Search found 63 matches

by omega
Fri Sep 22, 2017 6:07 pm
Forum: Personal Finance (Not Investing)
Topic: Life insurance - Your inputs please!
Replies: 4
Views: 214

Life insurance - Your inputs please!

Here is my situation. Am in early 40s with two kids (10 and 5). Currently have life insurance about 4X of my salary through my employer. I shopped around for term life insurance for 20 years for 1 million. The issue is that I had a medical condition 5 years back. Although I am currently free of this...
by omega
Wed Sep 20, 2017 2:08 pm
Forum: Personal Consumer Issues
Topic: should we replace the subfloors when putting in hardwood floors
Replies: 9
Views: 799

Re: should we replace the subfloors when putting in hardwood floors

What I mean by flaky is - kind of bouncy. If a heavy person jumps, I feel the floor vibrates.
by omega
Wed Sep 20, 2017 12:28 pm
Forum: Personal Consumer Issues
Topic: should we replace the subfloors when putting in hardwood floors
Replies: 9
Views: 799

Re: should we replace the subfloors when putting in hardwood floors

The subfloors are plywood and not particle board. Will that mean that a re-screw will fix the bounciness/flaky/creaking issues
by omega
Wed Sep 20, 2017 11:45 am
Forum: Personal Consumer Issues
Topic: should we replace the subfloors when putting in hardwood floors
Replies: 9
Views: 799

Re: should we replace the subfloors when putting in hardwood floors

Seems like if the edges are pressing up against each other, that needs to be fixed as it will create an unlevel surface. However, it also seems that it could be fixed without ripping out the current subfloor if there are only a few problematic areas. Wood expands and contracts, even plywood, so the...
by omega
Wed Sep 20, 2017 10:51 am
Forum: Personal Consumer Issues
Topic: should we replace the subfloors when putting in hardwood floors
Replies: 9
Views: 799

should we replace the subfloors when putting in hardwood floors

We recently bought a 1950s built home and there are four bedrooms and a hallway in the second floor that has old carpet that we want to replace with hardwood. When I walk on the floor, I hear creaking sound and also feel like the floor is bouncy/flaky. A very heave flooring company guy bounced on th...
by omega
Sun Sep 17, 2017 6:28 pm
Forum: Personal Consumer Issues
Topic: brand of solid wood floor-Help!
Replies: 9
Views: 819

Re: brand of solid wood floor-Help!

Thanks all. Yes. We are looking for prefinished red oak for our 4 bedrooms in the second floor. The company that quotes Mercier is expensive (9.5K) and the cost of company offering Armstrong is about 7K. Is it worth spending 2.5k more for the brand? In other words, does brand matters? Where can I fi...
by omega
Sun Sep 17, 2017 11:24 am
Forum: Personal Consumer Issues
Topic: brand of solid wood floor-Help!
Replies: 9
Views: 819

brand of solid wood floor-Help!

Hello all: We are looking to replace carpet with solid wood floor on the second floor of newly purchased house (built in 1950s). we are focusing on red oak, but not sure about the brand. The quote ranges from 6K-10K for 750 Sq ft including carpet removal, material cost and installation. It seems the...
by omega
Wed Aug 16, 2017 7:55 am
Forum: Personal Finance (Not Investing)
Topic: Help with mortgage rates-closing soon!
Replies: 11
Views: 968

Re: Help with mortgage rates-closing soon!

Re-negotiate? Umm, no, you don't get to renegotiate your rate unless market rates come down below your 3.75% quoted. What gives you the impression you can have your rate lowered if the market is at or above your current rate that is locked in? What is the exact type of mortgage you signed up for? T...
by omega
Wed Aug 16, 2017 7:45 am
Forum: Personal Finance (Not Investing)
Topic: Help with mortgage rates-closing soon!
Replies: 11
Views: 968

Help with mortgage rates-closing soon!

