Search found 136 matches

by stanford73
Wed Jun 24, 2020 10:00 am
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 2976
Views: 229983

Re: Refinance Mega Thread

Sorry, duplicate.
by stanford73
Wed Jun 24, 2020 10:00 am
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 2976
Views: 229983

Re: Refinance Mega Thread

I'm reading this thread and thinking the refi DH and I are doing is not the best deal we could get. Currently, we have 15 years left on a 20 year mortgage at 3.9%. House is valued at $1million. My FICO is 800; DH's is 690, so they're using DH FICO. We are scheduled to close this week. (Hope it's no...
by stanford73
Wed Jun 24, 2020 9:45 am
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 2976
Views: 229983

Re: Refinance Mega Thread

I'm reading this thread and thinking the refi DH and I are doing is not the best deal we could get. Currently, we have 15 years left on a 20 year mortgage at 3.9%. House is valued at $1million. My FICO is 800; DH's is 690, so they're using DH FICO. We are scheduled to close this week. (Hope it's no...
by stanford73
Wed Jun 24, 2020 12:23 am
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 2976
Views: 229983

Re: Refinance Mega Thread

I'm reading this thread and thinking the refi DH and I are doing is not the best deal we could get. Currently, we have 15 years left on a 20 year mortgage at 3.9%. House is valued at $1million. My FICO is 800; DH's is 690, so they're using DH FICO. We are scheduled to close this week. (Hope it's not...
by stanford73
Wed Apr 29, 2020 5:42 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 2976
Views: 229983

Re: Refinance Mega Thread

ES5116, thank you for replying! Passing on your comments.
by stanford73
Wed Apr 29, 2020 3:44 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 2976
Views: 229983

Re: Refinance Mega Thread

DH and I are looking to refinance our mortgage, including an $80k HELOC payoff, from a 3.9% interest rate to 3.1%. I would greatly appreciate your thoughts/advice on the following loan estimate from Loan Depot. Should we lock in this rate now? Please let me know if I've missed any info. Thank you! L...
by stanford73
Tue Apr 28, 2020 4:56 pm
Forum: Personal Finance (Not Investing)
Topic: Need Advice: Loan Depot Refi
Replies: 2
Views: 495

Need Advice: Loan Depot Refi

DH and I are looking to refinance our mortgage, including an $80k HELOC payoff, from a 3.9% interest rate to 3.1%. I would greatly appreciate your thoughts/advice on the following loan estimate from Loan Depot. Should we lock in this rate now? Please let me know if I've missed any info. Thank you! L...
by stanford73
Thu Dec 12, 2019 9:29 pm
Forum: Personal Finance (Not Investing)
Topic: Follow Up: Husband's Surprise Debts
Replies: 370
Views: 38123

Re: Follow Up: Husband's Surprise Debts

While getting the balance sheet ready for the accountant meeting, I wondered about my AA for the money we have in retirement accounts. Although my focus is on debt reduction and increasing income, I want to be sure I'm not making any mistakes with these accounts in the meantime. I hope I can ask he...
by stanford73
Wed Dec 11, 2019 12:46 am
Forum: Personal Finance (Not Investing)
Topic: Follow Up: Husband's Surprise Debts
Replies: 370
Views: 38123

Re: Follow Up: Husband's Surprise Debts

I think for us to know that the OP and DH (both) are living beyond their means needs closer inspection. 20K in credit card debt, originally 90K in IRS back taxes and penalties and 80K HELOC, plus the recently discovered 4K taken out of the 401K PLUS whatever cash out there was from the last refi. O...
by stanford73
Wed Dec 11, 2019 12:17 am
Forum: Personal Finance (Not Investing)
Topic: Follow Up: Husband's Surprise Debts
Replies: 370
Views: 38123

