I need a mortgage genius

[ucodegen]

@HLS

Assuming that the OP knows their rate, they have an impound account of $505, which is what I already factored into my comment above. It’s not fishy at all…
and you don’t pay “points” in a monthly payment.

I was assuming the guy was talking about only the P/I (actually I in this case) portion of the costs, not the impound account for property taxes/insurance. Considering California at 1%, it may be a bit short for combined property taxes/insurance.. PMI too??

As for points, I was referring to amount added in for financing. The advertised/listed rate might have been 6.35%, but depending upon how financed.. there may have been points added. Too many people don’t go through their own loan documents and actually read them.

Note to the gallery on impound accounts:
http://www.escrowhelp.com/articles/19990604.html

Most loans that have a prepayment penalty allow for paying up to 20% of principal per year without any penalty, so there is never a problem paying an extra payment here or there.
I have seen more than one that has a severe prepayment penalty on any percentage. One of these was a Countrywide origination… In fact, on that one, the period for prepayment penalty was something like 7 years.

[Jay-man]

Hello, 92024, there is an alternate worldview…don’t pay ahead and don’t refinance, just keep going with your original mortgage. If you find one day that the value of your house has declined substantially, in California you can just walk away. It’ll bomb your FICO but if you buy another house first, it may not matter to you.

I make no claims for the effect on your karma.

My sister and hubbie got out of SD just before the price declines of the early 90’s knocked their house value down about 30%. As of a couple years ago, it zillowed for 500.

OTOH I built a house in a reasonable suburb of Indianapolis (Lawrence North area) in 1986, for 96k. It’s now worth about 130k. That’s 1.4% a year appreciation for 22 years. Such is life.

[Jay-man]

Hello, 92024, there is an alternate worldview…don’t pay ahead and don’t refinance, just keep going with your original mortgage. If you find one day that the value of your house has declined substantially, in California you can just walk away. It’ll bomb your FICO but if you buy another house first, it may not matter to you.

I make no claims for the effect on your karma.

My sister and hubbie got out of SD just before the price declines of the early 90’s knocked their house value down about 30%. As of a couple years ago, it zillowed for 500.

OTOH I built a house in a reasonable suburb of Indianapolis (Lawrence North area) in 1986, for 96k. It’s now worth about 130k. That’s 1.4% a year appreciation for 22 years. Such is life.

[Jay-man]

Hello, 92024, there is an alternate worldview…don’t pay ahead and don’t refinance, just keep going with your original mortgage. If you find one day that the value of your house has declined substantially, in California you can just walk away. It’ll bomb your FICO but if you buy another house first, it may not matter to you.

I make no claims for the effect on your karma.

My sister and hubbie got out of SD just before the price declines of the early 90’s knocked their house value down about 30%. As of a couple years ago, it zillowed for 500.

OTOH I built a house in a reasonable suburb of Indianapolis (Lawrence North area) in 1986, for 96k. It’s now worth about 130k. That’s 1.4% a year appreciation for 22 years. Such is life.

[Jay-man]

Hello, 92024, there is an alternate worldview…don’t pay ahead and don’t refinance, just keep going with your original mortgage. If you find one day that the value of your house has declined substantially, in California you can just walk away. It’ll bomb your FICO but if you buy another house first, it may not matter to you.

I make no claims for the effect on your karma.

My sister and hubbie got out of SD just before the price declines of the early 90’s knocked their house value down about 30%. As of a couple years ago, it zillowed for 500.

OTOH I built a house in a reasonable suburb of Indianapolis (Lawrence North area) in 1986, for 96k. It’s now worth about 130k. That’s 1.4% a year appreciation for 22 years. Such is life.

[Jay-man]

Hello, 92024, there is an alternate worldview…don’t pay ahead and don’t refinance, just keep going with your original mortgage. If you find one day that the value of your house has declined substantially, in California you can just walk away. It’ll bomb your FICO but if you buy another house first, it may not matter to you.

I make no claims for the effect on your karma.

My sister and hubbie got out of SD just before the price declines of the early 90’s knocked their house value down about 30%. As of a couple years ago, it zillowed for 500.

OTOH I built a house in a reasonable suburb of Indianapolis (Lawrence North area) in 1986, for 96k. It’s now worth about 130k. That’s 1.4% a year appreciation for 22 years. Such is life.

[GoUSC]

When in the hell did they start doing 40 year mortgages?

WTF. Here is a staggering bit of info:

30 year mortgage total interest is $550,000
40 year mortgage total interest is $779,000

A delta of around $230,000. Just to save $234/month in payments.

WOW.

[GoUSC]

When in the hell did they start doing 40 year mortgages?

WTF. Here is a staggering bit of info:

30 year mortgage total interest is $550,000
40 year mortgage total interest is $779,000

A delta of around $230,000. Just to save $234/month in payments.

WOW.

[GoUSC]

When in the hell did they start doing 40 year mortgages?

WTF. Here is a staggering bit of info:

30 year mortgage total interest is $550,000
40 year mortgage total interest is $779,000

A delta of around $230,000. Just to save $234/month in payments.

WOW.

[GoUSC]

When in the hell did they start doing 40 year mortgages?

WTF. Here is a staggering bit of info:

30 year mortgage total interest is $550,000
40 year mortgage total interest is $779,000

A delta of around $230,000. Just to save $234/month in payments.

WOW.

[GoUSC]

When in the hell did they start doing 40 year mortgages?

WTF. Here is a staggering bit of info:

30 year mortgage total interest is $550,000
40 year mortgage total interest is $779,000

A delta of around $230,000. Just to save $234/month in payments.

WOW.

[SD Realtor]

I guess you don’t want to hear about 50 year mortgages then either.

SD Realtor

[SD Realtor]

I guess you don’t want to hear about 50 year mortgages then either.

SD Realtor

[SD Realtor]

I guess you don’t want to hear about 50 year mortgages then either.

SD Realtor

[SD Realtor]

I guess you don’t want to hear about 50 year mortgages then either.

SD Realtor

[Author]

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