Search found 743 matches

by tomwood
Thu Jul 23, 2020 8:44 pm
Forum: Personal Finance (Not Investing)
Topic: Advice: moving checklist (new address)
Replies: 2
Views: 241

Advice: moving checklist (new address)

I’m making a list of companies who I’ll need to notify when moving to a new address.

Banks, credit cards, utilities , etc

Would the BH community please list items below so I can be sure i dont miss anything? Thanks
by tomwood
Sat Jul 11, 2020 3:51 pm
Forum: Personal Finance (Not Investing)
Topic: How to find the right neighborhood (home)?
Replies: 44
Views: 2892

Re: How to find the right neighborhood (home)?

Like willthrill81 mentioned nothing beats boots on the ground. But here's a few more places where you can check neighborhood crime data. I plan on buying a property next year and I also will be doing my research. www.neighborhoodscout.com www.spotcrime.com www.areavibes.com Thanks for the great links
by tomwood
Fri Jul 10, 2020 7:10 pm
Forum: Personal Finance (Not Investing)
Topic: How to find the right neighborhood (home)?
Replies: 44
Views: 2892

Re: How to find the right neighborhood (home)?

To livesoft's list: Not on the arrival or departure routes for a major airport! Not within 10 miles of a railroad track. I'll have to remember to put those on the list next time. Thanks! On a clear & quiet night, I can hear a train more than 5 miles away. On the DOT.gov noise map, my home is in an ...
by tomwood
Fri Jul 10, 2020 10:07 am
Forum: Personal Finance (Not Investing)
Topic: How to find the right neighborhood (home)?
Replies: 44
Views: 2892

Re: How to find the right neighborhood (home)?

Not within 10 miles of a railroad track. What’s the reason for this 10 mile radius? Noise or traffic or other? Noise. Many trains are required to blow their 10^6 dB horns when they approach a RR crossing. The noise carries for MILES! I haven’t had that experience but I’m glad you mentioned it
by tomwood
Fri Jul 10, 2020 7:38 am
Forum: Personal Finance (Not Investing)
Topic: How to find the right neighborhood (home)?
Replies: 44
Views: 2892

Re: How to find the right neighborhood (home)?

BolderBoy wrote:
Fri Jul 10, 2020 7:30 am
Not within 10 miles of a railroad track.
What’s the reason for this 10 mile radius? Noise or traffic or other?
by tomwood
Fri Jul 10, 2020 7:10 am
Forum: Personal Finance (Not Investing)
Topic: How to find the right neighborhood (home)?
Replies: 44
Views: 2892

Re: How to find the right neighborhood (home)?

http://www.city-data.com/ Our real estate agent told us about the neighborhood we’re living in now. We had lived in this city for years, and had no idea it even existed. Come to think of it, a different real estate agent told us about our last neighborhood. Both good choices that we wouldn’t have f...
by tomwood
Thu Jul 09, 2020 7:56 pm
Forum: Personal Finance (Not Investing)
Topic: How to find the right neighborhood (home)?
Replies: 44
Views: 2892

How to find the right neighborhood (home)?

Are there any useful websites or other good information which helps people narrow their search for a new home to some ideal neighborhoods? Specifically, are there websites which share information on crime, taxes, school districts and other demographics? I don’t need a one stop shop for all, and don’...
by tomwood
Thu Jul 09, 2020 1:25 pm
Forum: Personal Finance (Not Investing)
Topic: 15 year or 30 year mortgage?
Replies: 104
Views: 7224

Re: 15 year or 30 year mortgage?

Whatever terminology we used to describe it, it's certainly true that at current mortgage rates (i.e. around 3.25% for 30 year mortgages), the balance on a 30 year mortgage after 10 years of payments will be almost 77% of the starting balance. It's just the way that the math works. So if you're ref...
by tomwood
Thu Jul 09, 2020 7:49 am
Forum: Personal Finance (Not Investing)
Topic: 15 year or 30 year mortgage?
Replies: 104
Views: 7224

Re: 15 year or 30 year mortgage?