Re: Follow Up: Husband's Surprise Debts

As for the cc debt. DH and I have no shared accounts--checking, savings or credit card. So he is in 100% control of his cards. I have zero cc debt. I pay just about everything in cash--for the last two years--and when I can't, I payoff the cc at the end of the month. He and I had an agreement 2 yea...
by stanford73
Tue Dec 10, 2019 12:02 pm
Forum: Personal Finance (Not Investing)
Topic: Follow Up: Husband's Surprise Debts
Replies: 370
Views: 38123

Re: Follow Up: Husband's Surprise Debts

If you can dig yourselves out of the ditch, stabilize your finances, and get on a good course going forward - I don't see why you would refinance or why you would agree to renewing the HELOC. It looks to me like you have a good chance of digging out of the ditch, stabilizing your finances, and gett...
by stanford73
Tue Dec 10, 2019 10:46 am
Forum: Personal Finance (Not Investing)
Topic: Follow Up: Husband's Surprise Debts
Replies: 370
Views: 38123

Re: Follow Up: Husband's Surprise Debts

If you can dig yourselves out of the ditch, stabilize your finances, and get on a good course going forward - I don't see why you would refinance or why you would agree to renewing the HELOC. It looks to me like you have a good chance of digging out of the ditch, stabilizing your finances, and gett...
by stanford73
Tue Dec 10, 2019 12:18 am
Forum: Personal Finance (Not Investing)
Topic: Follow Up: Husband's Surprise Debts
Replies: 370
Views: 38123

Re: Follow Up: Husband's Surprise Debts

While getting the balance sheet ready for the accountant meeting, I wondered about my AA for the money we have in retirement accounts. Although my focus is on debt reduction and increasing income, I want to be sure I'm not making any mistakes with these accounts in the meantime. I hope I can ask her...
by stanford73
Mon Dec 09, 2019 11:21 pm
Forum: Personal Finance (Not Investing)
Topic: Follow Up: Husband's Surprise Debts
Replies: 370
Views: 38123

Re: Follow Up: Husband's Surprise Debts

While keeping the HELOC open may give flexibility in the future, I'd only do so if the bank lets you make it where both signatures are required, so you know that DH can't go do anything again. I'd wonder if you'd even get refinancing given all the things that a bank would learn of. Could be--we'll ...
by stanford73
Mon Dec 09, 2019 11:08 pm
Forum: Personal Finance (Not Investing)
Topic: Follow Up: Husband's Surprise Debts
Replies: 370
Views: 38123

Re: Follow Up: Husband's Surprise Debts

We have debt, but most of it would be erased by the refi, I just want to highlight this, as your thinking is way off here. Hopefully this gets the point across that I tried to make in my recent long post much more succinctly. The refi does not erase debt. At all. It consolidates existing debt into ...
by stanford73
Mon Dec 09, 2019 10:59 pm
Forum: Personal Finance (Not Investing)
Topic: Follow Up: Husband's Surprise Debts
Replies: 370
Views: 38123

Re: Follow Up: Husband's Surprise Debts

We have debt, but most of it would be erased by the refi, I just want to highlight this, as your thinking is way off here. Hopefully this gets the point across that I tried to make in my recent long post much more succinctly. The refi does not erase debt. At all. It consolidates existing debt into ...
by stanford73
Mon Dec 09, 2019 10:48 pm
Forum: Personal Finance (Not Investing)
Topic: Follow Up: Husband's Surprise Debts
Replies: 370
Views: 38123

Re: Follow Up: Husband's Surprise Debts

I am reconsidering whether I'm being short-sighted in not renewing the HELOC, if we refi. Who knows if we'd be able to even qualify, but as long as we're in the house, there will be maintenance/repair issues. I expect once the debt is taken care of, we can cover any of those costs with a future eme...
by stanford73
Mon Dec 09, 2019 6:44 pm
Forum: Personal Finance (Not Investing)
Topic: Follow Up: Husband's Surprise Debts
Replies: 370
Views: 38123

