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lol- got my 1st mortgage book...

Discussion in 'Members' Lounge' started by pissedoffsol, Dec 30, 2005.

  1. pissedoffsol

    pissedoffsol RETIRED

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    total financed: 143,650.00

    this payment:

    principal - 129.87
    interest- 778.10
    escrow (pmi) - 224.65

    total: 1,132.62


    lol a hundred bucks.... no wonder it takes 30 years to knock down a freakin mortgage...
    pmi goes down each month (its like 100 by next year) and i'm eventually going to re-finance once i get 20% equity into it.

    note to everyone else out there...
    stop fucking with cars, and bank 30 grand so you can put 20% down on a 150k house and not have to deal with pmi insurance.


    the only good thing that can come from this, is that i get to write off the interest :p
    but NOT the pmi (i dont think anyway, correct me if i'm wrong recked)

    i wish someone told me this in 1999.

    all of you who are 18-20, you still have time.
     
  2. dveit

    dveit Well-Known Member VIP

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    thanks for the heads up. :p
     
  3. Celerity

    Celerity Well-Known Member

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    you know what they say about Youth... it's wasted on the Young :)

    I didn't save any money, but I'm not on my arse either. I have had some good times in my youth and don't consider my situation today as regretful. I make enough now with the other good decisions I have made to come up, no joke, $30k in about 9 months of my current living conditions.

    PMI isn't so bad, it's one of things that makes it possible that a 25 year old ... well.. you can afford a house.

    -> Steve
     
  4. CRX-YEM

    CRX-YEM Super Moderator Moderator VIP

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    actually you'll need about 22% equity to be able to drop pmi , if you had a 20% d/p then you wouldn't need pmi, but since you have it you need a little more equity to drop it, and you have to ask your finacing company to drop it, or they never will.
     
  5. hosmer

    hosmer I made the millionth post VIP

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  6. reckedracing

    reckedracing TTIWWOP VIP

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    you can make the payments higher than required, but you should definately specify that you want the additional payment amount to go directly towards the principal...

    and i don;t understand the refinance when you hit 20% equity...
    more than likely long term interest rates will have risen by that point so you would have no advantage there
    and refinancing to get your equity back out of the property would still leave you liable to the PMI
    and you don't need to refinance to have the PMI dropped, just call or write your bank or lender when you hit 20% and tell them to cut that shit off...

    you might be interested to have a new appraisal done next year, which would more than likely revalue your condo upwards, making the amount you owe a smaller percentage, thereby lowering if not completely eliminating your PMI


    correct, you can write off the mortgage interest on the schedule A, but not the PMI
    if you are going with a schedule A for tax year 2006 you should also keep track of medical expenses, medical mileage, unreimbursed work expenses and charitable contributions...
    home office expenses would also be on the schedule A via the 2106

    anyone i have ever talked to EVER, either realtor, mortgage broker, rupco classes etc have all said 20% equity = no more PMI, maybe your lender was fucking you?

    and fucking with cars isn't so bad... as long as you're doing it with a goal for a profit...
    hondas = no profit
    corvettes = gold mines according to collectors/investors who buy and sell them...
     
  7. formby

    formby learning in progress

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  8. Celerity

    Celerity Well-Known Member

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    No car is a good investment and therefore cars can not be (overall) considered for "for profit".

    No car will make "Profit". Not in the sense that you're thinking.

    Buy a $200 Civic and slowly sink some effort into it and sell it for $1200, but only after investing $800 in it. Yeah, there is profit but you can't consider it like that.

    Same goes for a Lamborghini.

    I say quite the reverse. Fucking with cars is good if it's something that you enjoy. It beats drugs, masturbation and x-box everytime.
     
  9. reckedracing

    reckedracing TTIWWOP VIP

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    i disagree
    not all collectors collect cars just cause they like them...
    there are investor grade cars that are obtained for investment to complete a diversified portfolio...
    same goes for paintings and coins...

    to be fair i'll include the very next paragraph from that source...
    the man i know that does this with vettes loves vettes
    i think he does it mostly for the love of the cars but he makes quite a bit of money investing in these cars, especially the rare ones...
     
  10. pissedoffsol

    pissedoffsol RETIRED

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    lol, i've been thinking about starting a site like homeownerforums.com, but its taken...

    there's no good names, and i'm unproductive at thinking... lol
     
  11. Slo86GT

    Slo86GT Super Moderator

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    No PMI here... my principal payment is almost $200 out of the $675 payment on a 90k mortgage. [​IMG]
     
  12. CRX-YEM

    CRX-YEM Super Moderator Moderator VIP

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    don't have spend out of pocket money equivalent to 7% of your gross income to even deduct medical
    if you have an even ok insurance plan and even have 2 huge hospital stays like me and my wife this year we didn't even come close.

    quite possible but I don't have pmi to worry about.
     
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