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before long you'll be welding together an EFI buick powered log splitter.
before long you'll be welding together an EFI buick powered log splitter.
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There's always something new to learn. -
when do you take possession?Doing it all wrong since 1966Comment
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Closing around the 22nd of June. $2600 has already left my pocket, so I figure I'm about half way through the process.Last edited by TheSilverBuick; May 30, 2012, 06:25 AM.Escaped on a technicality.Comment
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Never underestimate the money sucking abilities of lending institutions.Originally posted by TheSilverBuick View PostOf all the paths you take in life - make sure a few of them are dirt.Comment
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Hell, I just re-fi'd my current house, closed on that two days before the realtor brought this one to me, and during the closing of that they wanted another $1,800 at closing. I said "Okay, no problem" and paid it. I have since got a hair over $2,000 back from the insurance company and the bank that used to have my loan. Basically, of the $5,500 I wrote to them, I've got a bit over $2,000 back. Had the same thing happen when I bought my house, though incredibly enough the bank nailed my first re-fi costs and I didn't pay as much nor get anything back. But that time I re-fi'd through the bank that already held the loan. I'll have over $25k going into this before all is said and done
But that's buying a new house without selling my current one.
Escaped on a technicality.Comment
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Ouch. How did they treat you on the rates?
Since you technically have a residence already and this is technically a 2nd home ( I say technically.....I mean its a theoretical stance they could take) - we're about to close on new construction and are in a very similar boat, so to speak. The banker keeps saying 2.5-3%...... I'll believe it when I sign it.Of all the paths you take in life - make sure a few of them are dirt.Comment
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I hope you can get a rate like that - we're trying to refi our primary home into the low 4% range, it's 5 3/8% now.There's always something new to learn.Comment
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Current home is 3.5% (was 5.15%), the new one is 3.75% as long as I make the closing deadline or rates don't go up if it doesn't make the deadline. I have/had credit issues though due to having only one credit card with an $8k limit and at the last credit reporting had $5k on it, and then a truck I just bought last summer with hardly any paid down on the loan. The credit bureau's hit me for "high credit utilization risk". Lame. I've since nearly paid off the credit card and got the limit raised, but the ranking was already locked in for the re-fi and this. Oh well, the problems with not having a dozen credit cards and not using a credit card too often.
I *highly* recommend Quicken Loans. It was by far the most painless experience I could imagine. Good rates right out of the gate. Easy to log into their website and see what they need and what you have sent. The people I talked to on the phone were great. I couldn't get this home purchase through them because I just re-fi'd and to keep them out of legal trouble they can't do or re-do a primary loan for me for a year (at least not in the same city). I was sad about that.Last edited by TheSilverBuick; May 30, 2012, 10:24 AM.Escaped on a technicality.Comment
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Quicken does a great job - I've used them in the past. Unfortunately to qualify for some of the discounts / programs available - you have to stay with your current lender and get a loan "modification". With rental properties - it starts getting complicated.
One word of warning to you - once all the ink has dried - make sure you change your old house to 0% homestead - and get ready for an increase in the property taxes. Then - fill out a quit claim deed on that house from yourself personally to "silverbuick properties LLC" or whatever you wish to call your LLC. Of course you'll need to establish the LLC first, then - get a separate bank account for the LLC and do ALL your banking for that house through that account.There's always something new to learn.Comment
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John, 0% homestead is that with the county? never heard of that....Comment
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Homestead percentages are handled by whatever entity you pay your property taxes to - be it city, township, county, etc.
You still get to deduct all of the mortgage interest on all of the properties you own from your income tax - regardless if homestead or not, but for rental properties in which you do not live - you can't claim 100% homestead for property taxes.
(another marraige penalty if you ask me - two people could have two properties at 100% if they weren't married)Last edited by milner351; May 30, 2012, 11:29 AM.There's always something new to learn.Comment
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Interesting. My current house taxes are around $400/yr, so I wonder how much they could really go up?? I figure I'll be sorting all that out when I start moving. I figure I'll probably be floating both mortgages for at least two month by the time I get all moved and get my current house up to a level I feel comfortable renting it out.Escaped on a technicality.Comment
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homestead the higher dollar one. You might have a tax liability on the profit with what you sell your current house for when (if) you sell it. Typically, folks defer that into the next house. The way I understood it, there's a one time deal where you don't eat it on the profit when you sell your house, so most folks move it from house to house as they upgrade. A real estate tax accountant can clarify - if you see one wearing Red, I'd say go for it!Flying south, with a flock of bird dogs.Comment
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Out of underwriting... getting closer......Escaped on a technicality.Comment
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jebus, with those house prices and taxes I'd buy a couple just for something to doOriginally posted by TheSilverBuick View Post
(I'm not rich, but a BASIC 50 year old house in my neck of the woods is $400K (just bought one in December), and property taxes are $3000+ / year - and I live "out in the sticks" - but with only a 100' x 120' lot) Damn you americans and your cheap property!!!!!
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