I think I found my new house... in 4 months.

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Never talk to Hondaswap about home ownership, unless you are part of the elite "I own my problems" club. You'll never be right.
 
CRX-YEM said:
Did anyone bother to read my post at all. Applied for a loan of $140k, My interest rate is 5.25% also, The mortgage comapny which was a bank paid all closing cost. They paid all lawyers fees/title insurance etc.... , and to note I live in the same state as 2000Si
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you live in CT, he lives in IN??
 
umm, It's in New Haven, 5 minute commute to and from work. ++++

I made the assumption this place was in CT. I guess there coould be a New Haven, IN
maybe I'm confusing him with someone else, but isn't 2000Si = Noah ??
 
ScrapinSi = Noah

Yeah, the New Haven thing threw me for a loop too. I'm sitting in New Haven right now, and I started looking through MLS Listings to where this outrageously cheap place was.
 
Dennis, I think you are the exception with your story. Most mortgage companies will not pay closing costs unless you are in a certain program (i.e. CHFA which you actually pay the closing costs as a second mortgage). Some companies do give "credits" towards paying closing costs, but once again, that is due to certain programs being offered either through the state or by the mortgage company.

Also, B-Real, you're getting hosed on yoru PMI, we pay 82/mo right now for 3 years which we get back after the 3 years or the amount that we have paid in if we do refi within 3 years.
 
my closing costs are getting covered when i finally find a house to buy...

all depends on what bank you're working with and what programs you have in your area...
 
You can claim it, but they aren't doing anything about it this year.
 
something else to note

mortgage interest on 82.5K at 7% is only gonna be 5748.46 during the first year if you have the mortgage for a full 12 months

standard deduction for 2006 tax year = 5150
2007 will be increased
so you more than likely will not get to claim mortgage interest your first year unless you can pad your itemized
 
haha Yeah I live in Indiana, New Haven is a city of 12k people just east of Fort Wayne. :)
 
reckedracing said:
something else to note

mortgage interest on 82.5K at 7% is only gonna be 5748.46 during the first year if you have the mortgage for a full 12 months

standard deduction for 2006 tax year = 5150
2007 will be increased
so you more than likely will not get to claim mortgage interest your first year unless you can pad your itemized
Click to expand...

Explain more, please?


But by the time I do get this loan at the beginning of april, I'll only have paid 8 months by the years end, so roughly 3832.31 by those estimates anyway.
 
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http://www.irs.gov/pub/irs-pdf/f1040sab.pdf

this is the schedule A
this is what makes up your itemized deduction

if your itemized deduction is not greater than your standard deduction there is no point in "itemizing"

so you would need expenses that fit on this form to get your over the standard deduction
the largest itemized deduction expense for most people is mortgage interest
if you're just under the limit you might look a little harder to find things that would get you over the limit

the tricky part is that it takes a lot of $$$ on your itemized deduction to = more of a refund
and of course the harder you pump it the greater the chances of raising a red flag are
 
I know i'm getting hosed on the PMI, but there was no way around it. I was making a LOT less money when i first got my place, so i was considered high risk.

I'm planning to re-fi next year sometime... if i end up staying in the condo... i just don't have the money right now for re-closing costs (that no one is going to pay for me) and if things go as planned, i'll be in a house by around this time next year.

as for itemizing, since i work from home, and have a home office, i have a lot to itemize and claim, along with about 800x12 (9600) in interest that i've paid this past year. I should be around 1300 or so in itemizations....
 
you're not getting hosed on the PMI. The mortgage company is lowering their risk of getting hosed by you.
 
B, usually closing costs on a re-fi with the same mortgage company that has your first mortgage doesn't actually cost much. You should call and see what they can do for you. sometimes it's only a $400-500 out of pocket expense to do a re-fi
 
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