If your career is likely to include pretty regular pay increases then I would stretch for the 15 year like we have the last 4 houses we bought. This is the case for my job. If we try 15 and it’s just keeping us too thin as years go by, is it a difficult or wasteful process to ReFi to a 30 year? As ...
by tomwood
Tue Jul 07, 2020 11:55 am
Forum: Personal Finance (Not Investing)
Topic: 15 year or 30 year mortgage?
Replies: 104
Views: 7224

Re: 15 year or 30 year mortgage?

If you're unable to afford the home with a 15 year mortgage, there's a good chance that you're buying too much house. I'm not saying that you should go with the 15 year mortgage, but if you cannot afford one, then I wouldn't recommend that you go with a 30 year just to make ends meet. That's a reci...
by tomwood
Mon Jul 06, 2020 6:11 pm
Forum: Personal Finance (Not Investing)
Topic: 15 year or 30 year mortgage?
Replies: 104
Views: 7224

Re: 15 year or 30 year mortgage?

onthecusp wrote:
Mon Jul 06, 2020 3:24 pm
If your career is likely to include pretty regular pay increases then I would stretch for the 15 year like we have the last 4 houses we bought.
This is the case for my job.

If we try 15 and it’s just keeping us too thin as years go by, is it a difficult or wasteful process to ReFi to a 30 year?
by tomwood
Mon Jul 06, 2020 6:08 pm
Forum: Personal Finance (Not Investing)
Topic: 15 year or 30 year mortgage?
Replies: 104
Views: 7224

Re: 15 year or 30 year mortgage?

Triple digit golfer wrote:
Mon Jul 06, 2020 3:29 pm
ddurrett896 wrote:
Mon Jul 06, 2020 3:13 pm
I'd do 30 if you're anywhere near being tight on 15.
Absolutely. I would do 30 even if I wasn't tight on 15.

In fact, we're doing just that.
Can I assume you’re doing this because rates are so low and can I assume that you don’t plan to pay this down early either?
by tomwood
Mon Jul 06, 2020 2:50 pm
Forum: Personal Finance (Not Investing)
Topic: 15 year or 30 year mortgage?
Replies: 104
Views: 7224

15 year or 30 year mortgage?

The 15 year would be tight for our monthly budget but we could make it work if it was a better situation for our family. What would most BH’s suggest between 15 or 30 year fixed new home mortgage? Current rates are just around or over 3% for the 30 year and just over 2.5% for the 15 year. With rates...
by tomwood
Mon Jul 06, 2020 12:21 pm
Forum: Personal Finance (Not Investing)
Topic: 20% or 30% DOWN, for 3% Mortgage?
Replies: 16
Views: 2048

Re: 20% or 30% DOWN, for 3% Mortgage?

We’ve saved enough to put 30% down for our upcoming 30 year fixed mortgage, and we have a 3% rate with 0 points. Since we only need 20% to obtain this rate, and avoid PMI, we were wondering if it’s best to put the 30% down to lower monthly payments and save on 30 years worth of compounding interest...
by tomwood
Mon Jul 06, 2020 6:36 am
Forum: Personal Finance (Not Investing)
Topic: 20% or 30% DOWN, for 3% Mortgage?
Replies: 16
Views: 2048

Re: 20% or 30% DOWN, for 3% Mortgage?

If 10% is between 0.5% and 1% of your net worth that means your net worth is between 10x and 20x the value of the home. I.E. if you’re buying a $500k home you have between $5mm and $10mm net worth. I wouldn’t even bother with the mortgage and just carry a slightly more aggressive AA. I made a very ...
by tomwood
Mon Jul 06, 2020 6:34 am
Forum: Personal Finance (Not Investing)
Topic: 20% or 30% DOWN, for 3% Mortgage?
Replies: 16
Views: 2048

Re: 20% or 30% DOWN, for 3% Mortgage?

