Search found 136 matches

by VgSince1982
Fri Aug 07, 2015 7:28 am
Forum: Personal Finance (Not Investing)
Topic: Estate Planning for a newly emptied nest
Replies: 17
Views: 1670

Re: Estate Planning for a newly emptied nest

Thanks for the comments so far. I intend to follow the various links and learn more. A few comments: We did have a revocable trust set up when the kids were little. At this point, we 1) don't think we need it and 2) realize we didn't understand it very well. Even though we don't see a need for a tru...
by VgSince1982
Thu Aug 06, 2015 3:32 pm
Forum: Personal Finance (Not Investing)
Topic: Estate Planning for a newly emptied nest
Replies: 17
Views: 1670

Estate Planning for a newly emptied nest

My question is about advice to give to heirs (my kids) to help them figure out how to handle an inheritance. Allow me to create a simple scenario - Three children, all grown and doing fine. The will states that everything is divided equally among the three should both parents die. Assets are: -House...
by VgSince1982
Thu May 28, 2015 7:35 pm
Forum: Personal Consumer Issues
Topic: 0% financing on auto loans
Replies: 4
Views: 909

Re: 0% financing on auto loans

A year ago we got a 0% loan through the Pentagon Federal Credit Union. This was for a new car bought from a dealer. They offered 100% financing, which we took. We hung onto our cash, but could pay it off if needed. The only downside I can see is if we were seeking other credit, like buying a house, ...
by VgSince1982
Sun Mar 16, 2014 11:16 am
Forum: Personal Finance (Not Investing)
Topic: Preparing to sell an investment property (tax implications)
Replies: 3
Views: 946

Re: Preparing to sell an investment property (tax implicatio

Thank you for the help. I appreciate the thorough response!
by VgSince1982
Sat Mar 15, 2014 8:03 am
Forum: Personal Finance (Not Investing)
Topic: Preparing to sell an investment property (tax implications)
Replies: 3
Views: 946

Preparing to sell an investment property (tax implications)

I will put our expected numbers into Turbotax to get a general idea, but I am requesting help to get a better handle on the math involved. Perhaps a more seasoned property investor can help me out. The house is owned by my husband and me, and not in any form of corporation. We bought it toward the e...
by VgSince1982
Tue Feb 04, 2014 9:19 am
Forum: Personal Finance (Not Investing)
Topic: Revising wills
Replies: 8
Views: 1151

Re: Revising wills

Thanks for the replies. I am going to research 'codicil' to understand that further. I am wondering if the codicil can be DIY, with proper witnessing and signatures. In about a year, we will want to make a larger revision since all children will be over 18. I'd like to save the larger effort with an...
by VgSince1982
Mon Feb 03, 2014 3:02 pm
Forum: Personal Finance (Not Investing)
Topic: Revising wills
Replies: 8
Views: 1151

Revising wills

A number of years ago, my husband and I had wills drawn up. We realize now that the individuals chosen for some roles (executor or durable power of attorney for instance) should be changed. Are we able to strike names from these wills and replace them with other names? The structure of the wills are...
by VgSince1982
Mon Jan 27, 2014 10:31 am
Forum: Personal Finance (Not Investing)
Topic: Pros and Cons: Mortgage Broker vs Bank
Replies: 16
Views: 2916

Re: Pros and Cons: Mortgage Broker vs Bank

Any reason you can't sit down with a mortgage broker and compare the quote he/she gives you with quotes from Aimloan, Amerisave, NMA, PenFed, Firstib, any "upfront mortgage lenders" listed on Mortgage Professor's website, local banks, and credit unions? The best way to compare is to get Good Faith ...
by VgSince1982
Mon Jan 27, 2014 10:16 am
Forum: Personal Finance (Not Investing)
Topic: Short Sale Asking Price above Amount Owed
Replies: 10
Views: 1345

