Search found 317 matches

by Golf maniac
Tue Nov 19, 2019 6:33 pm
Forum: Personal Finance (Not Investing)
Topic: Car negotiation question
Replies: 29
Views: 1803

Re: Car negotiation question

I would never step foot in a dealership without having an OTD price in writing (email). We are all amateurs doing this a few times in our lives compared to these professionals who live this everyday and know exactly how to handle you to get the most money for their vehicle. We are all clueless on ho...
by Golf maniac
Wed Nov 13, 2019 9:43 am
Forum: Personal Finance (Not Investing)
Topic: Months Leading up to Retirement
Replies: 19
Views: 1745

Re: Months Leading up to Retirement

Your HR should be able to go over most of the items on the process. You will need to think about dental and vision coverage post retirement. Benefeds is a great place to see if it makes sense in your individual case. Think about taxes, your pension will only be about 20% of your income but could kic...
by Golf maniac
Fri Oct 25, 2019 8:00 pm
Forum: Personal Finance (Not Investing)
Topic: Another how much mortgage can I afford post.
Replies: 34
Views: 2567

Re: Another how much mortgage can I afford post.

I always thought this was the wrong question. Start with: what are your goals in life? If you go maximum house and mortgage, you are making other tradeoffs, short and long term. For one, my wife and I never bought into the whole max house thing (at your age, my income was about what your is). We've...
by Golf maniac
Fri Oct 25, 2019 7:53 pm
Forum: Personal Finance (Not Investing)
Topic: Are federal health benefits worth postponing early retirement?
Replies: 60
Views: 5595

Re: Are federal health benefits worth postponing early retirement?

I had a chance to leave federal government service with about 9 years left before MRA and 30, thank God I didn’t do it. I would still be working today if I left, I am now retired with a great pension and health insurance at employee cost. I would suggest thinking very hard before you make this leap.
by Golf maniac
Fri Oct 25, 2019 7:37 pm
Forum: Personal Finance (Not Investing)
Topic: I no longer plan on retiring early
Replies: 110
Views: 15157

Re: I no longer plan on retiring early

I am glad you found a way to do what you love. I was happy in my job until the last 5 years. I was very lucky to be able to retire at 56. Today I am 4 years into retirement and loving it. Either way it is good to be financially in a position to have a choice and not have to continue working.
by Golf maniac
Sun Oct 20, 2019 2:44 pm
Forum: Personal Finance (Not Investing)
Topic: Entrance Fee for Retirement Community
Replies: 39
Views: 5063

Re: Entrance Fee for Retirement Community

It really depends on the amount of each option and the return you could get if you invested the money. I really wouldn’t want to deal with the credit risk and re-occupy problems of the refundable options so if everything was equal I would do the 60 month payment with no refund. Then if I planned to ...
by Golf maniac
Tue Oct 15, 2019 8:24 pm
Forum: Personal Finance (Not Investing)
Topic: Mortgage for vacation property in Colorado
Replies: 8
Views: 951

Re: Mortgage for vacation property in Colorado

Any of the large banks can help you (JPM, Wells, BofA, Citi, etc). If you have a relationship with a certain bank start with them. Then call around and search the internet and see what others offer. As always with any mortgage watch the closing costs as they can be significantly different between ba...
by Golf maniac
Mon Oct 14, 2019 8:06 pm
Forum: Personal Finance (Not Investing)
Topic: House buying (and selling current one) without contigencies
Replies: 10
Views: 1169

Re: House buying (and selling current one) without contigencies

If I were in your situation with young kids, new job, and new area I would rent for a year or two to ensure the new job works out and research the new area for future schools and best locations for traffic patterns and neighborhoods. Plus you can wait until more homes are on the market (like the spr...
by Golf maniac
Mon Oct 14, 2019 7:48 pm
Forum: Personal Finance (Not Investing)
Topic: Issue/Question Regarding car loan I was accepted for.
Replies: 4
Views: 283

Re: Issue/Question Regarding car loan I was accepted for.