Re: Follow Up: Husband's Surprise Debts

House maintenance is not something, in general, that should be paid for out of an emergency fund or HELOC. Setting aside funds for future maintenance should be part of the budget. True, there are occasional emergencies - last year I had a water leak, and had to pay the deductible before my insuranc...
by stanford73
Mon Dec 09, 2019 3:58 pm
Forum: Personal Finance (Not Investing)
Topic: Follow Up: Husband's Surprise Debts
Replies: 370
Views: 38123

Re: Follow Up: Husband's Surprise Debts

House maintenance is not something, in general, that should be paid for out of an emergency fund or HELOC. Setting aside funds for future maintenance should be part of the budget. True, there are occasional emergencies - last year I had a water leak, and had to pay the deductible before my insuranc...
by stanford73
Mon Dec 09, 2019 3:37 pm
Forum: Personal Finance (Not Investing)
Topic: Follow Up: Husband's Surprise Debts
Replies: 370
Views: 38123

Re: Follow Up: Husband's Surprise Debts

While keeping the HELOC open may give flexibility in the future, I'd only do so if the bank lets you make it where both signatures are required, so you know that DH can't go do anything again. I'd wonder if you'd even get refinancing given all the things that a bank would learn of. Could be--we'll ...
by stanford73
Mon Dec 09, 2019 3:23 pm
Forum: Personal Finance (Not Investing)
Topic: Follow Up: Husband's Surprise Debts
Replies: 370
Views: 38123

Re: Follow Up: Husband's Surprise Debts

While keeping the HELOC open may give flexibility in the future, I'd only do so if the bank lets you make it where both signatures are required, so you know that DH can't go do anything again. I'd wonder if you'd even get refinancing given all the things that a bank would learn of. Could be--we'll ...
by stanford73
Mon Dec 09, 2019 3:18 pm
Forum: Personal Finance (Not Investing)
Topic: Follow Up: Husband's Surprise Debts
Replies: 370
Views: 38123

Re: Follow Up: Husband's Surprise Debts

I believe that if you payoff the 1st mortgage, the HELOC moves up to becoming the first mortgage. I don't believe you will then be able to get a new mortgage without closing the HELOC. I think it may depend on the lender. I have refinanced once with keeping a HELOC open with another bank and a seco...
by stanford73
Mon Dec 09, 2019 2:30 am
Forum: Personal Finance (Not Investing)
Topic: Follow Up: Husband's Surprise Debts
Replies: 370
Views: 38123

Re: Follow Up: Husband's Surprise Debts

Sorry, duplicate.
by stanford73
Mon Dec 09, 2019 2:30 am
Forum: Personal Finance (Not Investing)
Topic: Follow Up: Husband's Surprise Debts
Replies: 370
Views: 38123

Re: Follow Up: Husband's Surprise Debts

I've never been self-employed (ex-H was) so maybe others who have this experience will have opinions. I think you and DH need to get into the mental habit of automatically looking at a gross monthly income figure and immediately subtracting withholding taxes, double FICA and whatever else comes off...
by stanford73
Mon Dec 09, 2019 2:22 am
Forum: Personal Finance (Not Investing)
Topic: Follow Up: Husband's Surprise Debts
Replies: 370
Views: 38123

Re: Follow Up: Husband's Surprise Debts

There are 8 pages of advice, so my comments may be already mentioned or could be an overreaction based on my hangups on debt. Given DH's poor history of managing debt, I would suggest that you also be responsible for researching the refi option. It will be a learning experience to hear from the len...
by stanford73
Mon Dec 09, 2019 2:16 am
Forum: Personal Finance (Not Investing)
Topic: Follow Up: Husband's Surprise Debts
Replies: 370
Views: 38123

Re: Follow Up: Husband's Surprise Debts

I believe that if you payoff the 1st mortgage, the HELOC moves up to becoming the first mortgage. I don't believe you will then be able to get a new mortgage without closing the HELOC. That's good news, then. Makes sense. Thanks. And even if it's something that *could* be worked out, I would encour...
by stanford73
Sun Dec 08, 2019 6:11 pm
Forum: Personal Finance (Not Investing)
Topic: Follow Up: Husband's Surprise Debts
Replies: 370
Views: 38123