I don’t think OP understood the question correctly for a $5-10MM NW. If so, the “we’ve saved enough for a 30% down payment” doesn’t make much sense. I absolutely did. My vote at 3% would be minimizing the down payment - so 20% over 30%. Is it safe to say you’re minimizing the down payment because r...
by tomwood
Mon Jul 06, 2020 6:30 am
Forum: Personal Finance (Not Investing)
Topic: 20% or 30% DOWN, for 3% Mortgage?
Replies: 16
Views: 2048

Re: 20% or 30% DOWN, for 3% Mortgage?

If you put down the extra equity, could you afford the payments on a 15 year fixed? That will save you an extra half point in interest and many thousands over the life of the loan. This was a great idea but checking the numbers, it won’t work for our monthly payments. Are there rate advantages to a...
by tomwood
Sun Jul 05, 2020 8:35 pm
Forum: Personal Finance (Not Investing)
Topic: 20% or 30% DOWN, for 3% Mortgage?
Replies: 16
Views: 2048

Re: 20% or 30% DOWN, for 3% Mortgage?

Do you live in a non-recourse state? Will you actually live in this house for 30 years? What percent of your net worth does the 10% difference represent? I put 50% down on my current house because I wanted a lower monthly payment. Home in PA. We think so but I know most don’t. Less than 1% and more...
by tomwood
Sun Jul 05, 2020 6:58 pm
Forum: Personal Finance (Not Investing)
Topic: 20% or 30% DOWN, for 3% Mortgage?
Replies: 16
Views: 2048

20% or 30% DOWN, for 3% Mortgage?

We’ve saved enough to put 30% down for our upcoming 30 year fixed mortgage, and we have a 3% rate with 0 points. Since we only need 20% to obtain this rate, and avoid PMI, we were wondering if it’s best to put the 30% down to lower monthly payments and save on 30 years worth of compounding interest....
by tomwood
Sat Jul 04, 2020 9:21 am
Forum: Personal Finance (Not Investing)
Topic: Closing a credit card before a new loan?
Replies: 5
Views: 309

Re: Closing a credit card before a new loan?

If you feel the annual fee is not worth it, try first negotiating a product-change to a no-annual-fee version. For example, you can downgrade from a Chase Sapphire Reserve card to a no-fee Chase Freedom Unlimited card (I have done that). That’s the exact situation I have. Does chase issue a new car...
by tomwood
Fri Jul 03, 2020 6:39 pm
Forum: Personal Finance (Not Investing)
Topic: Closing a credit card before a new loan?
Replies: 5
Views: 309

Closing a credit card before a new loan?

About a year ago I began churning through credit cards for the rewards. But I’m almost at the 1 year mark for a credit card, and want to cancel it before the 2nd year’s annual fee. What would something like that do to my overall credit score? I have 5 total cards, three I’ve had less than a year and...
by tomwood
Fri Jul 03, 2020 6:21 pm
Forum: Personal Finance (Not Investing)
Topic: Major factors for changing mortgage rates?
Replies: 5
Views: 391

Re: Major factors for changing mortgage rates?

alex_686 wrote:
Fri Jul 03, 2020 2:20 pm
Actually, predicting Fed Funds rate is part of my job. And a boring one at that in the current environment.
I stand corrected.
I only meant to explain that I was not asking for timing of markets/rates as part of my question but wondering about the correlation only.
by tomwood
Fri Jul 03, 2020 2:22 pm
Forum: Personal Finance (Not Investing)
Topic: Major factors for changing mortgage rates?
Replies: 5
Views: 391

Re: Major factors for changing mortgage rates?

Are there any key drivers or factors which guide mortgage interest rates to increase or decrease? I was reading about the Fed rates, based on some comments from their meeting last night, and it was projected that rates might stay between 0% and 0.25% for maybe a couple more years. While I’m sure no...
by tomwood
Fri Jul 03, 2020 1:53 pm
Forum: Personal Finance (Not Investing)
Topic: Major factors for changing mortgage rates?
Replies: 5
Views: 391

Major factors for changing mortgage rates?

