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April 21, 2008 at 1:32 PM in reply to: Interest Rate Time Bomb???? When will they have to rise? #191612April 21, 2008 at 1:32 PM in reply to: Interest Rate Time Bomb???? When will they have to rise? #191657
(former)FormerSanDiegan
ParticipantSubmitted by asianautica on April 21, 2008 – 10:14am.
I also realize that higher rates keep home prices low and you have the added bonus of lower property taxes.
I don’t know if you’ve read one of the post about this a few weeks back, but property tax will be what the last owner paid if that was higher, until you get them to reassessed. So the property tax argument is moot.
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For those keeping score, based on the info from the Tax assessors office above, I guess that makes AN’s point moot. Therefore the previously moot point of “added bonus of lower property taxes” is now un-moot (i.e. valid).
ParticipantSince you took out the loan 2 years ago with less than 20% equity, and prices have decline since then, your absolute best option is A) to request to have it removed when you hit 8o% of the original LTV , noted in the link from IONEGARM above. For example, if it is a 30-year fixed at 90% LTV then it would would take 7-10 years to reach this point if paying no additional principal.
Option B) … If you have other assets or cash you could consider paying it down to about 80% of the home’s current value and refinancing. This would likely require a pile of cash, which you may not have because you chose a less than 20% down in the first place. The only reason I would choose plan B is if the rate on your loan is significantly higher than today’s rates.
ParticipantSince you took out the loan 2 years ago with less than 20% equity, and prices have decline since then, your absolute best option is A) to request to have it removed when you hit 8o% of the original LTV , noted in the link from IONEGARM above. For example, if it is a 30-year fixed at 90% LTV then it would would take 7-10 years to reach this point if paying no additional principal.
Option B) … If you have other assets or cash you could consider paying it down to about 80% of the home’s current value and refinancing. This would likely require a pile of cash, which you may not have because you chose a less than 20% down in the first place. The only reason I would choose plan B is if the rate on your loan is significantly higher than today’s rates.
ParticipantSince you took out the loan 2 years ago with less than 20% equity, and prices have decline since then, your absolute best option is A) to request to have it removed when you hit 8o% of the original LTV , noted in the link from IONEGARM above. For example, if it is a 30-year fixed at 90% LTV then it would would take 7-10 years to reach this point if paying no additional principal.
Option B) … If you have other assets or cash you could consider paying it down to about 80% of the home’s current value and refinancing. This would likely require a pile of cash, which you may not have because you chose a less than 20% down in the first place. The only reason I would choose plan B is if the rate on your loan is significantly higher than today’s rates.
ParticipantSince you took out the loan 2 years ago with less than 20% equity, and prices have decline since then, your absolute best option is A) to request to have it removed when you hit 8o% of the original LTV , noted in the link from IONEGARM above. For example, if it is a 30-year fixed at 90% LTV then it would would take 7-10 years to reach this point if paying no additional principal.
Option B) … If you have other assets or cash you could consider paying it down to about 80% of the home’s current value and refinancing. This would likely require a pile of cash, which you may not have because you chose a less than 20% down in the first place. The only reason I would choose plan B is if the rate on your loan is significantly higher than today’s rates.
ParticipantSince you took out the loan 2 years ago with less than 20% equity, and prices have decline since then, your absolute best option is A) to request to have it removed when you hit 8o% of the original LTV , noted in the link from IONEGARM above. For example, if it is a 30-year fixed at 90% LTV then it would would take 7-10 years to reach this point if paying no additional principal.
Option B) … If you have other assets or cash you could consider paying it down to about 80% of the home’s current value and refinancing. This would likely require a pile of cash, which you may not have because you chose a less than 20% down in the first place. The only reason I would choose plan B is if the rate on your loan is significantly higher than today’s rates.
ParticipantFor me the key point is its sale in 2000 at 183K – nearly eight years from the bottom of the last cycle.
Actually that was about 4 years above the bottom of the last cycle, but who’s counting.ParticipantFor me the key point is its sale in 2000 at 183K – nearly eight years from the bottom of the last cycle.
Actually that was about 4 years above the bottom of the last cycle, but who’s counting.ParticipantFor me the key point is its sale in 2000 at 183K – nearly eight years from the bottom of the last cycle.
Actually that was about 4 years above the bottom of the last cycle, but who’s counting.ParticipantFor me the key point is its sale in 2000 at 183K – nearly eight years from the bottom of the last cycle.
Actually that was about 4 years above the bottom of the last cycle, but who’s counting.ParticipantFor me the key point is its sale in 2000 at 183K – nearly eight years from the bottom of the last cycle.
Actually that was about 4 years above the bottom of the last cycle, but who’s counting.Participant1. For traditional deductible IRAs :
Look at your past tax returns. If you contributed to a deductible IRA you should have claimed a deduction for them2. For traditional non-deductible IRA contributions:
You should have filed Form 8606.3. For ROTH IRA contributions:
There is no form on your tax return. Your financial institution should have the info. A ROTH IRA should be a separate account from your traditional IRA(s).4. Despite instructions otherwise, I would keep ALL my tax return records, particularly Form 8606 for non-deductible IRAs, because this is the only way I know of to prove that the portion has already been taxed.
Participant1. For traditional deductible IRAs :
Look at your past tax returns. If you contributed to a deductible IRA you should have claimed a deduction for them2. For traditional non-deductible IRA contributions:
You should have filed Form 8606.3. For ROTH IRA contributions:
There is no form on your tax return. Your financial institution should have the info. A ROTH IRA should be a separate account from your traditional IRA(s).4. Despite instructions otherwise, I would keep ALL my tax return records, particularly Form 8606 for non-deductible IRAs, because this is the only way I know of to prove that the portion has already been taxed.
Participant1. For traditional deductible IRAs :
Look at your past tax returns. If you contributed to a deductible IRA you should have claimed a deduction for them2. For traditional non-deductible IRA contributions:
You should have filed Form 8606.3. For ROTH IRA contributions:
There is no form on your tax return. Your financial institution should have the info. A ROTH IRA should be a separate account from your traditional IRA(s).4. Despite instructions otherwise, I would keep ALL my tax return records, particularly Form 8606 for non-deductible IRAs, because this is the only way I know of to prove that the portion has already been taxed.
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