It is on the dealer. The bank is just following their standards to ensure you can pay. If you have a co signer they will also look at that person’s ability to pay. You are probably all good and even if they decline the loan you had the use of a new car for a few weeks for free. Just provide what the...
by Golf maniac
Sun Oct 06, 2019 3:59 pm
Forum: Personal Finance (Not Investing)
Topic: Yet Another Paying Off Mortgage Thread
Replies: 27
Views: 2973

Re: Yet Another Paying Off Mortgage Thread

Really a personal decision. If you don’t pay off the mortgage what will you do with the money? Do you currently have sufficient assets to allow you to live comfortably into your 90’s? Do you have long term care funds for you and spouse? Depending on those answers it may or may not be a good idea to ...
by Golf maniac
Sat Oct 05, 2019 1:25 pm
Forum: Personal Finance (Not Investing)
Topic: Simple approach to retirement finances?
Replies: 15
Views: 1988

Re: Simple approach to retirement finances?

I have tried to simplify and I have done a few things: 1. Waiting until 70 for SS to maximize my spouses survivor benefit. 2. Moving my traditional IRAs to Roth to reduce my RMD. I convert as long as I stay in my current tax bracket. 3. I use lifestyle funds to keep it simple (I know I am paying a l...
by Golf maniac
Sat Oct 05, 2019 1:09 pm
Forum: Personal Finance (Not Investing)
Topic: Finance or Accounting Degree?
Replies: 81
Views: 5722

Re: Finance or Accounting Degree?

He needs to take a few accounting classes before he commits. Some people love it others not so much. A lot of opportunities with either degree, I didn’t love accounting so I went the finance route. He needs to look at employment trends and see what careers are available and hiring trends. Also, thou...
by Golf maniac
Fri Oct 04, 2019 9:03 pm
Forum: Personal Finance (Not Investing)
Topic: Can you change the date interest is credited to a bank account?
Replies: 24
Views: 1463

Re: Can you change the date interest is credited to a bank account?

No, banks have their systems set up to credit all accounts on a specific date. It’s not like a loan where you can pick your payment date. Actually not correct. Example - we have accounts with Ally. I can tell you that Ally uses different dates for different account holders. Our accounts post on the...
by Golf maniac
Fri Oct 04, 2019 8:53 pm
Forum: Personal Finance (Not Investing)
Topic: At wits end with mortgage company issues
Replies: 74
Views: 5656

Re: At wits end with mortgage company issues

File a complaint with CFPB but also file a complaint with their primary regulator. If they are a national bank (think BofA, Wells, Chase, Citi, etc) then it is the OCC. if it is a state bank that is a Fed Member then the Federal Reserve. The regulators have online filing options and you will get a w...
by Golf maniac
Fri Oct 04, 2019 12:03 pm
Forum: Personal Finance (Not Investing)
Topic: Can you change the date interest is credited to a bank account?
Replies: 24
Views: 1463

Re: Can you change the date interest is credited to a bank account?

No, banks have their systems set up to credit all accounts on a specific date. It’s not like a loan where you can pick your payment date. Actually not correct. Example - we have accounts with Ally. I can tell you that Ally uses different dates for different account holders. Our accounts post on the...
by Golf maniac
Fri Oct 04, 2019 11:57 am
Forum: Personal Finance (Not Investing)
Topic: How to prioritize?
Replies: 13
Views: 1145

Re: How to prioritize?

I would always make sure you are meeting the 4.5% match, that is a 100% return right off the bat in tax deferred account. I would then work to reduce mortgage balance to get rid of PMI, then look at boosting emergency fund and increasing retirement account.
by Golf maniac
Thu Oct 03, 2019 11:22 am
Forum: Personal Finance (Not Investing)
Topic: Can you change the date interest is credited to a bank account?
Replies: 24
Views: 1463

Re: Can you change the date interest is credited to a bank account?

