NR: refi or not?

[xtalprotector]

We have a jumbo conforming loan from chase, no 2nd loan, might not be as easy to refi.

House is in an average location of Torry Hills. Using 2000 builder price with 3% annual inflation will put it around 670K. It dropping below 690K alone might not motivate me to walk. But when that happens, the probability of loosing both engineer incomes is very high, combined with no recovery in sight and possible finding jobs somewhere else … I might.

I agree whatever reason made us bought last summer probably doesn’t make any sense now. We knew house price will go down further but completely underestimated the fallout of Wall Street followed by global recession.

I guess how fast CV price drops is another factor too. When do you think it will hit 690K level, 2010, 2011?

[Coronita]

[quote=xtalprotector]We have a jumbo conforming loan from chase, no 2nd loan, might not be as easy to refi.

House is in an average location of Torry Hills. Using 2000 builder price with 3% annual inflation will put it around 670K. It dropping below 690K alone might not motivate me to walk. But when that happens, the probability of loosing both engineer incomes is very high, combined with no recovery in sight and possible finding jobs somewhere else … I might.

I agree whatever reason made us bought last summer probably doesn’t make any sense now. We knew house price will go down further but completely underestimated the fallout of Wall Street followed by global recession.

I guess how fast CV price drops is another factor too. When do you think it will hit 690K level, 2010, 2011?
[/quote]

Relax… You sound like you fit in to the Carmel Valley dinc/diwc type of family (I’m one of them myself). In times like this, you need to think. “While you might be screwed, you definitely can find other people much more screwed than you.”

I assure you that having two enginerds paying bills (preferably working at different companies and different fields) is a lot better off than some of the families depending on a single income.

If you don’t have large cash reserve to sustain for 2 years+, you might *consider* getting an equity line of credit (and not tapping it) “just in case”….because good luck refinancing/getting an equity line AFTER one or both of you lose your job.
Don’t know if you can get an equity line in this market, but it doesn’t hurt to try.

If you really wanted to save on yourself from the obama “rich tax”, consider getting a divorce. You and your spouse would then have up to $400k before your marginal taxes increases and your cap gain taxes increases.

Plan on something 2600-2800 around CV hitting $650k. Not saying it will happen, but plan for the worst. Look on the bright side, if you left your money in the stock market you probably would have already lost 30-40% anyway within 1 year. Even if your home hits $650k, it probably will take a lot longer for that to happen 🙂

[Coronita]

[quote=xtalprotector]We have a jumbo conforming loan from chase, no 2nd loan, might not be as easy to refi.

House is in an average location of Torry Hills. Using 2000 builder price with 3% annual inflation will put it around 670K. It dropping below 690K alone might not motivate me to walk. But when that happens, the probability of loosing both engineer incomes is very high, combined with no recovery in sight and possible finding jobs somewhere else … I might.

I agree whatever reason made us bought last summer probably doesn’t make any sense now. We knew house price will go down further but completely underestimated the fallout of Wall Street followed by global recession.

I guess how fast CV price drops is another factor too. When do you think it will hit 690K level, 2010, 2011?
[/quote]

Relax… You sound like you fit in to the Carmel Valley dinc/diwc type of family (I’m one of them myself). In times like this, you need to think. “While you might be screwed, you definitely can find other people much more screwed than you.”

I assure you that having two enginerds paying bills (preferably working at different companies and different fields) is a lot better off than some of the families depending on a single income.

If you don’t have large cash reserve to sustain for 2 years+, you might *consider* getting an equity line of credit (and not tapping it) “just in case”….because good luck refinancing/getting an equity line AFTER one or both of you lose your job.
Don’t know if you can get an equity line in this market, but it doesn’t hurt to try.

If you really wanted to save on yourself from the obama “rich tax”, consider getting a divorce. You and your spouse would then have up to $400k before your marginal taxes increases and your cap gain taxes increases.

Plan on something 2600-2800 around CV hitting $650k. Not saying it will happen, but plan for the worst. Look on the bright side, if you left your money in the stock market you probably would have already lost 30-40% anyway within 1 year. Even if your home hits $650k, it probably will take a lot longer for that to happen 🙂

[Coronita]

[quote=xtalprotector]We have a jumbo conforming loan from chase, no 2nd loan, might not be as easy to refi.

House is in an average location of Torry Hills. Using 2000 builder price with 3% annual inflation will put it around 670K. It dropping below 690K alone might not motivate me to walk. But when that happens, the probability of loosing both engineer incomes is very high, combined with no recovery in sight and possible finding jobs somewhere else … I might.

I agree whatever reason made us bought last summer probably doesn’t make any sense now. We knew house price will go down further but completely underestimated the fallout of Wall Street followed by global recession.