Re: Short Sale Asking Price above Amount Owed

Your lender will require that other liens are canceled at the closing table. The closing attorney (or title company) will handle this. That part is no different than buying a non-short sale. Two big differences with a short sale: 1) There is a third party in the negotiations - the short sale lender,...
by VgSince1982
Fri Jan 24, 2014 3:51 pm
Forum: Personal Finance (Not Investing)
Topic: Pros and Cons: Mortgage Broker vs Bank
Replies: 16
Views: 2916

Re: Pros and Cons: Mortgage Broker vs Bank

This is an interesting thread. I am a mortgage broker and I see some facts and fallacies so far. Here is my 2 cents: Mortgage Brokers have to be licensed. The person you speak to at the bank about a mortgage may have been a teller last week. My firm has a mortgage broker that has been able to do won...
by VgSince1982
Thu Jan 09, 2014 10:36 am
Forum: Investing - Help with Personal Investments
Topic: Mortgage Question
Replies: 3
Views: 534

Re: Mortgage Question

You are lucky to have the ability to cancel the monthly Mortgage Insurance Premiums (MIP). Based on your purchase date, you are paying either 1.10% or 1.15% per year on the MIP (percentage of the outstanding balance and payable monthly.) To make it easy to look at, consider that you pay total "inter...
by VgSince1982
Sat Sep 21, 2013 10:07 am
Forum: Personal Consumer Issues
Topic: Travelling to Cleveland
Replies: 23
Views: 2029

Re: Travelling to Cleveland

If your group likes walking, you can make a day of the University Circle area (as described above.) I would park centrally on Euclid Ave (near the Panera is good), then walk to the Art Museum (wonderful - begun by the oil and railroad barons of old). You can walk through the campus of Case Western R...
by VgSince1982
Fri Sep 20, 2013 8:20 am
Forum: Personal Finance (Not Investing)
Topic: Refi Question...
Replies: 13
Views: 1470

Re: Refi Question...

Post by MoneyDummy ┬╗ Thu Sep 19, 2013 6:03 pm VgSince1982 wrote:Wait - what will the new interest rate be? Your mortgage has a nickname of 5/1 Interest Only ARM, but it's full name is something like: "5/1 Libor-Indexed 2/2/5 Interest Only loan with a margin of 2.25" and had specifics about when/whe...
by VgSince1982
Thu Sep 19, 2013 8:06 am
Forum: Personal Finance (Not Investing)
Topic: Refi Question...
Replies: 13
Views: 1470

Re: Refi Question...

The max it can go up is 4% in the first year, but during the next rate change (5/2015), it can go up to 6% Do you know what your index and margin are? You may need to dig through your loan papers to find this information. Congratulations on paying principal - that takes discipline. With an I/O loan...
by VgSince1982
Wed Sep 18, 2013 1:50 pm
Forum: Personal Finance (Not Investing)
Topic: Refi Question...
Replies: 13
Views: 1470

Re: Refi Question...

Wait - what will the new interest rate be? Your mortgage has a nickname of 5/1 Interest Only ARM, but it's full name is something like: "5/1 Libor-Indexed 2/2/5 Interest Only loan with a margin of 2.25" and had specifics about when/where the index is read. This week, the Libor is 0.66. If you had th...
by VgSince1982
Thu Sep 05, 2013 10:05 am
Forum: Personal Finance (Not Investing)
Topic: Re: College ... [Funding college tuition without a loan]
Replies: 24
Views: 3264

Re: College ...

I feel more confident in not filling out the FAFSA in the future, thanks to these posts. My older son is graduating and the school hinted that they need the FAFSA for continuation of his merit scholarship. I wasn't willing to test it, so filled it out for the four years. Second child is at a state s...
by VgSince1982
Thu Sep 05, 2013 7:03 am
Forum: Personal Finance (Not Investing)
Topic: Good Real Estate move?
Replies: 47
Views: 4360

Re: Good Real Estate move?

