Look at you go, msbelle!
[SPOILER: we don't actually have goons.]
Dammit.
Raise your hand if 'ew.'
Buffy ,'Same Time, Same Place'
Natter 73: Chuck Norris only wishes he could Natter
Off-topic discussion. Wanna talk about corsets, duct tape, butt kicking, or physics? This is the place. Detailed discussion of any current-season TV must be whitefonted.
Jesse - Mar 05, 2015 4:11:42 pm PST #21416 of 30000
Sometimes I trip on how happy we could be.
Maria - Mar 05, 2015 4:12:56 pm PST #21417 of 30000
Not so nice is that I'm about to ruin a Friday morning for a bunch of people because of a series of unfortunate events and an upset foreign government. - shrift
one of the key differences between FHA and non-FHA is that if you don't put down 20% you'll need to pay PMI (mortgage insurance)
FHA also requires PMI though that does not fall off when you have 20% equity. It remains for the life of the loan. FHA benefits? A lot lower down payment, debt to income ratio can be higher, and no need for a co-signer. I really don't see a downside to starting off with an FHA loan, and then refinancing in a few years to a conventional.
FHA might be a good start so you don't have to raid your reserves to come up with a huge down payment.
Maria - Mar 05, 2015 4:14:00 pm PST #21418 of 30000
Not so nice is that I'm about to ruin a Friday morning for a bunch of people because of a series of unfortunate events and an upset foreign government. - shrift
I like the idea of Steph with goons.
msbelle, you are TCB all day today. I'd like some of that motivation please.
aurelia - Mar 05, 2015 4:18:22 pm PST #21419 of 30000
All sorrows can be borne if you put them into a story. Tell me a story.
[SPOILER: we don't actually have goons.]
That you know of.
I am so tired. I've had no energy all day. I think all my energy has gone to my immune system. I hope it wins.
javachik - Mar 05, 2015 4:20:39 pm PST #21420 of 30000
Our wings are not tired.
FHA also requires PMI though that does not fall off when you have 20% equity. It remains for the life of the loan. FHA benefits? A lot lower down payment, debt to income ratio can be higher, and no need for a co-signer. I really don't see a downside to starting off with an FHA loan, and then refinancing in a few years to a conventional.
Yeah, that's actually what I was trying to say, but didn't word it well. I had an FHA loan, which I just refi'd into a conventional loan. My income meant the PMI was no longer a tax-write off, so I had extra reason to refinance. The difference between when I got my FHA and new FHA loans is that PMI is for the life of the loan (when I got mine, you were able to reassess based on equity after 5 years). So to drop PMI now, you need to refi into a conventional.
billytea - Mar 05, 2015 4:27:43 pm PST #21421 of 30000
You were a wrong baby who grew up wrong. The wrong kind of wrong. It's better you hear it from a friend.
[SPOILER: we don't actually have goons.]
One word: outsourcing. You can take your pick from the highly competitive firms of Goons 'R' Us, Goons Goons Goons, or Goons Thugs and Beyond.
meara - Mar 05, 2015 4:28:13 pm PST #21422 of 30000
And it might be a higher interest rate in the future when you no longer need PMI.
SuziQ - Mar 05, 2015 4:30:57 pm PST #21423 of 30000
Back tattoos of the mother is that you are absolutely right - Ame
Good info, thanks. My other research is saying to expect a longer escrow for FHA. Like 4-8 weeks. That will be a question I ask tomorrow.
Next up, realtor. I have a couple recommendations I'm going to check out.
Steph L. - Mar 05, 2015 4:34:24 pm PST #21424 of 30000
this mess was yours / now your mess is mine
You can take your pick from the highly competitive firms of Goons 'R' Us, Goons Goons Goons, or Goons Thugs and Beyond.
Oh, the hammock goons district!
t /Simpsons
sarameg - Mar 05, 2015 4:36:57 pm PST #21425 of 30000
I wish I knew what the terminology was for my refi. Not at 20%, but no pmi anymore. Now, I'll want to refi again when I can hit that 20% if interest rate is favorable. Otherwise I'll stick with this. Long term, if I had kept my original interest rate, I'd've seen a monthly drop after x years sticking with it. Under current rate+ no pmi, it comes out to basically the same total payout, but less monthly now, just unchanging but for property tax variations. So, a gamble I couldn't lose. The only kind I prefer to take.