Are there any key drivers or factors which guide mortgage interest rates to increase or decrease? I was reading about the Fed rates, based on some comments from their meeting last night, and it was projected that rates might stay between 0% and 0.25% for maybe a couple more years. While I’m sure no ...
by tomwood
Wed Jul 01, 2020 5:08 pm
Forum: Personal Finance (Not Investing)
Topic: How to find a short term rental? (moving)
Replies: 26
Views: 1426

Re: How to find a short term rental? (moving)

ScubaHogg wrote:
Sat Jun 27, 2020 1:04 pm
Those places will have the added benefit of being furnished,
I missed this point originally but it’s a really good take
by tomwood
Mon Jun 29, 2020 6:08 pm
Forum: Personal Finance (Not Investing)
Topic: How to find a short term rental? (moving)
Replies: 26
Views: 1426

Re: How to find a short term rental? (moving)

I imagine with the current state of travel, many Airbnb and vrbo owners would be thrilled to allow you to keep adding one month at a time. Especially since you are looking to buy, you’ll probably always know if you need at least another month in your location, given time to close after a purchase a...
by tomwood
Mon Jun 29, 2020 3:38 pm
Forum: Personal Finance (Not Investing)
Topic: How to find a short term rental? (moving)
Replies: 26
Views: 1426

Re: How to find a short term rental? (moving)

BE careful of Craigslist, there are scammers who copy listings from VRBO/ABB and scam guests and there are also apartment scams for longer term rentals, the listings are usually just a little bit too perfect for the price, like $400-500 low for the amenities in Seattle. If you are going to a place ...
by tomwood
Mon Jun 29, 2020 2:03 pm
Forum: Personal Finance (Not Investing)
Topic: How to find a short term rental? (moving)
Replies: 26
Views: 1426

Re: How to find a short term rental? (moving)

It's going to be location specific as different areas have different "seasons". 30 years ago when we were moving across country D.C. to SF Bay Area we were able to do a three month rental in a large apartment complex. But it was winter at the beach and that's a low season even for the longer term r...
by tomwood
Mon Jun 29, 2020 11:35 am
Forum: Personal Finance (Not Investing)
Topic: How to find a short term rental? (moving)
Replies: 26
Views: 1426

Re: How to find a short term rental? (moving)

We lived for a few years in a rental neighborhood. It was run like an apartment complex, but consisted of all single-family homes. It was great. The quality of the house wasn't as good as a good "normal" rental might be, but it was clean and functional, and once the initial lease elapsed you could ...
by tomwood
Sun Jun 28, 2020 9:25 am
Forum: Personal Finance (Not Investing)
Topic: How to find a short term rental? (moving)
Replies: 26
Views: 1426

Re: How to find a short term rental? (moving)

I imagine with the current state of travel, many Airbnb and vrbo owners would be thrilled to allow you to keep adding one month at a time. Especially since you are looking to buy, you’ll probably always know if you need at least another month in your location, given time to close after a purchase a...
by tomwood
Sun Jun 28, 2020 8:30 am
Forum: Personal Finance (Not Investing)
Topic: How to find a short term rental? (moving)
Replies: 26
Views: 1426

Re: How to find a short term rental? (moving)

Can the BHs offer advice to direct me ? Part of the problem is that it would work best to find a place that is furnished, so an extended stay hotel is likely the best choice but you would want to go with an upscale one that is targeted towards business people. One thing to keep in mind is that whil...
by tomwood
Sat Jun 27, 2020 8:27 pm
Forum: Personal Finance (Not Investing)
Topic: How to find a short term rental? (moving)
Replies: 26
Views: 1426

Re: How to find a short term rental? (moving)

It's going to be location specific as different areas have different "seasons". 30 years ago when we were moving across country D.C. to SF Bay Area we were able to do a three month rental in a large apartment complex. But it was winter at the beach and that's a low season even for the longer term r...
by tomwood
Sat Jun 27, 2020 8:24 pm
Forum: Personal Finance (Not Investing)
Topic: How to find a short term rental? (moving)
Replies: 26
Views: 1426