I guess how fast CV price drops is another factor too. When do you think it will hit 690K level, 2010, 2011?
[/quote]

Relax… You sound like you fit in to the Carmel Valley dinc/diwc type of family (I’m one of them myself). In times like this, you need to think. “While you might be screwed, you definitely can find other people much more screwed than you.”

I assure you that having two enginerds paying bills (preferably working at different companies and different fields) is a lot better off than some of the families depending on a single income.

If you don’t have large cash reserve to sustain for 2 years+, you might *consider* getting an equity line of credit (and not tapping it) “just in case”….because good luck refinancing/getting an equity line AFTER one or both of you lose your job.
Don’t know if you can get an equity line in this market, but it doesn’t hurt to try.

If you really wanted to save on yourself from the obama “rich tax”, consider getting a divorce. You and your spouse would then have up to $400k before your marginal taxes increases and your cap gain taxes increases.

Plan on something 2600-2800 around CV hitting $650k. Not saying it will happen, but plan for the worst. Look on the bright side, if you left your money in the stock market you probably would have already lost 30-40% anyway within 1 year. Even if your home hits $650k, it probably will take a lot longer for that to happen 🙂

[Coronita]

[quote=xtalprotector]We have a jumbo conforming loan from chase, no 2nd loan, might not be as easy to refi.

House is in an average location of Torry Hills. Using 2000 builder price with 3% annual inflation will put it around 670K. It dropping below 690K alone might not motivate me to walk. But when that happens, the probability of loosing both engineer incomes is very high, combined with no recovery in sight and possible finding jobs somewhere else … I might.

I agree whatever reason made us bought last summer probably doesn’t make any sense now. We knew house price will go down further but completely underestimated the fallout of Wall Street followed by global recession.

I guess how fast CV price drops is another factor too. When do you think it will hit 690K level, 2010, 2011?
[/quote]

Relax… You sound like you fit in to the Carmel Valley dinc/diwc type of family (I’m one of them myself). In times like this, you need to think. “While you might be screwed, you definitely can find other people much more screwed than you.”

I assure you that having two enginerds paying bills (preferably working at different companies and different fields) is a lot better off than some of the families depending on a single income.

If you don’t have large cash reserve to sustain for 2 years+, you might *consider* getting an equity line of credit (and not tapping it) “just in case”….because good luck refinancing/getting an equity line AFTER one or both of you lose your job.
Don’t know if you can get an equity line in this market, but it doesn’t hurt to try.

If you really wanted to save on yourself from the obama “rich tax”, consider getting a divorce. You and your spouse would then have up to $400k before your marginal taxes increases and your cap gain taxes increases.

Plan on something 2600-2800 around CV hitting $650k. Not saying it will happen, but plan for the worst. Look on the bright side, if you left your money in the stock market you probably would have already lost 30-40% anyway within 1 year. Even if your home hits $650k, it probably will take a lot longer for that to happen 🙂

[Coronita]

[quote=xtalprotector]We have a jumbo conforming loan from chase, no 2nd loan, might not be as easy to refi.

House is in an average location of Torry Hills. Using 2000 builder price with 3% annual inflation will put it around 670K. It dropping below 690K alone might not motivate me to walk. But when that happens, the probability of loosing both engineer incomes is very high, combined with no recovery in sight and possible finding jobs somewhere else … I might.

I agree whatever reason made us bought last summer probably doesn’t make any sense now. We knew house price will go down further but completely underestimated the fallout of Wall Street followed by global recession.

I guess how fast CV price drops is another factor too. When do you think it will hit 690K level, 2010, 2011?
[/quote]

Relax… You sound like you fit in to the Carmel Valley dinc/diwc type of family (I’m one of them myself). In times like this, you need to think. “While you might be screwed, you definitely can find other people much more screwed than you.”

I assure you that having two enginerds paying bills (preferably working at different companies and different fields) is a lot better off than some of the families depending on a single income.

If you don’t have large cash reserve to sustain for 2 years+, you might *consider* getting an equity line of credit (and not tapping it) “just in case”….because good luck refinancing/getting an equity line AFTER one or both of you lose your job.
Don’t know if you can get an equity line in this market, but it doesn’t hurt to try.

If you really wanted to save on yourself from the obama “rich tax”, consider getting a divorce. You and your spouse would then have up to $400k before your marginal taxes increases and your cap gain taxes increases.