There is a financial term for this arrangement: Shared Appreciation Mortgage or SAM. Some community downpayment assistance programs have used SAMs. They have existed in the US and UK, but not without strife, generally on the part of the homeowner. There is a company called Primarq trying to create a...
by VgSince1982
Wed Sep 04, 2013 12:40 pm
Forum: Personal Finance (Not Investing)
Topic: Can I get the bank to allow me to rent out my place?
Replies: 20
Views: 2889

Re: Can I get the bank to allow me to rent out my place?

Among the individual disclosures that you signed at closing, there was most likely an Occupancy Disclosure. (I believe you are quoting the mortgage or deed of trust.) This disclosure relates more to the new financing. I'll bet you'll see 120 days or less as the occupancy you promised. If you did not...
by VgSince1982
Wed Jul 31, 2013 11:38 am
Forum: Personal Consumer Issues
Topic: Really hard to avoid "Keeping up with the Joneses"!
Replies: 93
Views: 13495

Re: Really hard to avoid "Keeping up with the Joneses"!

For family, which is a different situation than friends, perhaps they are in a conversation rut. You could make attempts to get out of the rut. If this conversation happen after the 'big family dinner', then invite others to head out for a long walk with you. Or start up a card game so that there is...
by VgSince1982
Mon Jul 01, 2013 12:03 pm
Forum: Personal Consumer Issues
Topic: Safety schools for a Physics/Math kid
Replies: 264
Views: 29750

Re: Safety schools for a Physics/Math kid

Agreed. My kid was accepted with a scholarship offer in the acceptance letter, so we knew the overall costs up front. When we first visited Case (April of his senior year), it was to attend an "admitted student open house". The school had programs for parents separate from the students. He took adva...
by VgSince1982
Mon Jul 01, 2013 11:38 am
Forum: Personal Consumer Issues
Topic: Safety schools for a Physics/Math kid
Replies: 264
Views: 29750

Re: Safety schools for a Physics/Math kid

My precious snowflake (I like that phrase) attends Case Western Reserve University in Cleveland. He applied there because of the academics, but also because there was no essay :happy . One visit cinched the decision to go there. Three years in, he still loves attending school there. He is an enginee...
by VgSince1982
Sun Jun 23, 2013 5:54 pm
Forum: Personal Finance (Not Investing)
Topic: Owner Financing a Condo
Replies: 13
Views: 1990

Re: Owner Financing a Condo

I believe the term is "hard money lender". You can do some research and perhaps line up someone willing to do this financing for your buyer.
by VgSince1982
Sat Jun 08, 2013 9:27 am
Forum: Personal Finance (Not Investing)
Topic: Mortgage dilemma, please help
Replies: 26
Views: 5085

Re: Mortgage dilemma, please help

(1) Make sure that your credit report & your partner's credit report has no negative issues (2) Make sure that you & your partner do not apply for new credit Corollary: For credit cards you have, make sure you have a balance of no more than 25% of the maximum limit of the card. If you want to run p...
by VgSince1982
Thu May 23, 2013 1:59 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance: 30 yr fixed to 15 yr fixed
Replies: 15
Views: 1202

Re: Refinance: 30 yr fixed to 15 yr fixed

You have a great rate at 3.25%. In the last ten days, rates have ticked up and the 15-year rates you stated may not be available anymore. I think we've seen the bottom and we're on our way back up. That said, compare the time it takes to pay off each loan with the same payment at their respective ra...
by VgSince1982
Thu May 16, 2013 7:24 am
Forum: Personal Consumer Issues
Topic: Summer car rental in the SF Bay area
Replies: 8
Views: 1449

Re: Summer car rental in the SF Bay area

Thanks for all the replies and the links. He is going to start with a rental car and then look to see about purchasing or using some of the other suggestions. Adding to the cost of purchasing is the cost of insuring the new car, plus title work and such. He is also at risk of funding repairs on a ch...
by VgSince1982
Wed May 15, 2013 6:24 pm
Forum: Personal Consumer Issues
Topic: Summer car rental in the SF Bay area
Replies: 8
Views: 1449

