The Hijackable Thread

Discussion in 'Play Pen' started by See Post, Apr 15, 2006.

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  1. See Post

    See Post New Member

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    Originally Posted By sherrytodd

    OK, I'm going to try something. This thread is for those times when conversation drifts off topic, yet though knowing in your heart you want to continue in the new direction you've turned, you are resigned to the fact that you must get back on topic. Bring it here.

    You can also use this thread if you have a quick question or point, but don't feel that it warrents a full topic to itself.

    Feel free to hijack this thread whenever the desire arrises. Use the forum for the free-flow of ideas and conversation.

    There are no rules, except no hitting below the belt, name-calling, hair-pulling or mud-slinging and anything else that will get you Admin'ed.

    Now, everyone play nice out there.
     
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    Originally Posted By sherrytodd

    So, here's where I'm starting.

    We're looking at buying a home. We have enough for 3% down. The broker has advised that we hold onto our money and do an 80/20. I know that this means that we will not have to pay PMI, but the second will be a higher mortgage rate. Is this a good idea? Has anyone else out there done this?
     
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    Originally Posted By DyGDisney

    This topic is a GREAT idea, sherrytodd. I hope someone can help you with your question. My Uncle is our Mortgage Broker, and whatever he says, we go along with! I figure he has our best interest at heart.
     
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    Originally Posted By sherrytodd

    We don't have any mortgage brokers in the family, so I'm thrown to the wolves. This broker has come highly recomended by three friends who he helped get financing. I just am trying to make sure there isn't something big that I'm missing.
     
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    Originally Posted By AladdinAZ

    Churros!
     
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    Originally Posted By sherrytodd

    I like churros. Love the churro cart in front of the Haunted Mansion.
     
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    Originally Posted By DyGDisney

    OOooh, I love Costco's Churros. $1.00, and they are bigger, and better than Disneyland's.
     
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    Originally Posted By sherrytodd

    That's the thing about churros. You can find them anywhere. Dole Whip on the other hand is a pure Disney indulgence. MMMMMmmmmmmm
     
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    Originally Posted By DVC_dad

    Well sherrytodd, the interest rate on the second may NOT be tons higher, in fact if you get a simple interest only HELOC, that money can be pretty cheap. (HELOC Home Equity Line of Credit). If you want to, you can do the 80/20 and after you close, you can pay off part of the 20 with the money you were going to use for the 3%, which will decrease your balance and lower your payment on the 20. Make sense?

    However, PERSONALLY, If you are going to be staying in this new house LONG TERM, I tend to think that putting your cash INTO your house is NOT the way to go...being that in theory you can use that money better invested somewhere else with a bit more risk...making the advice of the broker, good advice.

    Of course all of this depends on what state you are buying in, what rates you can get for both Mortgages, how much the house is going to cost, and your plans for moving vs. staying in this new house long term.

    MIP on the 1st mortgage can make a huge difference once you start getting into Jumbo Money (over $400K or so for a house) Having a 1st and second mortgage is a VERY common thing these days and there is almost no limit to how you can structure a mortgage.

    One bit of advice though:

    Just because you can qualify for a certain amount doesn't mean you can really afford it. That is my motto on almost anything.

    Putting ZERO down is unusual in my opinion, but also sometimes you can get a better rate if you put something down. This will vary greatly from lender to lender. Be careful if you do put some money down, that it isn't going to "points" or be sure that you are not "buying down the rate" that the money down is really going to money down and therefore into equity. BAH! This could go on all day.

    You can apply for the mortgages with more than one lender you know, and just compare what offers they bring back to you.

    Also, if you want to build a house, you can get your own construction loan, build the house, pay the builder as you go, and when finished there will not be another closing. The building loan will convert to usually a 30 year ARM. You can save upwards of 8% doing this vs. the builder carrying the loan and building the house, and then selling the house to you.

    There is more and more and the stuff never ends, so I will stop there, but suffice to say...having a 1st and a 2nd mortgage is VERY VERY common and usually a smart thing to do.

    This house that we are in is our last and final house until we downsize once the kids move out, move back in, then move out and stay out. We have moved 8 times in 11 years. Good luck and let it be fun.
     
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    Originally Posted By DyGDisney

    <<MIP on the 1st mortgage can make a huge difference once you start getting into Jumbo Money (over $400K or so for a house)>>

    Here in the Bay Area, $400K for a house is bare-bones, livin' in the slums! Or a tiny lot. DH works for a large home-builder. They are building zero clearance homes, LARGEST one is 1300 sq.feet, and they start in the $400,000's.
     
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    Originally Posted By DVC_dad

    Well in GA, 400K will buy you a nice 3,000 sq foot on 1/3 acre, with swim and tennis.
     
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    Originally Posted By Jim in Merced CA

    ^^^Yeah, but you're in Georgia.

    [rim shot]

    [just kiddding, DVC_dad] :)
     
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    Originally Posted By DVC_dad

    HAAAAA HAHAHAHA !!! No kidding! At least we here in Georgia can always say, "at least it ain't Mississippi."

    [GONG]



    For the record, I have stated in the "Would you move to Orlando" thread that if I could live anywhere else in the US, I would choose Southern Cal.
     
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    Originally Posted By oc_dean

    I heard that new park called Californialand is not all that great!??

    Anybody have any opinions on the matter????
     
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    Originally Posted By smeeeko

    ^^is that in Las Vegas or St Louis?? ;)

    I'd love to see someplace new even if it's in California. I need a vacation, or a condo... I want a playroom for the cats to climb the walls so I won't have to. =P (and our apt is pretty big at 950sq feet yet they seem to have gotten bored with our apt sooner than I have).
     
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    Originally Posted By trailsend

    smeeeko ~ have you ever noticed how everyone doesn't put the third "e" in your name?

    When I was given your name as my Secret Pal, it was spelled "smeeko", 2 "e's". I made the mistake of using it as my "fake" screenname during the bash ~ "smeekoSPo".

    Everyone, smeeeko has 3 "e's".

    Now. I feel better.

    ;þ
     
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    Originally Posted By DVC_dad

    How do you guys feel about the 9/11 movie coming out and are you gonna see it?
     
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    Originally Posted By Goofyernmost

    No...the original was more than I wanted to witness. Tell me why do we as a culture like to watch other peoples disasters.

    Those of you that aren't old enough, do you have any idea how many times we watched JFK get assassinated? And Lee Harvey Oswald? Those scenes are forever etched in my brain cells.
     
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    Originally Posted By DyGDisney

    Good question Goofyernmost. I know my kids love America's Funniest HOme Videos, and sometimes I cringe because the things people do look really painful, but everyone laughs.

    I agree with ya, the original was more than I ever needed to see.
     
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    Originally Posted By tink_26

    I feel like the kid w/o her ADD meds! Fun topic idea!


    I agree w/ DYG & Goofy- no 9/11 movies for me.
     

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