lol- got my 1st mortgage book...

[posol]

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
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.

 

[dveit]

thanks for the heads up.

 

[Celerity]

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

 

[CRX-YEM]

Quoted post[/post]]


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.

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.

 

[hosmer]

B*R*U*T*A*L

 

[reckedracing]

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.

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

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

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

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.

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...

 

[formby]

www.homeswap.com coming soon
by pissedoffcondo himself

 

[Celerity]

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.

 

[reckedracing]

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

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...

Carey attends about 25 collector auctions a year all over the United States and says big-engined Pony Cars (Mustangs, Camaros, Barracudas and Challengers) and American Muscle Cars are the hottest segments. The Dodges and Plymouths of the late 1960s and early 1970s with Hemi engines, and the 1970 and 1971 Chevelle SS 454s are also getting a lot of attention.

If you bought a 1970 Chevelle SS 454 LS6 Hardtop at an auction in 1999, Carey says you would have likely paid around $17,100 for it. He points out that a comparable vehicle sold for $42,135 at auction in 2002 and for $71,280 at auction just two years later.

The price jump is more significant in a 1970 Plymouth Hemi ‘Cuda. In 1998, a well-maintained vehicle sold for $59,535 at auction. Just six years later in 2004, a comparable model went for $159,300.

to be fair i'll include the very next paragraph from that source...

"These numbers are impressive, yes, but before you run out and buy a classic as an investment, remember that few investors will succeed in identifying the next fad. The safest and likely the most satisfying long-term course of action is for collectors simply to buy what they really like. A positive financial return on the investment is just icing on the cake after pride of ownership, use and preservation," says Carey.

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...

 

[posol]

Quoted post[/post]]
www.homeswap.com coming soon
by pissedoffcondo himself

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

 

[Slo86GT]

No PMI here... my principal payment is almost $200 out of the $675 payment on a 90k mortgage.

 

[CRX-YEM]

the only good thing that can come from this, is that i get to write off the interest
schedule A for tax year 2006 you should also keep track of medical expenses ....

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.

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.

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?

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