zeitgeist57 Posted March 21, 2008 Report Share Posted March 21, 2008 I'm actually doing my research right now to buy. What's a normal housing insurance rate, say in $$$ per a 100k house per year? Just as a basis to 'add' to my monthly payments. Housing insurance depends on the home location, coverage, and any "schedules" for additional contents of the house. Assume monthly insurance costs of $75 a month. Should be lower, but let that be a pleasant surprise; I always assume taxes and insurance will be more when calculating a payment. Quote Link to comment Share on other sites More sharing options...
Casper Posted March 21, 2008 Report Share Posted March 21, 2008 Our home owners insurance is around $400/yr. Lumping the cars and the bikes with the home owners saved us a ton. Quote Link to comment Share on other sites More sharing options...
Casper Posted March 21, 2008 Report Share Posted March 21, 2008 Biweekly mortgage programs have some interest benefits to them, as the extra payments made each year (payments #25 and #26) are pure principal payments and help to reduce the interest expense down the road (like 10 YEARS down the road) leading you to a lower payment and less time to pay it off. They're not bad, but they are also not FREE. The benefit to you is a slightly more efficient program to pay down your mortgage quicker. The benefit to the Biweekly company is they can hold some of your payments in escrow and, with enough customers, make interest income off of the balances. Pay one monthly payment. At the end of year, pay one extra payment. Same as if you'd paid biweekly. Right? And bimonthly does absolutely nothing for you, right? Quote Link to comment Share on other sites More sharing options...
Total Sign Posted March 22, 2008 Report Share Posted March 22, 2008 Get ahold of ICEMAN on the board here, he is upfront about everything and can normally work a killer deal on anything. Quote Link to comment Share on other sites More sharing options...
Putty Posted March 22, 2008 Report Share Posted March 22, 2008 I thought splitting your payment up that way was a scam and actually did nothing for ya??? Or do you make one extra payment a month????? No, it's not a scam. It's called bi-weekly mortgage. I set it up through wells fargo, my mort comp. WTF does only spliting the payment in half and doing a bimonthly payment do for you? I could see a very slight advantage due to interest calculation over time if you pay say two weeks before the due date and on the due date, but that's going to be pretty minimal. I can see the every two weeks helping you because you have '2' more payments a year, actually one month more worth of payments a year. Look into it. I did not want to at first until I was given the benefit to my mort payoff, so now I do. Putty, do you pay twice a month or every two weeks? . Every two weeks Quote Link to comment Share on other sites More sharing options...
ICEMAN1647545504 Posted March 22, 2008 Report Share Posted March 22, 2008 If anyone is interested in knowing little bit more about rates, refinancing, by weekly payments, paying off a 30 year mortgage of in 10 years without increasing your payment or anything else about mortgages... send me a PM and i'll call you... I have been in the business for amost 5 years now... Quote Link to comment Share on other sites More sharing options...
Putty Posted March 22, 2008 Report Share Posted March 22, 2008 paying off a 30 year mortgage of in 10 years without increasing your payment How is this possible? Quote Link to comment Share on other sites More sharing options...
ICEMAN1647545504 Posted March 22, 2008 Report Share Posted March 22, 2008 There is a program available that shows you how you can pay off your mortgage in 1/2 to 1/3 of the time without refinancing or changing your mortgage payment if you follow it and get on it... It's using interest cancellation and compound interest to pay down on your mortgage... Basically, you are leveraging the banks money to pay down on your home... It's complicated to explain but it's easy to understand... i can talk to you more if you are interested??? Quote Link to comment Share on other sites More sharing options...
zeitgeist57 Posted March 23, 2008 Report Share Posted March 23, 2008 There is a program available that shows you how you can pay off your mortgage in 1/2 to 1/3 of the time without refinancing or changing your mortgage payment if you follow it and get on it... It's using interest cancellation and compound interest to pay down on your mortgage... Basically, you are leveraging the banks money to pay down on your home... It's complicated to explain but it's easy to understand... i can talk to you more if you are interested??? Ahh...good old "equity accelerators": Software that tells you when to make principal reduction payment from your discretionary income. It's a bunch of snake oil; don't do it. BTW, Bi-weekly mortgage programs DO make sense if you can budget yourself properly. The most important thing that people need to do (through all of this talk) is to make an annual budget for yourself that takes into effect ALL of your income sources, as well as anticipated expenses and debts, and tells you where you need to be spending and where you need to be saving. Do you have a source of cash (NOT your home equity line!!!) equivalent to 6 months of your salary? Are you properly insured? Do you have credit card balances or any other form of high-interest debt that needs to be paid off first? A 401(k) program??? All of these things are more important than paying off your low-interest home mortgage quicker. [/rant]. Berto, to close my contributions to your thread, focus on lenders that have established businesses and some reputable online sources. I've heard that First Federal, Wells Fargo, and Wachovia are all really good places to get a mortgage. I know a little about your family background, but if you have a parent or immediate sibling that served in any of the U.S. armed forces I would check http://www.USAA.com . . . they have phenominal rates. Heck, you know I work for Fifth Third Bank and while I have two mortgages with them at great rates, I still also have other homes with Nat City, Countrywide, and Key Bank...all at great rates that put payments well within my budget. If someone is telling you 9%+, it's time to shop around my friend!!! Quote Link to comment Share on other sites More sharing options...
