a lot of people I know! Please let him know I referred you. Or, if you would prefer, please PM me your contact information and I would be happy to pass it along. Kelly Parton - 614-589-3726 Thanks! Marc

Moved again, eh? No worries...I hate writing mortgages anyways Tilley in the 'country'? This is a phenomenon I am having trouple picturing! Congratulations...post pictures! -Marc

Details? -Marc

I mean...your spot should fit my boat...if you're offering... -Marc

http://finance.yahoo.com/news/nearly-half-obamacare-co-ops-211800098.html No one saw it coming... -Marc

Racist. In all seriousness, I totally agree with this statement. My last Uber driver was also straight off the boat, barely spoke English and had NO knowledge of the city. I took a ride to the bar and home...no upcharges or anything, and my return fare was double my trip there with this fine young driver as he jumped on and off the freeway. While I was trying to give him directions, he only stated he followed his GPS and that was all he would do. I was beyond annoyed and have yet to receive a response from Uber. I'll use them again because they are far more convenient and typically less expensive than a cab but I will be paying more attention to who I ride with. -Marc

-Marc

Feel free to give me a call or email and we can chat about your options. 614-339-1206 is my office or mstock@usavingsbank.com. The cost for our appraisal is only $250.00 and we will refund it to you at closing (assuming you close). That would be your biggest risk to see if it makes sense to refinance. Even if you don't have 20% equity, conventional PMI is less than FHA PMI so it may still make sense. -Marc

Shoot me an email or call any time that works for you. 614-339-1206 or mstock@usavingsbank.com Thanks! Marc

I agree there are alternatives to paying mortgage insurance. I'm glad you pointed out the portfolio option...there are other lenders that offer it as opposed to State and at different down payment options. The point of my calculations was to show that the higher rate option is not always the best bet...and that even paying mortgage insurance you can save monthly. No one is arguing that MI is a good[i/] thing. I am also not suggesting that putting 20% down is the only smart way to buy a home. I easily could have put 20% down but I didn't...my money is earning more for me each month than the MI is costing me and I am quite happy with that. I would argue that renting is wasting money but, as you said, every person is in a different situation. I'm happy you are comfortable in your situation. I also have 3.625%...but 3.75% is at less than $400 in cost. -Marc

Kindle = sold. -Marc

I will respectfully disagree with you on most points. Conventional financing is always better than FHA if you can come up with 5% down as opposed to the FHA requirement of 3.5% down. That is a fact, not an opinion. Yes, it is true that every situation is different but if you compare apples to apples, an FHA loan is more expensive in every way compared to a conventional loan. PMI eventually drops off...even though it does take a long time if you go with the monthly option and do not accelerate your principal payment(s). Your rate stays the same for the life of the loan. The only way to drop you rate would be to refinance which of course also has a cost. Unless you refinance with my bank, you will end up paying 1500-3000 just to refinance...again, what is the 'no mi' worth? The penalty in a higher rate will ultimately cost you more than the amount you will pay with mortgage insurance; be it in monthly or an upfront bulk payment. Let's be conservative and probably quite unrealistic and say the 5% down no MI option would be a .25% difference in interest rate (.25% higher than par). Assuming 95% LTV and 740+ credit on a 100k loan amount, that would be $4500 in monthly PMI if you paid it to term. Or, if you paid upfront, that would be $2150. Conversely, the .25% higher rate would cost you almost $6000 more in interest. Not saying you made a poor financial decision...but you may have. Food for thought. -Marc

Is the kindle 16 or 32gig? I'm interested. -Marc

I called my buddy at State and got the run down. It is a decent program but they of course penalize you with the rate. There are other options as well which include LPMI or BPMI to avoid the monthly cost. If you will live there longer than 5 years, either of those options are better than monthly MI. Remember that MI is also a write off. Trust me, I am in the business and HATE MI. It does nothing for the consumer and I would love to get rid of it in general...but that isn't a reality. If you want to avoid it, the BEST option is to save up and put 20% down. -Marc

Not terrible. Equity position? I have 3.75% on any term you want between 20-30 years (can keep the same payoff if you'd like) with minimal costs. -Marc

For sure. I would always suggest doing a true cash analysis on upfront MI vs a higher interest rate over your expected life of the loan. Sometimes paying MI is cheaper than the higher rate. What rate are you rocking? If you have enough equity now it may make sense to refinance... -Marc

That sucks man. Truly. Makes me really second guess procharging mine. -Marc

Absolutely understood. I was really trying to dig in and see what all would be required to get such an exception made...as someone else without your assets/current relationship with HNB would probably not be able to get the same deal you did. It is great that you were able to get that type of loan...but the average person may not have such accessibility. -Marc

ARM? What requirements to be a private banking client? $x on deposit, etc? -Marc

Not being a jerk...I'd love to hear more about this... Interesting...how old is your mortgage with HNB? What actual loan type? The ONLY program I know HNB will do this for is a Physician loan...which is pretty much the same for any lender in Ohio. What I mean by that is the only way to get such a loan is to be a physician...OR a disabled vet using your VA benefit. They do still require a down payment...just not 20%. And it is an adjustable rate program if I remember correctly. -Marc

I would be more than happy to have an in-depth conversation with you regarding your situation and financing options. Feel free to shoot me an email at mstock@usavingsbank.com and I will do my best to give you more information that you may ever want about the home buying process. Thanks! Marc