Re: Follow Up: Husband's Surprise Debts

Retired2013 wrote:
Sun Dec 08, 2019 6:08 pm
I believe that if you payoff the 1st mortgage, the HELOC moves up to becoming the first mortgage. I don't believe you will then be able to get a new mortgage without closing the HELOC.
That's good news, then. Makes sense. Thanks.
by stanford73
Sun Dec 08, 2019 5:50 pm
Forum: Personal Finance (Not Investing)
Topic: Follow Up: Husband's Surprise Debts
Replies: 370
Views: 38123

Re: Follow Up: Husband's Surprise Debts

So, Stanford; you and DH are in your late 60s, yes? Is your home all on one level? Is it accessible via a wheelchair? Are the bathrooms ADA compliant? Does DH envision getting old? "Aging in place" is expensive. I know that there are all these websites with sweet little old ladies gardening and bei...
by stanford73
Sun Dec 08, 2019 5:14 pm
Forum: Personal Finance (Not Investing)
Topic: Follow Up: Husband's Surprise Debts
Replies: 370
Views: 38123

Re: Follow Up: Husband's Surprise Debts

I appreciate all the good advice and support.
by stanford73
Sun Dec 08, 2019 5:13 pm
Forum: Personal Finance (Not Investing)
Topic: Follow Up: Husband's Surprise Debts
Replies: 370
Views: 38123

Re: Follow Up: Husband's Surprise Debts

I'm definitely doing that and wish I'd thought about doing it much sooner. When "you don't know what you don't know" you are clearly at a disadvantage. I'm slowly figuring it out, but I sure wish I was 10 years younger to handle it all. It's overwhelming. It looks to me like you are going amazingly...
by stanford73
Sun Dec 08, 2019 5:05 pm
Forum: Personal Finance (Not Investing)
Topic: Follow Up: Husband's Surprise Debts
Replies: 370
Views: 38123

Re: Follow Up: Husband's Surprise Debts

Thank you for another thoughtful and helpful post. Definitely worth considering all the risk we'd be taking on, especially since DH would not be willing to shutdown the HELOC after paying it off with a refi. If we cannot get on the same page, I think we'll probably wind up selling the house whether...
by stanford73
Sun Dec 08, 2019 12:54 pm
Forum: Personal Finance (Not Investing)
Topic: Follow Up: Husband's Surprise Debts
Replies: 370
Views: 38123

Re: Follow Up: Husband's Surprise Debts

I think that the unaddressed elephant in the room is whether OP trusts DH's reporting and to what extent her income in the past has been used to prop up a house of cards, leaving her with little to show in retirement accounts. I know that in her shoes, I would be hiring a forensic accountant, or so...
by stanford73
Sun Dec 08, 2019 12:38 pm
Forum: Personal Finance (Not Investing)
Topic: Follow Up: Husband's Surprise Debts
Replies: 370
Views: 38123

Re: Follow Up: Husband's Surprise Debts

I'm going to tread gently into turf that I hope won't get my post deleted... So, you and DH have VERY unequal incomes. I was in this situation for many years (me on the low side) with DH#1 and then on the high side with DH#2. My high earning MBA daughter went into her marriage knowing that she woul...
by stanford73
Sun Dec 08, 2019 12:22 pm
Forum: Personal Finance (Not Investing)
Topic: Follow Up: Husband's Surprise Debts
Replies: 370
Views: 38123

Re: Follow Up: Husband's Surprise Debts

...Another option is to refi just the mortgage, or refi the mortgage taking cash out to payoff the HELOC and IRS debts. The latter just means not pulling out the 22K for CC debt. The former drops their mortgage payment to $1500/mo + the 8K/yr in insurance/property tax. I'm not seeing how the mortga...
by stanford73
Sat Dec 07, 2019 9:10 pm
Forum: Personal Finance (Not Investing)
Topic: Follow Up: Husband's Surprise Debts
Replies: 370
Views: 38123

