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to trudy
Re: Income Tax questionIt should not be that much - when I had it, it was less than $100/month. Can't begin to imagine the price for that insurance has gone up that much... |
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drewRadiant Premium Member join:2002-07-10 Port Orchard, WA
1 recommendation |
drew
Premium Member
2013-Feb-18 11:28 pm
On a $200k+ note, I'm paying $116/mo for PMI.
And pardon my language, but PMI is fucking bullshit. |
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Why is PMI b*llsh*t? If you have enough to put down then you don't need PMI. It is a personal choice you make when purchasing a home. |
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Badger3kWe Don't Need No Stinkin Badgers Premium Member join:2001-09-27 Franklin, OH |
to drew
said by drew:On a $200k+ note, I'm paying $116/mo for PMI.
And pardon my language, but PMI is fucking bullshit. After 5 years or when you get 78% LTV you should be able to request to have it removed. I think on loans after 2000 (or some date and year) the banks are supposed to automatically remove it on reaching the LTV. Hard to do now that home values are still shit. |
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drewRadiant Premium Member join:2002-07-10 Port Orchard, WA |
drew
Premium Member
2013-Feb-21 8:38 pm
5 years relies upon valuation. » www.mtgprofessor.com/a%2 ··· (ii).htmPMI is a racket for the banks. I purchased in 2007. PMI will be gone... in a long, long time. |
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Bob4Account deleted join:2012-07-22 New Jersey |
Bob4
Member
2013-Feb-22 5:06 am
That's what you get for buying more than you can afford. |
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H_T_R_N (banned) join:2011-12-06 Valencia, PA |
H_T_R_N (banned)
Member
2013-Feb-22 7:51 am
said by Bob4:That's what you get for buying more than you can afford. I was going to say the same thing. PMI is so the banks\lending institution can cover the loss when the buyer realizes in a year or so that he can't afford the house he talked himself into. |
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Bob4Account deleted join:2012-07-22 New Jersey |
Bob4
Member
2013-Feb-22 7:54 am
Always put at least 20% down in cash. If you can't do that, you really can't afford to buy the property.
When I bought my house, loan-to-value ratio was 70%. Now it's 25%. |
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·Metronet
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to H_T_R_N
said by H_T_R_N:said by Bob4:That's what you get for buying more than you can afford. I was going to say the same thing. PMI is so the banks\lending institution can cover the loss when the buyer realizes in a year or so that he can't afford the house he talked himself into. We did not have 20% but we could easily afford the house - had PMI for about 2.5 years so the above is not necessarily true. |
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hitachi369Embrace Your Rights Premium Member join:2001-10-03 Cincinnati, OH (Software) pfSense Switches Trash Bin Ubiquiti UniFi AP
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to CylonRed
said by CylonRed:It should not be that much - when I had it, it was less than $100/month. Can't begin to imagine the price for that insurance has gone up that much... I work for a bank, 100$ isn't a lot for PMI. I saw an account earlier this week they were paying 261$ in PMI each month. PMI is a rip off, @ drew as long as you dont have a FHA loan you can cancel before before 5 years or 78% LTV. My bank only requires LTV less than 80%, depending on how close you are to the target LTV you could also have your house appraised and maybe bump high enough. I'm sure your bank would be similar. |
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drewRadiant Premium Member join:2002-07-10 Port Orchard, WA |
drew
Premium Member
2013-Feb-22 11:36 am
I bought at 250k. Valuation is under 170k. |
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hitachi369Embrace Your Rights Premium Member join:2001-10-03 Cincinnati, OH |
Bummer, they likely wouldn't force another appraisal (mine wouldn't atleast), have you paid down more than 20% from your original appraisal? |
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drewRadiant Premium Member join:2002-07-10 Port Orchard, WA |
drew
Premium Member
2013-Feb-22 2:03 pm
No, not even close. We also refinanced in Jan 2012 to get a significantly better rate. Had we been anywhere near close to losing PMI, I would not have refinanced. |
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Warzau Premium Member join:2000-10-26 Naperville, IL |
to Badger3k
I think by law the company has to remove it @ 78%. |
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hitachi369Embrace Your Rights Premium Member join:2001-10-03 Cincinnati, OH
1 recommendation |
78% and 5 years for a FHA. Some government loans require PMI for the entire loan. The truth and lending will tell you when/if it will be removed automatically from your loan, unless it is an ARM. |
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AVDRespice, Adspice, Prospice Premium Member join:2003-02-06 Onion, NJ |
AVD to Bob4
Premium Member
2013-Feb-22 2:56 pm
to Bob4
said by Bob4:When I bought my house, loan-to-value ratio was 70%. Now it's 25%. When I bought my house, the LTV was exactly 80%. Now its about 105% |
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Warzau Premium Member join:2000-10-26 Naperville, IL |