Summer car rental in the SF Bay area

Happily, my 21-year-old son has an internship in San Jose this summer. He secured housing, but is searching for a car rental. He will likely rent one for the first week while he figures out his options. Can anyone recommend a good way to get wheels for a summer in the San Jose area? Secondly, if he ...
by VgSince1982
Mon May 13, 2013 4:14 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Surprise- Amerisave
Replies: 23
Views: 4462

Re: Refinance Surprise- Amerisave

Did you receive a copy of the revised appraisal? You should get it three days before closing unless you waive your right. But either way, it is a requirement to receive it before closing. From your words, it sounds like there was not a revised appraisal - just a phone call. If there was loan fraud h...
by VgSince1982
Mon May 13, 2013 11:23 am
Forum: Personal Finance (Not Investing)
Topic: Rental/Landlord Protection
Replies: 8
Views: 1327

Re: Rental/Landlord Protection

Do you have an umbrella insurance policy?

I've heard varying opinions as to how much protection you get with an LLC. There is more to it than just having the property in the LLC. I'd start with your insurance agent and then get the advice of an attorney.
by VgSince1982
Wed May 08, 2013 12:41 pm
Forum: Investing - Help with Personal Investments
Topic: investment mess
Replies: 8
Views: 1158

Re: investment mess

Others will have better answers than me, but I'll chime in on two points: 1) I am also in NC. We do put in the $5000k per year to the NC 529 plan to get the tax break. Keep in mind that once a year (per kid), you can roll the money out into a different plan. You can use SavingForCollege.com to find ...
by VgSince1982
Mon May 06, 2013 8:54 pm
Forum: Personal Finance (Not Investing)
Topic: Mortgages for Retired Home Owners
Replies: 12
Views: 1497

Re: Mortgages for Retired Home Owners

Yes, banks will lend by the same rules to everyone. The three key items for a loan are credit history, assets and income. Here, assets means the down payment funds and enough cash to close the loan. Income is the trickiest part for retired or newly retired folks. If you can possibly make this move a...
by VgSince1982
Tue Apr 09, 2013 6:18 am
Forum: Personal Finance (Not Investing)
Topic: Signing a buyer's broker (real estate) agreement
Replies: 24
Views: 2173

Re: Signing a buyer's broker (real estate) agreement

You may want to look into this more closely. My understanding is that the buyer's agency agreement (in NC) means that the agent is NOT representing the seller. This is the "exclusivity" piece of it. You want this. The opposite is "Dual Agency" in which the agent represents both sides and by some imp...
by VgSince1982
Fri Apr 05, 2013 3:38 pm
Forum: Personal Finance (Not Investing)
Topic: should we refinance?
Replies: 15
Views: 2836

Re: should we refinance?

I like to look at the math a little more simply. It provides a better starting point than computing years and years worth of payments. Start with the principal and interest (P+I) portion of your payment: Your mortgage company computes your current month's interest by multiplying your monthly rate (y...
by VgSince1982
Fri Mar 22, 2013 3:56 pm
Forum: Personal Finance (Not Investing)
Topic: Mortgage Pre-Approval Effects on Credit
Replies: 2
Views: 462

Re: Mortgage Pre-Approval Effects on Credit

Also don't forget that the reason this window exists is to encourage you to shop for a good mortgage lender and for a good rate. You did the right thing!
by VgSince1982
Mon Mar 18, 2013 11:20 am
Forum: Personal Finance (Not Investing)
Topic: helping my daughter buy a house
Replies: 18
Views: 2440

Re: helping my daughter buy a house

Good credit and great credit will likely have the same interest rate.

