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  1. #7401
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    Quote Originally Posted by AdironRider View Post
    My understanding professional loans usually carry like .5 to 1% increase in APR, which is basically the equivalent of permanent PMI.

    Not that I expect them to be any more financially savvy than the average Joe, but at that income just rent for a year or two and you should have 20% no problem.
    My point exactly. But my observation is most are too busy spending to do that.

  2. #7402
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    Quote Originally Posted by AdironRider View Post
    My understanding professional loans usually carry like .5 to 1% increase in APR, which is basically the equivalent of permanent PMI.

    Not that I expect them to be any more financially savvy than the average Joe, but at that income just rent for a year or two and you should have 20% no problem.
    If we had waited 2 more years to save 20%, our rate would have been higher, and the same home would have cost $150K more, and we'd be living in a condo instead of a SFH.

  3. #7403
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    Quote Originally Posted by Dantheman View Post
    Who puts 20% down these days? Or any time in the last 20+ years?
    I've never put less than 25% down and with the lower interest deductions, I see people putting more down. In SF, its seems like a lot of people put shit down and do I/O. While your at it, get a variable rate loan too.

    Sent from my SM-N950U using Tapatalk

  4. #7404
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    Quote Originally Posted by shredgnar View Post
    If we had waited 2 more years to save 20%, our rate would have been higher, and the same home would have cost $150K more, and we'd be living in a condo instead of a SFH.
    That isn't the point. The point is a professional loan is more expensive than a conventional no matter how you slice it.

    You could have gone conventional and paid PMI and been done with it by now with that level of appreciation (assuming you didn't take the max available of 1750k). Instead you are paying it for 30.

    Maybe refi now since loan rates are exactly the same as they were 2 years ago, so all is not lost.
    Live Free or Die

  5. #7405
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    Quote Originally Posted by AdironRider View Post
    That isn't the point. The point is a professional loan is more expensive than a conventional no matter how you slice it.

    You could have gone conventional and paid PMI and been done with it by now with that level of appreciation (assuming you didn't take the max available of 1750k). Instead you are paying it for 30.

    Maybe refi now since loan rates are exactly the same as they were 2 years ago, so all is not lost.
    Like I said earlier, we refinanced shortly after getting the house. Who keeps the same mortgage for 30 years? So we ended up paying .25% above prime for two years, whoop-tee-doo! Rate isn't everything, especially when rates are as low as they were. There's a ton of other factors involved too, like liquidity, and other higher interest debt. We basically kept $60K from being locked up in our house, and put it in other places where it worked better for us. What if that $60K was in the S&P 500 for the last 7 years?

  6. #7406
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    Quote Originally Posted by Bromontane View Post
    But can we still judge you for making a choice as a consumer and later sharing that choice on an internet forum? There's a lot of appetite out here to affirm prior, normative views on mortgage finance.
    20/20 hindsight is the norm.

  7. #7407
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    I thought the point of TGR was to post slightly anonymous details about your life to allow others to berate and question you for them, all from the comfort of the dentists office?

  8. #7408
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    Quote Originally Posted by Leavenworth Skier View Post
    I thought the point of TGR was to post slightly anonymous details about your life to allow others to berate and question you for them, all from the comfort of the dentists office?
    Are you saying I should start my own thread?

  9. #7409
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    Quote Originally Posted by shredgnar View Post
    Are you saying I should start my own thread?
    that's generally worked well for me in the past

  10. #7410
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    When you own in one of the hottest RE markets in America, of course that makes you an expert. There were millions of people like that in Florida and Nevada in 2006.

    Let's do some livin'
    After, we die

  11. #7411
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    Quote Originally Posted by shredgnar View Post
    Are you saying I should start my own thread?
    Quote Originally Posted by Leavenworth Skier View Post
    that's generally worked well for me in the past
    Allow me to present a counterpoint to that...

    I remember a bottomless freedom...

  12. #7412
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    Quote Originally Posted by Bromontane View Post
    True, plus I respect the consistency of a govt worker from the People's Republic of Boulder shouting down someone that opted to not use a heavily subsidized government mortgage product.
    Uh, dude, I did no such thing. I didn't pay PMI, I did an 80/15 and put 5% down, precisely to avoid PMI. But I recognized that whether I paid PMI or paid the poorer terms of the 15% loan, I was paying extra for putting only 5% down; that if you choose to only put 5% down you won't get the same loan terms as a 20% down loan. How you structure that choice is up to you. All I did was question him, because his initial posts came across like everyone else was foolish, that all one needed to avoid paying extra was to shop around a bit. So I asked him what he did to avoid PMI while putting down 5%, and then it was like pulling teeth (see what I did there?) to get him to acknowledge that yes, his loan had a higher interest rate than it would have had he put 20% down. So just like everyone else, he paid a premium by not putting 20% down. And sure, maybe some uber wealthy people have different loan options available (not being one I wouldn't know), but for the average person, this is the reality.