No, banks have their systems set up to credit all accounts on a specific date. It’s not like a loan where you can pick your payment date.
by Golf maniac
Thu Sep 26, 2019 3:53 pm
Forum: Personal Finance (Not Investing)
Topic: financially clueless senior MIL who thinks she’s rich
Replies: 162
Views: 20296

Re: financially clueless senior MIL who thinks she’s rich

She’s an adult. Explain your concerns once, including the calculations you’ve presented here. Then drop it. You don’t have to save her from her own bad decisions. If she runs out of money and has to get public assistance or be placed in a Medicaid nursing facility at the end of her life, that is he...
by Golf maniac
Wed Sep 25, 2019 9:05 pm
Forum: Personal Finance (Not Investing)
Topic: Can I afford around a $2M home?
Replies: 31
Views: 4157

Re: Can I afford around a $2M home?

First I would only count $300k for wife if there is any possibility that she would reduce hours. By the way, that’s a heck of a part time salary. Second, have a detailed budget for the new home. You will need to think about renovations and all the expenses with a new home. Third, I would wait the ex...
by Golf maniac
Wed Sep 25, 2019 8:44 pm
Forum: Personal Finance (Not Investing)
Topic: Advice on affordability of 1.2mm home
Replies: 5
Views: 1059

Re: Advice on affordability of 1.2mm home

Agree that you can afford it. Is it wise to buy is very subjective and really only you and spouse can determine. Your wife being under FERS will be very useful in retirement with pension and health care if she makes it to MRA. Sit down with spouse and write down what the new house will provide over ...
by Golf maniac
Wed Sep 25, 2019 7:12 pm
Forum: Personal Finance (Not Investing)
Topic: Success stories of NOT buying more/too much house
Replies: 109
Views: 18479

Re: Success stories of NOT buying more/too much house

What we did was any raise or promotion we took 50% and put it in retirement or investments. This set our budget a lot lower for a home. I did this from 25 years old and it gave me the ability to retire at 56. If you take the money and put it in things (homes, cars, lifestyle) it is easy to get trapp...
by Golf maniac
Mon Sep 23, 2019 9:44 am
Forum: Personal Finance (Not Investing)
Topic: Refi Question
Replies: 4
Views: 431

Re: Refi Question

Don’t pay for anything until you hear from all lenders. Then pick the best rate/ closing cost combination. Yes, it is typical for you to pay the appraisal fee, but you should be able to put them off a few days until you hear from other lenders. The risk is the rate could change. You should be able t...
by Golf maniac
Mon Sep 23, 2019 9:40 am
Forum: Personal Finance (Not Investing)
Topic: Thoughts on refinance?
Replies: 12
Views: 1437

Re: Thoughts on refinance?

No reason to refi, agree you should max out retirement if at all possible.
by Golf maniac
Mon Sep 23, 2019 9:36 am
Forum: Personal Finance (Not Investing)
Topic: Home rebuild finance advice
Replies: 8
Views: 782

Re: Home rebuild finance advice

Good advice above, you need to boost your retirement funds first. That seems like a very large rebuild that will increase expenses across the board. I wouldn’t do it, but it is your inheritance.
by Golf maniac
Sun Sep 22, 2019 8:53 pm
Forum: Personal Finance (Not Investing)
Topic: Help me prepare to help mother-in-law
Replies: 53
Views: 4764

Re: Help me prepare to help mother-in-law

Don’t be so sure that her spending habits will change when she retires. Our spending is based off of life long experiences and is difficult to change once we get older. My parents for example, my Dad was the one who kept the budget and watched what was being spent. After he died my a Mom was much mo...
by Golf maniac
Thu Sep 19, 2019 5:15 pm
Forum: Personal Finance (Not Investing)
Topic: Mortgage rate last week
Replies: 38
Views: 4283