Re: How to find a short term rental? (moving)

I would think a 6 month rental would be the minimum necessary to not "rush" into buying a home in a new place? I was hoping for a 3 month rental with an option to continue monthly after 3 months. Because I’d hate to pay 6 months of rent if we find the right home in the first month of searching. May...
by tomwood
Sat Jun 27, 2020 8:23 pm
Forum: Personal Finance (Not Investing)
Topic: How to find a short term rental? (moving)
Replies: 26
Views: 1426

Re: How to find a short term rental? (moving)

Marmot wrote:
Sat Jun 27, 2020 9:31 am
Tom - I would recommend looking for a local property management
I’ll do this. Thank you for the helpful advice
by tomwood
Sat Jun 27, 2020 8:22 pm
Forum: Personal Finance (Not Investing)
Topic: How to find a short term rental? (moving)
Replies: 26
Views: 1426

Re: How to find a short term rental? (moving)

Kompass wrote:
Sat Jun 27, 2020 9:22 am
You can also try looking for an executive suite or apartment.
I haven’t considered this. Thank you for the great idea.
by tomwood
Sat Jun 27, 2020 7:52 am
Forum: Personal Finance (Not Investing)
Topic: How to find a short term rental? (moving)
Replies: 26
Views: 1426

How to find a short term rental? (moving)

We are selling our home, because we are moving. And because we don’t want to be rushed into making a purchase decision, we are going to rent something small and take our time to find the right home in our new location. In a limited personal search I’m finding rental properties which want 6 month or ...
by tomwood
Tue Jun 16, 2020 5:46 pm
Forum: Personal Investments
Topic: Please help setting up a taxable account
Replies: 20
Views: 1327

Re: Please help setting up a taxable account

We would have a 1700 month mortgage including taxes and that’s with a 5550 monthly take home pay. We live frugally and that can work with the budget but it’s maybe a higher percentage than most would suggest. What would you say? In general you want your housing costs to be 20% or less. 25% is getti...
by tomwood
Tue Jun 16, 2020 5:37 pm
Forum: Personal Investments
Topic: Please help setting up a taxable account
Replies: 20
Views: 1327

Re: Please help setting up a taxable account

Would 1600 per month with 5550 take home be more in your comfort zone? Or is that still too high? I am not you, so my comfort zone is probably of no concern. Our monthly mortgage payment was never more than 10% of monthly income, so you would have to get get it down to $600 a month to make me happy...
by tomwood
Tue Jun 16, 2020 4:48 pm
Forum: Personal Investments
Topic: Please help setting up a taxable account
Replies: 20
Views: 1327

Re: Please help setting up a taxable account

We would have a 1700 month mortgage including taxes and that’s with a 5550 monthly take home pay. We live frugally and that can work with the budget but it’s maybe a higher percentage than most would suggest. What would you say? I would say that such a monthly mortgage payment would be too high for...
by tomwood
Tue Jun 16, 2020 10:15 am
Forum: Personal Investments
Topic: Please help setting up a taxable account
Replies: 20
Views: 1327

Re: Please help setting up a taxable account

Generally, no, not if you plan to actually invest it. Even if you don't sell anything, mutual funds have dividends and capital gain distributions. ETFs and bond funds generally only have dividend distributions. Some of these have more favorable tax treatment than others, and it's possible in the 12...
by tomwood
Tue Jun 16, 2020 9:23 am
Forum: Personal Investments
Topic: Please help setting up a taxable account
Replies: 20
Views: 1327

Re: Please help setting up a taxable account

I cannot tell from this post what you should be doing (other than not worrying) without a lot more information about your financial situation. We would have a 1700 month mortgage including taxes and that’s with a 5550 monthly take home pay. We live frugally and that can work with the budget but it’...
by tomwood
Tue Jun 16, 2020 9:13 am
Forum: Personal Investments
Topic: Please help setting up a taxable account
Replies: 20
Views: 1327

