Search found 46 matches

by omega
Wed Jul 12, 2017 7:52 pm
Forum: Personal Finance (Not Investing)
Topic: Borrower-Paid vs. Lender-Paid Compensation
Replies: 3
Views: 213

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: 786

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: 786

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: 786

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: 1700

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: 1700

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: 1700

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: 1700

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 ...
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: 1700

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: 1700

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: 546

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: 546

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: 546

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: 546

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: 546

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: 546

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: 300

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: 259

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: 2567

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: 614

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: 614

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: 614

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: 1345

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: 14461

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: 1345

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: 2065

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: 2065

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: 2065

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: 1044

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: 1044

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: 2065

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: 2065

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: 2065

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...
by omega
Sat Apr 29, 2017 7:45 am
Forum: Personal Finance (Not Investing)
Topic: Backdoor Roth- Did I do it wrong?
Replies: 28
Views: 2065

Re: Backdoor Roth- Did I do it wrong?

My dilemma is this. I have more options for investments with low expense ratio (0.045%) with rollover IRA than in my 401K (expense ratio 0.15%). On the other hand, it looks like I cannot do backdoor Roth if I have money in my rollover IRA. Is it possible to move my rollover IRA to 401k and move back...
by omega
Fri Apr 28, 2017 9:19 pm
Forum: Personal Finance (Not Investing)
Topic: Backdoor Roth- Did I do it wrong?
Replies: 28
Views: 2065

Re: Backdoor Roth- Did I do it wrong?

Thanks Raabe34. I am not sure whether I can move that to 401K. Can I move that back t-IRA account?
by omega
Fri Apr 28, 2017 7:30 pm
Forum: Personal Finance (Not Investing)
Topic: Backdoor Roth- Did I do it wrong?
Replies: 28
Views: 2065

Backdoor Roth- Did I do it wrong?

Hello BHs, I have three retirement accounts with Fidelity. 1. 401K (through my current employer) 2. Rollover IRA (from previous employments) 3. Roth IRA (from previous years) Since I am not eligible to contribute directly to Roth IRA for the year 2016, I opened an traditional IRA with Fidelity and d...
by omega
Tue Apr 25, 2017 10:42 am
Forum: Personal Finance (Not Investing)
Topic: Question on backdoor roth IRA
Replies: 3
Views: 431

Re: Question on backdoor roth IRA

Thank you Raryn!
by omega
Mon Apr 24, 2017 6:40 pm
Forum: Personal Finance (Not Investing)
Topic: Question on backdoor roth IRA
Replies: 3
Views: 431

Question on backdoor roth IRA

Dear BHs, On April 17, 2017, I opened a traditional IRA account and contributed 5500 USD for the year 2016 and kept the money in money market fund. Two days later I initiated the transfer of money (100%) from T-IRA to Roth IRA. I noticed that they have transferred 5500.33 cents instead of 5500 USD. ...
by omega
Mon Apr 17, 2017 10:24 am
Forum: Personal Finance (Not Investing)
Topic: is it too late for backdoor roth?
Replies: 7
Views: 621

Re: is it too late for backdoor roth?

Thanks rudd. To be clear, I can file 8066 next year even though the contribution is for 2016. Is this correct?
by omega
Mon Apr 17, 2017 9:34 am
Forum: Personal Finance (Not Investing)
Topic: is it too late for backdoor roth?
Replies: 7
Views: 621

Re: is it too late for backdoor roth?

Thank you all for the quick reply. I just transferred the money (5500 USD) to traditional IRA and will convert to Roth in few days. I have question regarding filing Form 8606. Should I file this immediately or wait until the Roth conversion? Also, is there any online submission for this? Thanks agai...
by omega
Mon Apr 17, 2017 9:01 am
Forum: Personal Finance (Not Investing)
Topic: is it too late for backdoor roth?
Replies: 7
Views: 621

is it too late for backdoor roth?

I recently learned about backdoor roth IRA. We have already filled our tax return for 2016. Is it too late for us to do backdoor roth IRA for the year 2016?

Thanks for your inputs!
by omega
Tue Apr 11, 2017 9:58 pm
Forum: Personal Finance (Not Investing)
Topic: Can we afford private school tuition
Replies: 42
Views: 3658

Re: Can we afford private school tuition

Thank you all for taking the time to think and respond to my post. Some things I would like to clarify is - We currently do not own a home and are renting. Based upon our decision on what school to send kid no. 1, we will decide on the town to buy. We have a very good magnet school in our county and...
by omega
Tue Apr 11, 2017 2:31 pm
Forum: Personal Finance (Not Investing)
Topic: Can we afford private school tuition
Replies: 42
Views: 3658

Can we afford private school tuition

My husband and I are going to enter our 40s very soon and we have recently started making a combined income of about $300K. We live in a high cost of living area and have 2 kids 9 and 4. We have not been very financially savvy but also never thought we spent a lot of money. Sometime in the recent pa...
by omega
Fri Mar 31, 2017 11:37 am
Forum: Personal Finance (Not Investing)
Topic: Tax question
Replies: 18
Views: 1678

Tax question

I moved from the west to east coast early last year for a job. My husband used a relocation company to plan my move. They directly paid the relocation company and then added their cost to my income in my W2. They told me that they paid tax for that amount so it is a benefit for me tax-free. However,...
by omega
Fri Feb 17, 2017 11:19 am
Forum: Personal Finance (Not Investing)
Topic: Mortgage fees- Is this reasonable?
Replies: 14
Views: 1671

Re: Mortgage fees- Is this reasonable?

Thank you all. It was my mistake skipping the title fee (3185) in the calculation and I now added it.

My broker told me that we would most likely getting the loan from Quicken.

I am thinking of checking with another agent/ bank for comparison purpose.
by omega
Thu Feb 16, 2017 4:28 pm
Forum: Personal Finance (Not Investing)
Topic: Mortgage fees- Is this reasonable?
Replies: 14
Views: 1671

Mortgage fees- Is this reasonable?

Hello all, First time home buyer here and currently looking to buy in NJ/NY area. Our budget is around 700K with 20% downpayment (140K). Loan is about 560K, 4.25% interest for 30 year loan We have a contacted a mortgage broker who quoted the following fees: Origination costs: None Third party fees: ...

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