Re: Mortgage rate last week

Rates are based on 10 year Treasury, rates typically go down when the economy slows or goes into recession. Could be recession next year if trade deal with China is not done. If trade deal is done expect economy to accelerate and Fed to stop rate cuts or even begin raising rates. If you have a cryst...
by Golf maniac
Thu Sep 19, 2019 3:49 pm
Forum: Personal Finance (Not Investing)
Topic: Mortgage Qualification and IRA Assets
Replies: 5
Views: 476

Re: Mortgage Qualification and IRA Assets

The banks have nothing to do with the vast majority of underwriting standards for mortgages. The investors who buy the loans (think FNMA, FHLMC, fHA, and private investors for jumbos) make the underwriting rules. Typically if you can demonstrate you can or do pull income from those IRA’s you will me...
by Golf maniac
Mon Sep 09, 2019 8:38 pm
Forum: Personal Finance (Not Investing)
Topic: Help me compare mortgage lenders
Replies: 4
Views: 582

Re: Help me compare mortgage lenders

I would go with 1 or 2 depending on the owner title cost from lender 2. I am not big on paying points to buy down a rate which appears to be what lender 3 is doing. If you haven’t checked aimloan.com I would look there. It is one of the few sites where you can put your information in and get a quote...
by Golf maniac
Mon Sep 09, 2019 8:25 pm
Forum: Personal Finance (Not Investing)
Topic: Which Mortgage would you need?
Replies: 11
Views: 888

Re: Which Mortgage would you need?

I would go with a 30 year mortgage and buy up the rate. So you will be getting an above market rate but the negative points creates cash to reduce your closing costs. Since the loan will be short term until you sell your current home the extra interest paid will be minimal compared to the savings in...
by Golf maniac
Wed Sep 04, 2019 6:37 pm
Forum: Personal Finance (Not Investing)
Topic: Home Appraisal Fee
Replies: 6
Views: 594

Re: Home Appraisal Fee

That is a crazy price on an appraisal. Usually on a conventional loan they are 400 to 500. I would definitely ask the loan officer about it and why it is so high. Also ask why they are only covering half of the cost.
by Golf maniac
Fri Aug 23, 2019 2:43 pm
Forum: Personal Finance (Not Investing)
Topic: What do people do with finances as they approach very old age?
Replies: 17
Views: 3090

Re: What do people do with finances as they approach very old age?

My spouse, until he died, had me. I have named my daughter as co-trustee of my and my late spouse’s trust. Everything I own is in the trust except for the auto, some I bonds, my IRA, an annuity and some physical gold. Decisions, preparations and notes have been shared as to the handling of these it...
by Golf maniac
Fri Aug 23, 2019 2:34 pm
Forum: Personal Finance (Not Investing)
Topic: Financially independent - now completely lost
Replies: 30
Views: 5658

Re: Financially independent - now completely lost

If you are truly financially independent and do not need to work this is a great time to take the severance and explore what makes you happy. As you will be around more often you will connect more with your kids. Short chats and being there every day will make a difference in your relationship. Try ...
by Golf maniac
Fri Aug 23, 2019 2:24 pm
Forum: Personal Finance (Not Investing)
Topic: I spend no money so am I over-saving for retirement?
Replies: 54
Views: 5470

Re: I spend no money so am I over-saving for retirement?

There is a fine line between frugal and stingy. From your posts you come out on the stingy side. I would be interested in your spouses perspective if they think you are stingy. Definitely set up a college fund for child and maximize Roth contributions. Possibly some back door Roth conversions if pos...
by Golf maniac
Thu Aug 22, 2019 12:53 pm
Forum: Personal Finance (Not Investing)
Topic: Lender Release fees of $75 for Mortgage Payoff, Advice?
Replies: 19
Views: 1706

Re: Lender Processing/Release fees of $300 for Mortgage Payoff, Advice?