Hi all, We are closing our first house on Sep 1 and are currently locked in at 3.75% for 30 year fixed with APR 3.841%. We negotiated with our lender to adjust to low rate once before closing without incurring any additional cost. I looked at bank rate and mortgagerate news and other sites on google...
by omega
Mon Aug 14, 2017 12:50 pm
Forum: Personal Finance (Not Investing)
Topic: Home insurance- Providence mutual
Replies: 0
Views: 133

Home insurance- Providence mutual

Hi all, We are in the process of closing our first home and are shopping around for home insurance. We got a quote from "Providence Mutual", which not only gives a better rate (885 USD per year), but also offers a better coverage in terms of personal liability (500K) and deductible (500 USD). We cur...
by omega
Sun Aug 13, 2017 2:27 pm
Forum: Personal Finance (Not Investing)
Topic: Please help, Public school(Move) or Private school(Stay-put) ?
Replies: 16
Views: 1588

Re: Please help, Public school(Move) or Private school(Stay-put) ?

You may also want to consider Bergen county (Fair Lawn, Ridgewood, Glen Rock etc). The commute to NYC is about 45 min to 1 hr by bus or train and the schools are very good in these areas.
by omega
Fri Aug 04, 2017 11:16 am
Forum: Personal Finance (Not Investing)
Topic: help with the appraisal process
Replies: 21
Views: 1292

Re: help with the appraisal process

IMO, you should have posted... The appraisal came in higher, so, YAY, we get to buy our first home without hiccups! :sharebeer That hope for negotiation could have gone badly and been a headache, so be glad it's not a worry. Lol..we were just worried about overpaying!..our realtor put the onus on a...
by omega
Fri Aug 04, 2017 10:27 am
Forum: Personal Finance (Not Investing)
Topic: help with the appraisal process
Replies: 21
Views: 1292

Re: help with the appraisal process

Update. The appraisal came 5K more than offered price. No room for price negotiation as we expected :( Thank you all for your comments.
by omega
Sun Jul 30, 2017 7:49 am
Forum: Personal Finance (Not Investing)
Topic: help with the appraisal process
Replies: 21
Views: 1292

Re: help with the appraisal process

Thanks everyone. It looks like we just have to wait and go through the process. Not having much hope on the process at this time though :(
by omega
Fri Jul 28, 2017 2:03 pm
Forum: Personal Finance (Not Investing)
Topic: help with the appraisal process
Replies: 21
Views: 1292

Re: help with the appraisal process

Chevca, we are not hoping for any outcome but just want a fair process to know how much will the house appraise to without any external influences. What we will do with that information if the house doesn't appraise to our agreed upon price - we will cross that bridge when it comes. Does anyone know...
by omega
Fri Jul 28, 2017 1:40 pm
Forum: Personal Finance (Not Investing)
Topic: help with the appraisal process
Replies: 21
Views: 1292

help with the appraisal process

We are in the process of buying our first home in NJ and have agreed to a sale price that is 30K above the asking price. If the appraisal comes 10K below the sale price, we have a window to negotiate the price with the seller. We found out that the seller's realtor, the seller and our realtor will b...
by omega
Tue Jul 25, 2017 8:53 pm
Forum: Personal Finance (Not Investing)
Topic: Did you shop for a title company
Replies: 4
Views: 512

Did you shop for a title company

We are in the process of closing our first home and wanted to know if others shop around for the title company. Our attorney has given the name for a title company and our realtor says that the title companies charge the same since these costs are federally regulated. We are wondering if we should j...
by omega
Wed Jul 12, 2017 7:52 pm
Forum: Personal Finance (Not Investing)
Topic: Borrower-Paid vs. Lender-Paid Compensation
Replies: 3
Views: 266

Borrower-Paid vs. Lender-Paid Compensation

I am in the process of buying first home. Which one you would choose - Borrower-Paid vs. Lender-Paid Compensation? Which is best for me in case of 30 year loan?