Plan on something 2600-2800 around CV hitting $650k. Not saying it will happen, but plan for the worst. Look on the bright side, if you left your money in the stock market you probably would have already lost 30-40% anyway within 1 year. Even if your home hits $650k, it probably will take a lot longer for that to happen 🙂

[Anonymous]

[quote=flu]If you really wanted to save on yourself from the obama “rich tax”, consider getting a divorce. You and your spouse would then have up to $400k before your marginal taxes increases and your cap gain taxes increases.[/quote]

I doubt anyone would take the above suggestion seriously, but just in case…

Do your research on the actual numbers before making any decisions based upon the impact the so called “rich tax”. There is a lot of misinformation out there. There are only a limited number of situations where the change in tax code would have a drastic impact on anyone’s financial decisions, beyond a little tweaking here and there.

http://www.taxfoundation.org/blog/show/23893.html

http://www.factcheck.org/elections-2008/right_change_is_wrong.html

http://blogs.tnr.com/tnr/blogs/the_plank/archive/2009/03/03/wealthy-idiots-meet-idiot-reporter.aspx

My intention is not to spark a partisan or even political debate. I’ve just noticed that the impact of tax changes under the new administration are widely misunderstood and exaggerated, and I’ve personally seen many people make poor choices based upon rumors and hype that are contrary to the facts.

[Anonymous]

[quote=flu]If you really wanted to save on yourself from the obama “rich tax”, consider getting a divorce. You and your spouse would then have up to $400k before your marginal taxes increases and your cap gain taxes increases.[/quote]

I doubt anyone would take the above suggestion seriously, but just in case…

Do your research on the actual numbers before making any decisions based upon the impact the so called “rich tax”. There is a lot of misinformation out there. There are only a limited number of situations where the change in tax code would have a drastic impact on anyone’s financial decisions, beyond a little tweaking here and there.

http://www.taxfoundation.org/blog/show/23893.html

http://www.factcheck.org/elections-2008/right_change_is_wrong.html

http://blogs.tnr.com/tnr/blogs/the_plank/archive/2009/03/03/wealthy-idiots-meet-idiot-reporter.aspx

My intention is not to spark a partisan or even political debate. I’ve just noticed that the impact of tax changes under the new administration are widely misunderstood and exaggerated, and I’ve personally seen many people make poor choices based upon rumors and hype that are contrary to the facts.

[Anonymous]

[quote=flu]If you really wanted to save on yourself from the obama “rich tax”, consider getting a divorce. You and your spouse would then have up to $400k before your marginal taxes increases and your cap gain taxes increases.[/quote]

I doubt anyone would take the above suggestion seriously, but just in case…

Do your research on the actual numbers before making any decisions based upon the impact the so called “rich tax”. There is a lot of misinformation out there. There are only a limited number of situations where the change in tax code would have a drastic impact on anyone’s financial decisions, beyond a little tweaking here and there.

http://www.taxfoundation.org/blog/show/23893.html

http://www.factcheck.org/elections-2008/right_change_is_wrong.html

http://blogs.tnr.com/tnr/blogs/the_plank/archive/2009/03/03/wealthy-idiots-meet-idiot-reporter.aspx

My intention is not to spark a partisan or even political debate. I’ve just noticed that the impact of tax changes under the new administration are widely misunderstood and exaggerated, and I’ve personally seen many people make poor choices based upon rumors and hype that are contrary to the facts.

[Anonymous]

[quote=flu]If you really wanted to save on yourself from the obama “rich tax”, consider getting a divorce. You and your spouse would then have up to $400k before your marginal taxes increases and your cap gain taxes increases.[/quote]

I doubt anyone would take the above suggestion seriously, but just in case…

Do your research on the actual numbers before making any decisions based upon the impact the so called “rich tax”. There is a lot of misinformation out there. There are only a limited number of situations where the change in tax code would have a drastic impact on anyone’s financial decisions, beyond a little tweaking here and there.

http://www.taxfoundation.org/blog/show/23893.html

http://www.factcheck.org/elections-2008/right_change_is_wrong.html

http://blogs.tnr.com/tnr/blogs/the_plank/archive/2009/03/03/wealthy-idiots-meet-idiot-reporter.aspx

My intention is not to spark a partisan or even political debate. I’ve just noticed that the impact of tax changes under the new administration are widely misunderstood and exaggerated, and I’ve personally seen many people make poor choices based upon rumors and hype that are contrary to the facts.

[Anonymous]

[quote=flu]If you really wanted to save on yourself from the obama “rich tax”, consider getting a divorce. You and your spouse would then have up to $400k before your marginal taxes increases and your cap gain taxes increases.[/quote]

I doubt anyone would take the above suggestion seriously, but just in case…

Do your research on the actual numbers before making any decisions based upon the impact the so called “rich tax”. There is a lot of misinformation out there. There are only a limited number of situations where the change in tax code would have a drastic impact on anyone’s financial decisions, beyond a little tweaking here and there.

http://www.taxfoundation.org/blog/show/23893.html

http://www.factcheck.org/elections-2008/right_change_is_wrong.html

http://blogs.tnr.com/tnr/blogs/the_plank/archive/2009/03/03/wealthy-idiots-meet-idiot-reporter.aspx

My intention is not to spark a partisan or even political debate. I’ve just noticed that the impact of tax changes under the new administration are widely misunderstood and exaggerated, and I’ve personally seen many people make poor choices based upon rumors and hype that are contrary to the facts.

[Author]

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