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Started By
Message
Home purchase
Posted on 7/25/12 at 2:03 pm
Posted on 7/25/12 at 2:03 pm
I am about to buy my next home and am considering putting less down for the down payment. I have always put at least 20% down, and have been working a 15 year mortgage.
However, with the current interest rates, I'm planning to go to a 30 year, pulling some equity dollars out of my current home, improving my cash flow, and putting that money in investments.
What say you?
However, with the current interest rates, I'm planning to go to a 30 year, pulling some equity dollars out of my current home, improving my cash flow, and putting that money in investments.
What say you?
2
Posted on 7/25/12 at 2:19 pm to GusMcRae
PMI is a mandatory 60 months now regardless of when LTV reaches 80%. Take that into consideration. Otherwise, I like your plan.
ETA: Anyone know what piggyback rates are the 2nd mtg right now?
ETA: Anyone know what piggyback rates are the 2nd mtg right now?
This post was edited on 7/25/12 at 2:28 pm
Posted on 7/25/12 at 2:49 pm to iknowmorethanyou
quote:
PMI is a mandatory 60 months now regardless of when LTV reaches 80%
quote:
iknowmorethanyou
hmmm
Posted on 7/25/12 at 2:56 pm to iknowmorethanyou
PMI is not mandatory for 60 months on conventional loans. it is 24 months for most conventional loans. its 5 years for FHA..
Posted on 7/25/12 at 3:05 pm to hawkeye007
The big changes that just came down in April didn't impact conventional loans as well?
Posted on 7/25/12 at 3:15 pm to iknowmorethanyou
Got a 2nd at 4.25 for about 47k over 417k (3.625)
Posted on 7/25/12 at 3:38 pm to ItNeverRains
Very nice rate there.
Posted on 7/25/12 at 3:46 pm to iknowmorethanyou
no they were FHA changes. they change FHA every 6 months just to piss me off..
Posted on 7/25/12 at 3:59 pm to hawkeye007
Haha good 'ol gov't regulation. Thanks for clearing that up for me.
Posted on 7/25/12 at 4:14 pm to iknowmorethanyou
quote:
Very nice rate there.
Really? Because I'm seeing 3.25 everywhere right now...
Posted on 7/25/12 at 4:15 pm to TheDoc
We're talking about a piggyback loan 2nd mtg. The 2nd will be higher than the 1st.
Posted on 7/25/12 at 4:16 pm to iknowmorethanyou
no problem..FHA is pricing themselves out of the mortgage game. they wanted to reduce the govt buying up loans, one way to do that is make them expensive..they tripled monthly PMI payments on FHA loans in April..95% of my clients know do conventional loans because of that..
Posted on 7/25/12 at 4:22 pm to GusMcRae
(no message)
This post was edited on 1/27/14 at 10:13 am
Posted on 7/25/12 at 4:23 pm to hawkeye007
Are brokers still pushing FHA as hard? Seems as though some would be lazy and just say eff it.
Posted on 7/25/12 at 5:03 pm to iknowmorethanyou
I'm purchasing my first home with a 3.25% FHA loan. I'm scared for some reason. I like my principal and interest but I keep forgetting ab the fricking insurance and taxes that tags on an extra 400 a month. Really sucks, no way around that huh?
Posted on 7/25/12 at 5:09 pm to AUtigerNOLA
No way around it. Remember, you didn't purchase the home by yourself. Pay the tax for the good government you get, and the mortgage company wants fire/hazard insurance in case it burns up and you can't pay.
Posted on 7/25/12 at 5:49 pm to TheDoc
3.25 on FHA. 3.5 is everywhere on conventional. I'm happy at 3.625, although Im 25 basis away from 3.375, which would make me move probably
Posted on 7/25/12 at 7:21 pm to AUtigerNOLA
quote:
the fricking insurance and taxes that tags on an extra 400 a month. Really sucks, no way around that huh?
Posted on 7/26/12 at 10:04 am to AUtigerNOLA
quote:
but I keep forgetting ab the fricking insurance and taxes that tags on an extra 400 a month. Really sucks, no way around that huh?
Some interesting tips in Wesley Snipes' latest autobiography, "Don't Drop the Soap".
Posted on 7/26/12 at 10:50 am to iknowmorethanyou
quote:
Some interesting tips in Wesley Snipes' latest autobiography, "Don't Drop the Soap".
Are you saying I will go to jail because Im trying to find a way out of paying taxes and insurance?
Obviously it has to be paid its included in the mortgage, just really sucks that its that much should be around 200 or so.
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