Re: Follow Up: Husband's Surprise Debts

Tamarind wrote: ↑ December 6th, 2019, 3:31 am random_walker_77 wrote: ↑ December 5th, 2019, 9:48 pm According to bankrate, a 30yr fixed is running 3.72% in colorado, so refinancing would allow you to consolidate all your debts at a low rate, while simultaneously dropping your required mortgage paym...
by stanford73
Sat Dec 07, 2019 8:35 pm
Forum: Personal Finance (Not Investing)
Topic: Follow Up: Husband's Surprise Debts
Replies: 370
Views: 38123

Re: Follow Up: Husband's Surprise Debts

"Re: Follow Up: Husband's Surprise Debts Post by stanford73 » Fri Dec 06, 2019 6:06 pm I guess I don't know about the IRS transcripts. What are they & how do I access them?" Per the IRS, there are various types of tax transcripts (which are not copies of your tax returns). In your situation, I just...
by stanford73
Sat Dec 07, 2019 8:16 pm
Forum: Personal Finance (Not Investing)
Topic: Follow Up: Husband's Surprise Debts
Replies: 370
Views: 38123

Re: Follow Up: Husband's Surprise Debts

To answer a few questions asked above: 1) DH is in software security sales & marketing. He is a sole proprietor of a home-based company with minimal business expenses (no travel, biz lunches, etc.); a partner in another company that is in the process of dissolving; and on commission-only sales for a...
by stanford73
Sat Dec 07, 2019 1:10 pm
Forum: Personal Finance (Not Investing)
Topic: Follow Up: Husband's Surprise Debts
Replies: 370
Views: 38123

Re: Follow Up: Husband's Surprise Debts

IMHO refinancing a house to pay off consumer and other debt is a scary way to increase cash flow. It transfers unsecured debt into secured debt, places the home at risk, resets the mortgage so that less of the payment goes toward paying it and more toward interest, extends the years of indebtedness...
by stanford73
Fri Dec 06, 2019 8:23 pm
Forum: Personal Finance (Not Investing)
Topic: Follow Up: Husband's Surprise Debts
Replies: 370
Views: 38123

Re: Follow Up: Husband's Surprise Debts

Keep in mind, if you don't get this mess straightened out, if your DH continues to find ways to defer taxes and add to debts ... eventually you will lose the house, either through necessary downsizing or the much harder way. And eventually you (you and/or DH depending on who lives longer, etc) may ...
by stanford73
Fri Dec 06, 2019 8:06 pm
Forum: Personal Finance (Not Investing)
Topic: Follow Up: Husband's Surprise Debts
Replies: 370
Views: 38123

Re: Follow Up: Husband's Surprise Debts

Your story is very similar to my parents and you've done great so far but yes you have a long road ahead of you. With your husband's credit score being lower I'm wondering if you have pulled a credit report on both of you yet? I'd be concerned that's there more debt that hasn't been paid for in ord...
by stanford73
Fri Dec 06, 2019 5:23 pm
Forum: Personal Finance (Not Investing)
Topic: Follow Up: Husband's Surprise Debts
Replies: 370
Views: 38123

Re: Follow Up: Husband's Surprise Debts

Your story is very similar to my parents and you've done great so far but yes you have a long road ahead of you. With your husband's credit score being lower I'm wondering if you have pulled a credit report on both of you yet? I'd be concerned that's there more debt that hasn't been paid for in ord...
by stanford73
Fri Dec 06, 2019 5:10 pm
Forum: Personal Finance (Not Investing)
Topic: Follow Up: Husband's Surprise Debts
Replies: 370
Views: 38123

Re: Follow Up: Husband's Surprise Debts

Oh, that's great & makes me feel more at ease. Thanks very much for the clarification. I'll pick up the Deluxe edition, which Amazon has on sale. I'd advise a few things. First, when you install Quicken, make sure you get the logon and password for each and every account that the two of you have. T...
by stanford73
Fri Dec 06, 2019 5:07 pm
Forum: Personal Finance (Not Investing)
Topic: Follow Up: Husband's Surprise Debts
Replies: 370
Views: 38123