Thanks
by omega
Tue Jul 11, 2017 1:54 pm
Forum: Personal Finance (Not Investing)
Topic: Mortgage contingency vs Appraisal contingency
Replies: 9
Views: 876

Re: Mortgage contingency vs Appraisal contingency

Thanks all. The seller agreed for appraisal contingency with an exception of 10K difference between appraisal and offer price. The negotiation will occur only when the difference is more than 10K and we agreed to that.
by omega
Tue Jul 11, 2017 6:44 am
Forum: Personal Finance (Not Investing)
Topic: Mortgage contingency vs Appraisal contingency
Replies: 9
Views: 876

Re: Mortgage contingency vs Appraisal contingency

Thanks for your comments. How close is Zillow estimate to appraisal value? Per zillow, the house is listed as 609K. Good houses in this area are selling above asking prices. The market is so hot that sellers are having a good sales.
by omega
Mon Jul 10, 2017 8:57 pm
Forum: Personal Finance (Not Investing)
Topic: Mortgage contingency vs Appraisal contingency
Replies: 9
Views: 876

Mortgage contingency vs Appraisal contingency

First time home buyer here, currently in attorney review. The agreed price is 630K with 30% downpayment. The seller wants to have only mortgage contingency in the contract and wants to delete appraisal contingency. Can someone explain why this bad for me? I am not familiar with jargons. I have no do...
by omega
Sun Jul 09, 2017 3:14 pm
Forum: Personal Finance (Not Investing)
Topic: Buying a house in FEMA flood zone X
Replies: 30
Views: 1896

Re: Buying a house in FEMA flood zone X

Thanks 986racer. I will keep it mind when reviewing the policy. Thanks stan1 for your comments. I fail to see the house from that angle earlier. The brook in fact offers appeal to the house with lots of trees and one less neighbor. And location of the house is great. From these points, we felt comfo...
by omega
Sun Jul 09, 2017 8:26 am
Forum: Personal Finance (Not Investing)
Topic: Buying a house in FEMA flood zone X
Replies: 30
Views: 1896

Re: Buying a house in FEMA flood zone X

Yes. I will get insurance just to be sure as suggested by many of you.

Thanks!
by omega
Sat Jul 08, 2017 5:52 pm
Forum: Personal Finance (Not Investing)
Topic: Buying a house in FEMA flood zone X
Replies: 30
Views: 1896

Re: Buying a house in FEMA flood zone X

Thanks all. I spoke with a neighbor and a friend who lives few houses down. They never seen any flooding situation in last 12 years. It seems all the houses in that area comes under flood X zone even though map does not show it. They told me it is not all an issue. so, we have decided to pursue the ...
by omega
Sat Jul 08, 2017 10:00 am
Forum: Personal Finance (Not Investing)
Topic: Buying a house in FEMA flood zone X
Replies: 30
Views: 1896

Re: Buying a house in FEMA flood zone X

Thanks again. The certificate shared by the listing agent says "The subject property IS PARTIALLY WITHIN a Special Flood Hazard Area. The existing STRUCTURE, however, is not affected and is not in the floodplain" I am waiting to hear the cost of insurance in flood zone X500. It appears to be a very ...
by omega
Sat Jul 08, 2017 5:19 am
Forum: Personal Finance (Not Investing)
Topic: Buying a house in FEMA flood zone X
Replies: 30
Views: 1896

Re: Buying a house in FEMA flood zone X

Thank you all. A little more detail. The house is located next to a brook and flood zone X (shaded) cuts through a front corner of the property including the one-third of the house. The house has no basement and the owner has experienced no flooding situation since 1994 (he bought in 1994) and I hav...
by omega
Fri Jul 07, 2017 8:01 pm
Forum: Personal Finance (Not Investing)
Topic: Buying a house in FEMA flood zone X
Replies: 30
Views: 1896

Buying a house in FEMA flood zone X

Dear all: We put in an offer for a house in NJ and was accepted by the owner. Today, I found out that the house is in FEMA flood zone X and as per my real estate agent we don't need flood insurance. The house is in great condition and it fits all our needs. We are concerned about the flood zone X. S...
by omega
Sat May 13, 2017 8:36 pm
Forum: Investing - Help with Personal Investments
Topic: Roth457-is it worth in our case?
Replies: 10
Views: 673

Re: Roth457-is it worth in our case?

Great. Thank you all.
by omega
Sat May 13, 2017 2:44 pm
Forum: Investing - Help with Personal Investments
Topic: Roth457-is it worth in our case?
Replies: 10
Views: 673

Re: Roth457-is it worth in our case?