Berto Posted March 23, 2008 Author Report Share Posted March 23, 2008 Ahh...good old "equity accelerators": Software that tells you when to make principal reduction payment from your discretionary income. It's a bunch of snake oil; don't do it. BTW, Bi-weekly mortgage programs DO make sense if you can budget yourself properly. The most important thing that people need to do (through all of this talk) is to make an annual budget for yourself that takes into effect ALL of your income sources, as well as anticipated expenses and debts, and tells you where you need to be spending and where you need to be saving. Do you have a source of cash (NOT your home equity line!!!) equivalent to 6 months of your salary? Are you properly insured? Do you have credit card balances or any other form of high-interest debt that needs to be paid off first? A 401(k) program??? All of these things are more important than paying off your low-interest home mortgage quicker. [/rant]. Berto, to close my contributions to your thread, focus on lenders that have established businesses and some reputable online sources. I've heard that First Federal, Wells Fargo, and Wachovia are all really good places to get a mortgage. I know a little about your family background, but if you have a parent or immediate sibling that served in any of the U.S. armed forces I would check http://www.USAA.com . . . they have phenominal rates. Heck, you know I work for Fifth Third Bank and while I have two mortgages with them at great rates, I still also have other homes with Nat City, Countrywide, and Key Bank...all at great rates that put payments well within my budget. If someone is telling you 9%+, it's time to shop around my friend!!! The bank that told me 9+% was Wells fargo! I called them because my dad went though them for a refinance. To tell you the truth at this point after talking with a few banks I am honestly fed up with all the BS. I decided I'm not going to refinance. I am just going to dump all the extra money I can afford into the monthly payment. After hearing the news for some time I can't help feeling that every refinance contract is some sort of scam. Oh the other thing is that I owe $106k, wells fargo said we can only give you a loan for $116k. I said well, I don't want 116, I want 106. They said thats the only way they can do it. They seriously drove me nuts! I had another offer for 4.75% on an FHA loan but the closing costs were like $5k non negotiable. Thats a crock. What are your opinions on FHA loans? btw, I almost went to Ft. Myers for a bus. trip. If I went I was like, "I should stay the weekend and drive down to chill with Clay!" But I was too busy with other work to make it, maybe next time. Quote Link to comment Share on other sites More sharing options...
Putty Posted March 23, 2008 Report Share Posted March 23, 2008 but the closing costs were like $5k non negotiable. Thats a crock. What are your opinions on FHA loans? My loan is FHA with Wells. Not sure if I have an opinion on it. I had a low closing cost which was good. Other than that, it's been fine. Quote Link to comment Share on other sites More sharing options...
Casper Posted March 24, 2008 Report Share Posted March 24, 2008 My loan is FHA with Wells. Not sure if I have an opinion on it. I had a low closing cost which was good. Other than that, it's been fine. Yeah, we have an FHA loan too. I think the closing costs were around $2k. I can't remember though. FHA was good for us being first time home buyers and not having 20% down. The insurance isn't as bad as PMI. Quote Link to comment Share on other sites More sharing options...
zeitgeist57 Posted March 24, 2008 Report Share Posted March 24, 2008 Holy shit, Berto...they were really being big dicks to you! I can't blame you for not wanting to refi after that experience. Honestly, making a couple of principal reduction payments will help you stay on top of your mortgage and reduce your long-term interest expense anyway. Keep up the mortgage shopping! I'll see if there is a good mortgage guy/girl you can talk to at Fifth Third if you want to PM me your address... That's cool about Ft. Myers. I travel there twice a week for work. It's about 30-40 minutes but I do it so often the distance doesn't matter. If you want to come and visit, you better make it quickly as I'll be back in Ohio by end of April. After that, you can come visit when I'm hanging in my condo by Vanderbilt Beach! Quote Link to comment Share on other sites More sharing options...
NTHER91 Posted March 24, 2008 Report Share Posted March 24, 2008 Berto, when I go to work tomorrow, I can check the rates where I am now. Do you have a work email? if so, let me know and I can answer questions quicker that way. BTW I'm back in the branch now. ~Jenn Quote Link to comment Share on other sites More sharing options...
Casper Posted March 24, 2008 Report Share Posted March 24, 2008 Berto, when I go to work tomorrow, I can check the rates where I am now. Do you have a work email? if so, let me know and I can answer questions quicker that way. BTW I'm back in the branch now. ~Jenn Hey! I'm not the only one that doesn't check to see who's logged in before posting.... Quote Link to comment Share on other sites More sharing options...
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