Re: Follow Up: Husband's Surprise Debts

I've been thinking more about your situation and I think it's important to introduce two concepts for tracking your money. Let me talk about that, explain why it's important, and then throw in an idea about your mortgage. a) In addition to tracking all money coming in and all money going out (i.e. ...
by stanford73
Fri Dec 06, 2019 4:45 pm
Forum: Personal Finance (Not Investing)
Topic: Follow Up: Husband's Surprise Debts
Replies: 370
Views: 38123

Re: Follow Up: Husband's Surprise Debts

According to bankrate, a 30yr fixed is running 3.72% in colorado, so refinancing would allow you to consolidate all your debts at a low rate, while simultaneously dropping your required mortgage payment by nearly $1K/month. That lower mortgage payment is mostly interest, and the main benefit here i...
by stanford73
Fri Dec 06, 2019 4:44 pm
Forum: Personal Finance (Not Investing)
Topic: Follow Up: Husband's Surprise Debts
Replies: 370
Views: 38123

Re: Follow Up: Husband's Surprise Debts

I'm going to tread gently into turf that I hope won't get my post deleted... So, you and DH have VERY unequal incomes. I was in this situation for many years (me on the low side) with DH#1 and then on the high side with DH#2. My high earning MBA daughter went into her marriage knowing that she woul...
by stanford73
Thu Dec 05, 2019 8:44 pm
Forum: Personal Finance (Not Investing)
Topic: Follow Up: Husband's Surprise Debts
Replies: 370
Views: 38123

Re: Follow Up: Husband's Surprise Debts

My goodness, I feel for you. I have a few thoughts I want to share after reading through all five pages of this thread over the course of a week or so, seeing your updates and new information you've learned. 1. Your first goal should be to protect yourself financially as best you can. This would in...
by stanford73
Thu Dec 05, 2019 12:34 pm
Forum: Personal Finance (Not Investing)
Topic: Follow Up: Husband's Surprise Debts
Replies: 370
Views: 38123

Re: Follow Up: Husband's Surprise Debts

That really sounds good & do-able. Thank you! I have to confess when I looked at Mint, which my kids use, I felt uncomfortable providing my login info to an online site. Maybe I'm too old school, but with all the security issues online, the thought of handing over the keys to my online bank & inves...
by stanford73
Thu Dec 05, 2019 12:03 pm
Forum: Personal Finance (Not Investing)
Topic: Follow Up: Husband's Surprise Debts
Replies: 370
Views: 38123

Re: Follow Up: Husband's Surprise Debts

While the housing market has eased, from what I can tell, its still intense and traffic is a mess with no cure in sight. (Whether its Colfax Ave., Wadsworth, Colorado Blvd., Alameda, Kipling, there are stretches where it takes 20 minutes to go a mile unless one is traveling on a Sunday morning.) I ...
by stanford73
Thu Dec 05, 2019 11:45 am
Forum: Personal Finance (Not Investing)
Topic: Follow Up: Husband's Surprise Debts
Replies: 370
Views: 38123

Re: Follow Up: Husband's Surprise Debts

I'm hoping she can convince DH that the taxes are the priority & deliver a financial reality check. I clearly do not have the financial/MBA "creds" with DH to convince him this is the way to go, so maybe a third-party can get it done. Perhaps time to stop letting the lack of "creds" hold you back, ...
by stanford73
Thu Dec 05, 2019 11:14 am
Forum: Personal Finance (Not Investing)
Topic: Follow Up: Husband's Surprise Debts
Replies: 370
Views: 38123

Re: Follow Up: Husband's Surprise Debts

I'm hoping she can convince DH that the taxes are the priority & deliver a financial reality check. I clearly do not have the financial/MBA "creds" with DH to convince him this is the way to go, so maybe a third-party can get it done. Perhaps time to stop letting the lack of "creds" hold you back, ...