I agree that you should not join another adult on a loan as a non-occupying borrower, even if they share some DNA with you/your spouse!
by VgSince1982
Mon Mar 18, 2013 10:36 am
Forum: Personal Finance (Not Investing)
Topic: registered financial advisor [Looking for, Raleigh NC]
Replies: 10
Views: 1106

Re: registered financial advisor [Looking for, Raleigh NC]

Jay Barish at Symmetry Financial

I do not use a financial advisor, but Jay and his family are friends. I can speak to his character, dedication and intelligence. If I were looking to stop self-managing with Vanguard, I'd put him on a short list of people to interview.
by VgSince1982
Thu Jan 31, 2013 7:19 am
Forum: Personal Finance (Not Investing)
Topic: Jumbo Loan Mortgage Providers
Replies: 15
Views: 1837

Re: Jumbo Loan Mortgage Providers

My advice: Add a mortgage broker to your list in addition to shopping retail. Jumbo lending comes and goes. It is not a Fannie/Freddie purchased loan, so the avenues for lending are varied and less uniform. I am a broker in NC and lenders we work with are adding back jumbo products that were taken a...
by VgSince1982
Mon Dec 17, 2012 8:50 pm
Forum: Personal Finance (Not Investing)
Topic: Mortgage Refinance Closing Costs
Replies: 19
Views: 2885

Re: Mortgage Refinance Closing Costs

A mortgage banker closes loans with its company's funds. Often the company does not retain the servicing rights and sells the loan to another investor in order to replenish the loaned funds. The banker is an employee of the company that does the lending. It is possible that an individual working as ...
by VgSince1982
Mon Dec 17, 2012 8:12 am
Forum: Personal Finance (Not Investing)
Topic: Mortgage Refinance Closing Costs
Replies: 19
Views: 2885

Re: Mortgage Refinance Closing Costs

Some fees are lender specific and some are state specific. Some are exact and some are estimates. You don't have much say about the lender charges, but they get washed with your the Adjusted Origination Charge on your (3-page, not a fake) Good Faith Estimate. My guess is that the Admin Fee and Wareh...
by VgSince1982
Wed Dec 12, 2012 7:41 am
Forum: Personal Consumer Issues
Topic: Looking for advice to reduce / avoid "clutter"
Replies: 88
Views: 22834

Re: Looking for advice to reduce / avoid "clutter"

First, it helps to reduce / avoid "children" :D With my nest emptying, clutter is more manageable. My advice is to clean out closets or cabinets by removing everything. Purge what you can. When you put things back, leave at least 25% of the closet or cabinet empty - like a shelf or a section. If you...
by VgSince1982
Mon Nov 19, 2012 1:23 pm
Forum: Personal Finance (Not Investing)
Topic: Line of credit for home purchase.
Replies: 5
Views: 423

Re: Line of credit for home purchase.

Could it be better to do a cashout refinance on the lake house with a 30-year fixed amortization?

With social security and pensions, you may qualify for that payment if it is significantly lower than the proposed home equity payment.
by VgSince1982
Sun Nov 18, 2012 10:15 am
Forum: Personal Finance (Not Investing)
Topic: Need Your Help in Deciding Possible Refi?!?!
Replies: 25
Views: 1447

Re: Need Your Help in Deciding Possible Refi?!?!

Question: why would the 2nd mortgage holder agree to these terms? Answer: Because they want your money! If you walk away from your home, you walk away from both mortgages. The second mortgage holder will get nothing most likely. So it is in their best interest all around to put you in a better posi...
by VgSince1982
Sat Nov 17, 2012 11:35 pm
Forum: Personal Finance (Not Investing)
Topic: Need Your Help in Deciding Possible Refi?!?!
Replies: 25
Views: 1447

Re: Need Your Help in Deciding Possible Refi?!?!