I would suggest calmly and patiently talk to your mortgage servicer about the charges. Ask them specifically about the 2 fees and where in your loan documents allow the fees. They may waive the second fee if you are nice and don’t call them up yelling and screaming. If you don’t get a satisfactory a...
by Golf maniac
Mon Aug 19, 2019 3:47 pm
Forum: Personal Finance (Not Investing)
Topic: Would you pay points?
Replies: 14
Views: 1062

Re: Would you pay points?

If you stay in the home 16 years the points make sense (#3) unless rates plummet and you can refi in a few years lower than 2.75%. There is always some risk but I would probably pay the points but not roll it into my loan balance.
by Golf maniac
Mon Aug 19, 2019 3:42 pm
Forum: Personal Finance (Not Investing)
Topic: Loan Program to use
Replies: 3
Views: 270

Re: Loan Program to use

It really depends on the rates at the time your current home sells. I would look at recast and refinance at the time of sell. Then take the cheaper version. You will need to compare rates and fees. Discuss your situation with the mortgage company you are working with on the new home. They should be ...
by Golf maniac
Mon Aug 19, 2019 3:20 pm
Forum: Personal Finance (Not Investing)
Topic: Are we financially okay?
Replies: 64
Views: 8692

Re: Are we financially okay?

I would think the cash investments are earning no where near the mortgage interest rate. Why not pay off mortgage to reduce expenses? If they need a mortgage later (highly doubtful) they can get a mortgage within 30 days to get additional liquidity.
by Golf maniac
Mon Aug 19, 2019 3:11 pm
Forum: Personal Finance (Not Investing)
Topic: Is my advice to my cousin correct ? [OK to spend, not save, extra income]
Replies: 32
Views: 3856

Re: Is my advice to my cousin correct ?

That is a lot of Net Worth tied to Real estate. If it were me I would probably liquidate and downsize. But everyone is different, if you can cover all expenses with pension and not more than 3 to 4% withdrawals from investments you both are probably fine.
by Golf maniac
Mon Aug 19, 2019 3:04 pm
Forum: Personal Finance (Not Investing)
Topic: Buy the house or continue to rent?
Replies: 39
Views: 3018

Re: Buy the house or continue to rent?

A few things: 1. I would protect my retirement at all costs, I would do nothing to endanger that. 2. Kids going to college can be very expensive and take up a lot of your excess cash flow. May make sense to wait until you get a feel for these expenses. 3. If you work for Boeing or a company dependen...
by Golf maniac
Sun Aug 18, 2019 9:22 pm
Forum: Personal Finance (Not Investing)
Topic: Possible to refinance before moving in?
Replies: 19
Views: 1627

Re: Possible to refinance before moving in?

Have you ever heard of mortgage fraud? That is what you are doing when you sign your name to an application that states it is your primary residence when it’s not. Sounds like you may have already committed fraud with your first lender, now your asking about a second fraud to save 25 BP’s? My advice...
by Golf maniac
Thu Aug 15, 2019 5:45 pm
Forum: Personal Finance (Not Investing)
Topic: When to move into retirement
Replies: 72
Views: 5853

Re: When to move into retirement

I will assume your financial situation is in order and you can retire successfully. For me it was more of a mental and emotional process of retiring and not going to a job every day. I considered full and part time work but ultimately decided to retire fully. The most important thing I did was have ...
by Golf maniac
Thu Aug 15, 2019 10:55 am
Forum: Personal Finance (Not Investing)
Topic: House down payment and interest rate
Replies: 7
Views: 677

Re: House down payment and interest rate

So is your going to one income permanent or temporary? What is your other debt? What is your retirement savings? Do you have a budget and do you stick to it? Do you have a proposed budget for the new home? Do you have money for post closing expenses (furniture, upgrades, painting, maintenance, etc)?...
by Golf maniac
Thu Aug 15, 2019 10:39 am
Forum: Personal Finance (Not Investing)
Topic: Moving for better public schools?
Replies: 64
Views: 5532

Re: Moving for better public schools?