Thanks ruralavalon. we live in NJ and it does tax on 457 contributions. Thats true. We don't know where we will retire.
by omega
Sat May 13, 2017 1:18 pm
Forum: Investing - Help with Personal Investments
Topic: Roth457-is it worth in our case?
Replies: 10
Views: 673

Re: Roth457-is it worth in our case?

Thanks for the link.

My concern is that we have to pay state tax either way. Will this money in 457 will be double taxed (now and during withdrawal)?
by omega
Sat May 13, 2017 12:09 pm
Forum: Investing - Help with Personal Investments
Topic: Roth457-is it worth in our case?
Replies: 10
Views: 673

Re: Roth457-is it worth in our case?

BL wrote:You will probably be in a lower bracket when you retire, so take the tax deduction now.


Thanks BL. How can I determine that I will be in lower bracket?
by omega
Sat May 13, 2017 12:04 pm
Forum: Investing - Help with Personal Investments
Topic: Roth457-is it worth in our case?
Replies: 10
Views: 673

Re: Roth457-is it worth in our case?

"Will either or both of you be eligible for a substantial pension?"

The answer is no. Thanks.
by omega
Sat May 13, 2017 11:58 am
Forum: Investing - Help with Personal Investments
Topic: Roth457-is it worth in our case?
Replies: 10
Views: 673

Roth457-is it worth in our case?

Our combined income(300K) puts us in 33% tax bracket. I max my 401K and my wife maxes her 401a. We also do backdoor roth. We recently found out that she can additionally contribute to regular 457 or Roth 457. Which one is better? If we choose roth457, we will end up paying 33% tax on that. Moreover,...
by omega
Mon May 08, 2017 10:51 am
Forum: Personal Finance (Not Investing)
Topic: Life/Disability insurance through associations
Replies: 0
Views: 331

Life/Disability insurance through associations

Hello all: I am in the process of purchasing individual life and disability insurance policies. This is beyond what I am getting through my employer. I am wondering whether it is advisable to purchase such policies offered through professional organizations such as AMA (medical), AVMA (veterinary), ...
by omega
Thu May 04, 2017 8:52 pm
Forum: Investing - Help with Personal Investments
Topic: NJ Retirement plan - which one to choose?
Replies: 2
Views: 294

NJ Retirement plan - which one to choose?

My wife works at a university in NJ and has a 401(a) and 403 (b) plans, which are offered through following carriers. AXA Equitable MassMutual Retirement Services (formerly The Hartford) VOYA Financial Services Met Life (formerly Travelers/CitiStreet) TIAA (formerly TIAA/CREF) Prudential Retirement ...
by omega
Thu May 04, 2017 7:50 pm
Forum: Investing - Help with Personal Investments
Topic: 403b vs 457
Replies: 42
Views: 2872

Re: 403b vs 457

Can you use both 403b and 457? My wife works in a university in NJ and she is allowed to contribute to both.
by omega
Thu May 04, 2017 7:48 pm
Forum: Investing - Help with Personal Investments
Topic: Texas TRS - Need your advice
Replies: 5
Views: 673

Re: Texas TRS - Need your advice

Thanks alleiter. Good to know about 5-year-period. Will initiate the transfer.
by omega
Wed May 03, 2017 8:01 pm
Forum: Investing - Help with Personal Investments
Topic: Texas TRS - Need your advice
Replies: 5
Views: 673

Re: Texas TRS - Need your advice

Thanks alleiter. We are thinking the same, but didn't want to miss out on the pension.

Do you or anyone know how buying the credit as out of state works with TRS? Thanks.
by omega
Wed May 03, 2017 4:56 pm
Forum: Investing - Help with Personal Investments
Topic: Texas TRS - Need your advice
Replies: 5
Views: 673

Texas TRS - Need your advice

My wife worked in Texas University system (2010-2013, 4 years) and has about 19K (only her contribution plus 2% interest). She needs to work for one more year in Texas to avail TRS pension benefits (plus probably another 18K from state contribution). She is currently working at a university in a dif...
by omega
Wed May 03, 2017 6:22 am
Forum: Personal Finance (Not Investing)
Topic: Roth IRA for minor
Replies: 29
Views: 1456