Re: Please help setting up a taxable account

If you pay down your mortgage early, then that will also change numbers on your Form 1040, but that is also nothing to worry about. I think that's true only if OP is itemizing deductions and getting the mortgage interest deduction, and the percentage of people who do so definitely went down with th...
by tomwood
Tue Jun 16, 2020 9:07 am
Forum: Personal Investments
Topic: Please help setting up a taxable account
Replies: 20
Views: 1327

Re: Please help setting up a taxable account

I’d rather not have to worry about taxes on money in the account, if we don’t withdraw any during a particular calendar year. the withdrawing or not withdrawing isn't going to have the effect you want. the good news is there is nothing to worry about! the brokerage will give you a 1099 form at the ...
by tomwood
Tue Jun 16, 2020 9:04 am
Forum: Personal Investments
Topic: Please help setting up a taxable account
Replies: 20
Views: 1327

Re: Please help setting up a taxable account

OP, ...we will have a significant amount of extra money... ...I’d rather not have to worry about taxes on money in the account... Well, as other people have explained, there's no getting around dealing with taxes. So you may want to take advantage of that extra money and get a sign-up bonus. Vangua...
by tomwood
Mon Jun 15, 2020 11:48 am
Forum: Personal Investments
Topic: Please help setting up a taxable account
Replies: 20
Views: 1327

Please help setting up a taxable account

To this point I’ve only used tax advantage accounts for retirement. Upon the sale of our house, and purchase of the new one, we will have a significant amount of extra money that we plan to use for some home projects and future expenditures. We have our EF set. While we considered using this extra m...
by tomwood
Sun Jun 14, 2020 7:28 am
Forum: Personal Finance (Not Investing)
Topic: Advice when both buying & selling a home
Replies: 24
Views: 1526

Re: Advice when both buying & selling a home

We've had a couple of scenarios with buying/selling in recent years, and have never been in a position where we could risk two simultaneous mortgages. In both we had inconvenient gaps between our sell date and our new home purchase date. One we lived in our friends' guest bedroom for a month with o...
by tomwood
Sat Jun 13, 2020 3:54 pm
Forum: Personal Finance (Not Investing)
Topic: Advice when both buying & selling a home
Replies: 24
Views: 1526

Re: Advice when both buying & selling a home

We bought contingent on selling our starter home, which sold in 3 weeks. We scheduled both sell and buy closings on the same day. We attended the sell closing with our attorney. Then he went to lunch and we got pizza for us and our friends and went to finish loading the rented moving truck with our...
by tomwood
Sat Jun 13, 2020 2:25 pm
Forum: Personal Finance (Not Investing)
Topic: Advice when both buying & selling a home
Replies: 24
Views: 1526

Re: Advice when both buying & selling a home

Those were 3 of the most stressful weeks I can remember. Mostly worrying about the financial decision and if we had taken on too much. Plus packing up all the kid clutter to help the house show well. Told my first grader not to bring home any more art projects for the rest of the school year. Ha! D...
by tomwood
Sat Jun 13, 2020 11:43 am
Forum: Personal Finance (Not Investing)
Topic: Advice when both buying & selling a home
Replies: 24
Views: 1526

Re: Advice when both buying & selling a home

We've done it twice in the last two years :) both due to long-distance moves. Sorry to hear that. I should stop complaining. A lot depends upon the available inventory in where you want to move and how quickly you expect your existing home to sell. I know of two people who’ve each sold their house ...
by tomwood
Sat Jun 13, 2020 8:39 am
Forum: Personal Finance (Not Investing)
Topic: Advice when both buying & selling a home
Replies: 24
Views: 1526

Re: Advice when both buying & selling a home

I have done neither; however, purchasing a home could be more expensive than you anticipate. Make sure you set aside a substantial slush fund outside of what you plan to spend on a down payment and closing costs. Consider the cost of moving, making home repairs, purchasing extra furniture (if the s...