I wish you the best of luck, the teen years will be tough. While your kids may be doing great in school now in three or four years, who knows? We have 2 sons, one hated school and wanted to just get through. The other loved school and excelled in everything thing he did. Guess which one is doing gre...
by Golf maniac
Thu Aug 15, 2019 10:21 am
Forum: Personal Finance (Not Investing)
Topic: Refinance!!! Go or No Go??
Replies: 18
Views: 2167

Re: Refinance!!! Go or No Go??

The closing costs will vary by state and the $6k may not be unreasonable. I would refi if I were the OP if I knew for sure I would be in the house 5 years. I agree you can pit your two best offers against each other and see if they will reduce costs or rates. Make sure you always get the offer in wr...
by Golf maniac
Thu Aug 15, 2019 10:06 am
Forum: Personal Finance (Not Investing)
Topic: Another "Should I Refinance?" - Need help with the math
Replies: 2
Views: 265

Re: Another "Should I Refinance?" - Need help with the math

Will need better information on what the “low cost” option means. If it is truly a $95 closing cost refi it is a no brainer to do the 15 year 5/1 low cost.

Great job paying the mortgage down and being out of a mortgage payment in a few years, it will give you a ton of financial freedom.
by Golf maniac
Thu Aug 15, 2019 10:00 am
Forum: Personal Finance (Not Investing)
Topic: Rent vs. Buy - Running the numbers, what am I missing?
Replies: 55
Views: 4233

Re: Rent vs. Buy - Running the numbers, what am I missing?

Yes, they are ignoring real costs (upgrades, taxes, maintenance, and insurance). They are also ignoring the return they could receive on their down payment over 10 to 20 years or more. It is a lifestyle choice that if you are lucky and financially able you get to make. I love having my home but I am...
by Golf maniac
Wed Aug 14, 2019 8:19 pm
Forum: Personal Finance (Not Investing)
Topic: Re-Financing with a non-US employment contract?
Replies: 4
Views: 346

Re: Re-Financing with a non-US employment contract?

I would talk to your current mortgage servicer. There are very strict FNMA and FHLMC guidelines if your a conforming (not jumbo) mortgage. They can tell you the current underwriting requirements. I am sure you are not the first person in this position. If it is a jumbo loan the mortgage servicer sho...
by Golf maniac
Wed Aug 14, 2019 8:09 pm
Forum: Personal Finance (Not Investing)
Topic: Trying to make sense out of this refinance
Replies: 10
Views: 1190

Re: Trying to make sense out of this refinance

Rates are location driven and can vary. I am in Florida and a 15 yr fixed is around 3.25%. If you are moving it makes no sense to refi. If you do decide to go forward on the refi look at aim loan and bankrate.com. Also look at local banks and credit unions. There are lots of online lenders to choose...
by Golf maniac
Wed Aug 14, 2019 7:49 pm
Forum: Personal Finance (Not Investing)
Topic: Buy a house now or in the next 3 years?
Replies: 35
Views: 4027

Re: Buy a house now or in the next 3 years?

I would suggest developing a detailed monthly budget (include maintenance and upkeep and increased utilities) and see how it compares to your current monthly budget. Don’t forget all the closing costs, moving expenses, etc. Another set of expenses to consider is wow I am in a new bigger home and I w...
by Golf maniac
Wed Aug 14, 2019 7:35 pm
Forum: Personal Finance (Not Investing)
Topic: Are you refinancing now?
Replies: 73
Views: 7319

Re: Are you refinancing now?

I just locked with my local credit union 15 year fixed 2.875% rate w/$170 for 0.099% points for $172K loan on $285K value. They said their system says appraisal should be waived so closing costs with w/o appraisal fee + their lender credit should be $1,263 which I'll pay out of pocket. Currently ha...