    Never said that one must put 20% down. Never said that he should have paid PMI, or that anyone should. But whatever, this is TGR, facts don't matter, so knock yourself out.
    "fuck off you asshat gaper shit for brains fucktard wanker." - Jesus Christ
    "She was tossing her bean salad with the vigor of a Drunken Pop princess so I walked out of the corner and said.... "need a hand?"" - Odin
    "I'd eat a bag of Dicks and wash it down with a Coke any day." - iceman

  13. #7413
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    Quote Originally Posted by Bromontane View Post
    Real estate's never going down, Benny. I read it here. Bidding wars are the norm: bear markets merely anachronisms.



    Wouldn't exactly call 08 a "bear market".

    Let's do some livin'
    After, we die

  14. #7414
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    I was just down in south Florida for my sister's wedding. You would never know there was a real estate crash there 10 years ago. Amazing.
    Live Free or Die

  15. #7415
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    Quote Originally Posted by Bromontane View Post
    Real estate's never going down, Benny. I read it here. Bidding wars are the norm: bear markets merely anachronisms.
    isolated single industry focused communitys with groupthink are more robust than the diverse multipolar economies found in urabn areas, it's a fact jack

  16. #7416
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    What?

    Let's do some livin'
    After, we die

  17. #7417
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    Brick & Mortar Meltdown, Manhattan Style

    https://wolfstreet.com/2019/05/16/br...-rents-plunge/

    5th Avenue b/w 49-55 streets fell 22% to $3047/sq ft!
    Because rich has nothing to do with money.

  18. #7418
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    Never a better time to buy, if you don't buy now... you won't ever get this opportunity to buy this property again.

  19. #7419
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    I hope to sell it all off in 5 years to move to Union City, TN.

  20. #7420
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    Anyone ever buy points? Worth doing in your experience? Buying retirement home now so going to be in home longer than calculated term of point pay back.

  21. #7421
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    Quote Originally Posted by Danno View Post
    <snip> And sure, maybe some uber wealthy people have different loan options available
    We do.


  22. #7422
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    Quote Originally Posted by simple View Post
    Anyone ever buy points? Worth doing in your experience? Buying retirement home now so going to be in home longer than calculated term of point pay back.
    Why pay points today to buy down the rate when there is a good chance of a recession in the next few years which will drive rates lower? Do a low to 0 cost loan today and refinance when rates are lower.
    Quote Originally Posted by leroy jenkins View Post
    I think you'd have an easier time understanding people if you remembered that 80% of them are fucking morons.
    That is why I like dogs, more than most people.

  23. #7423
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    I've been waiting for that recession. When the fuck will Trump and /or greedy corporations tank it?

    Funny thing is the poor keep getting more poor but that doesn't seem to create recession. Just when rich fucks lose does it happen.

  24. #7424
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    Quote Originally Posted by Bromontane View Post
    potential catalysts:
    - Tesla, WeWork, Uber or similarly high profile tech firm files for bankruptcy, killing sentiment & triggering selling
    - War
    most logical thing I've heard lately
    war...... I like how we want to kill iran now, whatever it's all talk to keep attention away from what's really going on
    never really thought about the bankruptcy thing, that's pretty serious, could see any of the companies you mentioned filing, they stiff all their creditors suppliers and what not, reorganizing and keep on keeping on with a black eye of sorts

    credit is so easy to get these days, I played alittle game this last month and increased and gathered up as much credit as I could for my business, why not they were handing it out like lolipops, just had to have a massive amount of cash in the bank, to pretend I was rich, then applied for all kinds of credit, so now I'm considering maxing out all the credit I can, pissing it away, claiming bankruptcy, leave everyone else screwed and riding off into the sunset in my 100k sprinter van without a worry in the world, gotta love america

  25. #7425
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    Quote Originally Posted by fastfred View Post
    most logical thing I've heard lately
    war...... I like how we want to kill iran now, whatever it's all talk to keep attention away from what's really going on
    never really thought about the bankruptcy thing, that's pretty serious, could see any of the companies you mentioned filing, they stiff all their creditors suppliers and what not, reorganizing and keep on keeping on with a black eye of sorts

    credit is so easy to get these days, I played alittle game this last month and increased and gathered up as much credit as I could for my business, why not they were handing it out like lolipops, just had to have a massive amount of cash in the bank, to pretend I was rich, then applied for all kinds of credit, so now I'm considering maxing out all the credit I can, investing it in an outdoor lifestyle marketing campaign, if by chance it fails, claiming bankruptcy, renegotiating debts, and riding off into the sunset in my 100k sprinter van without a worry in the world, gotta love america
    FIFY and make sure you take the cash out for your sprinter van as a “fee” early on. Otherwise you’ll be worried about the repo man. And don’t ever commingle your personal and business expenses.

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