Here is another variation: Refinance the first loan at 80% of the appraised value, putting cash in to get to 80%. If you get an appraisal at $400k (to make the math easy!), you'll borrow $320k at 3.375% for 30 years with a payment of $1415. Hopefully you can get closing costs paid for at 3.375%. If ...
by VgSince1982
Sat Nov 17, 2012 2:09 pm
Forum: Personal Finance (Not Investing)
Topic: Need Your Help in Deciding Possible Refi?!?!
Replies: 25
Views: 1447

Re: Need Your Help in Deciding Possible Refi?!?!

The rate on the recast loan seems unusually high. If you are going to pay to 80% and use cash to pay off the rest, I suggest shopping around for a better rate. PMI also goes to 95% LTV, and in some cases 97% LTV. It is worth adding that into the comparison. The premiums for PMI have come down over t...
by VgSince1982
Sat Nov 17, 2012 9:12 am
Forum: Personal Finance (Not Investing)
Topic: Need Your Help in Deciding Possible Refi?!?!
Replies: 25
Views: 1447

Re: Need Your Help in Deciding Possible Refi?!?!

If it doesn't reveal too much, do you mind saying who your current loan servicer is? Where do you send your mortgage payment each month?
by VgSince1982
Fri Nov 16, 2012 10:46 pm
Forum: Personal Finance (Not Investing)
Topic: Need Your Help in Deciding Possible Refi?!?!
Replies: 25
Views: 1447

Re: Need Your Help in Deciding Possible Refi?!?!

Agreed - check on a HARP refinance. Find out if your loan is held by Fannie or Freddie. To do so, just google that question 'is my loan held by Fannie' and you'll get the Fannie Mae and Freddie Mac links. Both ask for the last 4 digits of your social security number to verify your identity. If your ...
by VgSince1982
Mon Oct 22, 2012 7:02 pm
Forum: Personal Finance (Not Investing)
Topic: Sell Rental house?
Replies: 7
Views: 726

Re: Sell Rental house?

Be sure to look at it from a tax perspective as well. If you have any thought of buying another property, research the "1031 tax-deferred exchange". You are able to transfer the tax liability to another similar though not necessarily identical property. A QI (qualified intermediary) handles the deta...
by VgSince1982
Sun Oct 14, 2012 8:35 pm
Forum: Personal Finance (Not Investing)
Topic: Best way to get the best mortgage rate/closing cost?
Replies: 6
Views: 1604

Re: Best way to get the best mortgage rate/closing cost?

Hi Momus, I think your last question is the key - How do you compare GFEs? Here is an illustration of a GFE: http://www.hud.gov/offices/hsg/rmra/res/gfestimate.pdf The GFE has a Block A and a Block B. Block A (Your Adjusted Origination Charges) has all lender underwriting charges and all origination...
by VgSince1982
Wed Aug 22, 2012 9:36 am
Forum: Personal Finance (Not Investing)
Topic: Missed payment on billing cycle, impact on approved loan?
Replies: 2
Views: 476

Re: Missed payment on billing cycle, impact on approved loan

Has it been approved by an underwriter? You would be fine if your closing was imminent, but you have several months to go. Every document submitted has a "sell by" date so that at closing all documents are all current as required. A credit report is good for a certain number of days and is sometimes...
by VgSince1982
Sun Jul 08, 2012 12:48 pm
Forum: Personal Consumer Issues
Topic: Advice for visiting Key West?
Replies: 26
Views: 3130

Re: Advice for visiting Key West?

Wow - thanks for all the replies and for the great ideas so far. Our 25th anniversary is on October 24th, so without this forum, we might have found ourselves smack in the middle of Fantasy Fest! While it looks to be quite a good time, I think we'd prefer to - as the Fantasy Fest website says - watc...
by VgSince1982
Sat Jul 07, 2012 9:59 pm
Forum: Personal Consumer Issues
Topic: Advice for visiting Key West?
Replies: 26
Views: 3130

Advice for visiting Key West?

My husband and I would like to spend a few days in Key West in late October. Any recommendations on where to stay and things to do? We like walking, being active and casual dining. Are there any boat or snorkeling excursions to check into?

Thanks!