to hitachi369
ahhh! |
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AVDRespice, Adspice, Prospice Premium Member join:2003-02-06 Onion, NJ |
to hitachi369
My refi has the pmi built into the loan. |
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Bob4Account deleted join:2012-07-22 New Jersey |
Bob4 to AVD
Member
2013-Feb-22 5:02 pm
to AVD
said by AVD:said by Bob4:When I bought my house, loan-to-value ratio was 70%. Now it's 25%. When I bought my house, the LTV was exactly 80%. Now its about 105% Onion isn't what it used to be. (I lived there from 1962 to 1981.) |
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H_T_R_N (banned) join:2011-12-06 Valencia, PA |
to CylonRed
said by CylonRed:said by H_T_R_N:said by Bob4:That's what you get for buying more than you can afford. I was going to say the same thing. PMI is so the banks\lending institution can cover the loss when the buyer realizes in a year or so that he can't afford the house he talked himself into. We did not have 20% but we could easily afford the house - had PMI for about 2.5 years so the above is not necessarily true. You could afford to throw money away on PMI but couldn't save enough to put a proper DP down. OK.. You wouldn't be looking to buy a bridge would you? |
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H_T_R_N |
H_T_R_N (banned) to AVD
Member
2013-Feb-22 11:06 pm
to AVD
said by AVD:said by Bob4:When I bought my house, loan-to-value ratio was 70%. Now it's 25%. When I bought my house, the LTV was exactly 80%. Now its about 105% OUCH!! Bought at 75% 10 years ago, 4 more years and it will be 0.0% |
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·Metronet
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to H_T_R_N
It was not for long that wqe had PMI and we had just gotten married. I did not want to buy - the wife did.
We could easily afford the house - we bought less than the idiot finance guy said we could afford. When I lost my job and I had to start paying off my student loans we were still able to pay for the house and not lose it. |
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H_T_R_N (banned) join:2011-12-06 Valencia, PA |
H_T_R_N (banned)
Member
2013-Feb-23 8:36 am
said by CylonRed:It was not for long that wqe had PMI and we had just gotten married. I did not want to buy - the wife did.
We could easily afford the house - we bought less than the idiot finance guy said we could afford. When I lost my job and I had to start paying off my student loans we were still able to pay for the house and not lose it. 2.5 years of throwing money away, any amount of money, is silly to me. To each his own I guess. |
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·Metronet
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You need not worry about it - wife wanted the house and we were not likely to be able to save up enough for the 20% with house prices going up at the time (and my wife's Masters Degree payments coming up). We would always be chasing the 20% till years and 2 kids later.
Be completely different if we bought more house than we could afford - but we didn't. |
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AVDRespice, Adspice, Prospice Premium Member join:2003-02-06 Onion, NJ |
to H_T_R_N
said by H_T_R_N:You could afford to throw money away on PMI but couldn't save enough to put a proper DP down. OK.. You wouldn't be looking to buy a bridge would you? house and income "should" appreciate faster than the penalty the PMI introduces. |
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DraimanLet me see those devil horns in the sky join:2012-06-01 Kill Devil Hills, NC |
to drew
said by drew:On a $200k+ note, I'm paying $116/mo for PMI.
And pardon my language, but PMI is fucking bullshit. I had a $350k note and PMI was $99/month. There's a lot of ways around PMI but actually sucking it up and paying PMI is the cheapest way. The other ways look great but cost a TON more. |
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Draiman |
to Bob4
said by Bob4:Always put at least 20% down in cash. If you can't do that, you really can't afford to buy the property.
When I bought my house, loan-to-value ratio was 70%. Now it's 25%. Not true at all. I make more money in the stock market then my house so I want to put in as little as possible. If you can't manage money then sure dump as much as you can into your house so you don't spend it. For those of us who can manage money well we'll skip that mistake. |
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AVDRespice, Adspice, Prospice Premium Member join:2003-02-06 Onion, NJ |
AVD
Premium Member
2013-Feb-25 11:16 am
These days the house loan is the cheapest money you can borrow. |
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DraimanLet me see those devil horns in the sky join:2012-06-01 Kill Devil Hills, NC 2 edits |
Draiman
Member
2013-Feb-25 11:27 am
said by AVD:These days the house loan is the cheapest money you can borrow. Exactly. You can get 3.5% on the loan and make 6-9% in the market. It doesn't take rocket science to do that math. You can use the extra interest to pay down the loan faster if you want and end up paying the note off faster that way. |
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AVDRespice, Adspice, Prospice Premium Member join:2003-02-06 Onion, NJ |
AVD
Premium Member
2013-Feb-26 8:07 am
My co worker just re-fi'ed for 2.75% |
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