Re: Roth IRA for minor

Thank you for your inputs. It looks like it cannot be done in my situation.
by omega
Tue May 02, 2017 12:25 pm
Forum: Personal Finance (Not Investing)
Topic: Most Common Financial Mistakes
Replies: 108
Views: 14976

Re: Most Common Financial Mistakes

Not educating myself about investment choices early in my career.
by omega
Tue May 02, 2017 12:23 pm
Forum: Personal Finance (Not Investing)
Topic: Roth IRA for minor
Replies: 29
Views: 1456

Roth IRA for minor

My 9-year-old plays competitive chess and wins cash price sometimes (varies between 25 to 100 USD). And, in a year, he may get around 500 USD. Can I open Roth IRA for him with his money? How about the money he gets as a gift (500 USD) from his grandparents on his birthday?

Thank you for your time.
by omega
Tue May 02, 2017 10:59 am
Forum: Personal Finance (Not Investing)
Topic: Backdoor Roth- Did I do it wrong?
Replies: 28
Views: 2204

Re: Backdoor Roth- Did I do it wrong?

Okay. Thanks Earl.
by omega
Tue May 02, 2017 8:49 am
Forum: Personal Finance (Not Investing)
Topic: Backdoor Roth- Did I do it wrong?
Replies: 28
Views: 2204

Re: Backdoor Roth- Did I do it wrong?

Thank you all. One more general question. " There is a catch to the backdoor Roth IRA in that the physician must ensure he has no money in any type of IRA , including self-employed retirement account, such as SEP-IRAs or SIMPLE IRAs, at the end of that calendar year to prevent a pro-rate calcul...
by omega
Mon May 01, 2017 10:32 am
Forum: Personal Finance (Not Investing)
Topic: Backdoor Roth- Did I do it wrong?
Replies: 28
Views: 2204

Re: Backdoor Roth- Did I do it wrong?

I just wanted to report back that I could initiate the rollover from IRA to 401K. Agent has raised a question though. Should all IRA account will be considered at the time of conversion of nondeductible from t-IRA to roth IRA or can it happen within this year without any consequences? Since I am ini...
by omega
Mon May 01, 2017 7:04 am
Forum: Personal Finance (Not Investing)
Topic: Saving for mortgage
Replies: 8
Views: 1094

Re: Saving for mortgage

Thank you all for your comments. I will probably use the whole 180K for downpayment. I will check with my lender today and move it Ally if she says OK.
by omega
Sun Apr 30, 2017 10:39 am
Forum: Personal Finance (Not Investing)
Topic: Saving for mortgage
Replies: 8
Views: 1094

Saving for mortgage

We have been saving for our mortgage, which is about 180K. We are keeping that in a credit union with an interest rate of 0.1%. We may be buying our first house in 3 to 6-month time. Is it worth moving that money to banks such as Ally or Discover that offers better interest rate? Any other options w...
by omega
Sat Apr 29, 2017 4:37 pm
Forum: Personal Finance (Not Investing)
Topic: Backdoor Roth- Did I do it wrong?
Replies: 28
Views: 2204

Re: Backdoor Roth- Did I do it wrong?

Thats my hope too.

Thank you all for your inputs :)
by omega
Sat Apr 29, 2017 2:51 pm
Forum: Personal Finance (Not Investing)
Topic: Backdoor Roth- Did I do it wrong?
Replies: 28
Views: 2204

Re: Backdoor Roth- Did I do it wrong?

Thanks for your replies.

The amount in rollover IRA is about 65K.

Yes. I have sent form 8066 documenting 5500 contribution to t-IRA.

What options I have if my 401K doesn't allow rollover?
by omega
Sat Apr 29, 2017 1:39 pm
Forum: Personal Finance (Not Investing)
Topic: Backdoor Roth- Did I do it wrong?
Replies: 28
Views: 2204

Re: Backdoor Roth- Did I do it wrong?

Thanks David Jay and Spirit rider. I will call my 401k administrator on Monday to check whether they will allow rollover. This is the first time I did backdoor. I only did it for the year 2016 (but did in April, 2017- both deposit and conversion). Just a correction, ER for my 401K is 0.15% (not 0.01...