Search found 96 matches

by primetime
Thu Mar 26, 2020 7:29 pm
Forum: Personal Finance (Not Investing)
Topic: Local tax question
Replies: 4
Views: 320

Re: Local tax question

No local taxes are nice, but in the end, the state probably has higher tax or higher costs in other areas. I found that when looking at these "relocation cost of living" calculators, they are never correct. They always don't take into account one or more items in addition to local tax such...
by primetime
Thu Mar 26, 2020 5:14 pm
Forum: Personal Finance (Not Investing)
Topic: Need help regarding Refinance - feels like I am being ripped off!
Replies: 28
Views: 1841

Re: Need help regarding Refinance - feels like I am being ripped off!

I owe $150k on mine and house is valued at $285k According to the loan officer, my total closing cost will only be $300 + any per deim interest, which based on closing date looks to be around $500. All depends on when they pay the current bank that I have the loan through. I told them that the loan ...
by primetime
Thu Mar 26, 2020 3:23 pm
Forum: Personal Finance (Not Investing)
Topic: Local tax question
Replies: 4
Views: 320

Local tax question

My employer located in "employer city" has been withdrawing local taxes from my paycheck and paying them to the "employer city" since my start of employment back in Aug of 2013. I’ve always worked from my home office in "home city" which is 20 min from my "employer...
by primetime
Thu Mar 12, 2020 7:27 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 9456
Views: 660428

Re: Refinance Mega Thread

What needs to be understood is that we are not here to have these lenders make big commissions off our excellent credit and not provide us the best rate possible. It's easy to see through their bs. We are here for the lowest rate possible because that is what is good for the economy. The more people...
by primetime
Thu Mar 12, 2020 2:43 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 9456
Views: 660428

Re: Refinance Mega Thread

That’s because Dallas is a better place to live than any big city in Ohio. :)
by primetime
Thu Mar 12, 2020 2:18 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 9456
Views: 660428

Re: Refinance Mega Thread

Adding a data point for the thread. Locked rate through Costco this Monday ... Old (5years into the loan) Loan amount remaining $385K 30 year at 3.875% New 15 year at 2.625% Closing costs 0(?) Only had to pay the Costco executive fee of $175 and $1100($) for titles. All rolled into the loan in the ...
by primetime
Tue Mar 10, 2020 11:17 pm
Forum: Personal Finance (Not Investing)
Topic: Why is a potential lender refusing to disclose APR before hard credit is ran?
Replies: 5
Views: 600

Re: Why is a potential lender refusing to disclose APR before hard credit is ran?

I was told flat out now that I only need to bring $350 at close. I was told that the APR will be principal balance plus any interest in arrears that you owe the current servicer. The only thing else that would be involved in the loan would be the prepaid's which include Perdiem days of interest as w...
by primetime
Tue Mar 10, 2020 11:11 pm
Forum: Personal Finance (Not Investing)
Topic: My LenderFi refinance is going well
Replies: 1634
Views: 151801

Re: My LenderFi refinance is going well

I applied at LenderFi on Friday, so "in before the lock", but I didn't upload any docs? And they won't have been able to check my credit because it's locked down. So we'll see if I get my 15-year at 2.25 (LTV 60%, excellent credit, state of PA). What's the actual APR? How much total due a...
by primetime
Tue Mar 10, 2020 10:57 pm
Forum: Personal Finance (Not Investing)
Topic: HELP! Trying to determine savings with a 15 year refinance
Replies: 12
Views: 1038

Re: HELP! Trying to determine savings with a 15 year refinance

Ok so call it $151,500 to account for per diem interest at close to refinance the loan. That's a payment of $1037.29 per month assuming 2.877% on 15 years. Total intrest after 15 years is $35,212.72 Currently $914 + $90 (goes direct to principal) per month and if I keep doing that it's $55,889.17 in...
by primetime
Tue Mar 10, 2020 6:12 pm
Forum: Personal Finance (Not Investing)
Topic: Why is a potential lender refusing to disclose APR before hard credit is ran?
Replies: 5
Views: 600

Re: Why is a potential lender refusing to disclose APR before hard credit is ran?

Right, but I'm just wondering what would cause a lender to not release APR prior to a hard credit pull? I did a hard credit pull with loan depot and my scores are 820
by primetime
Tue Mar 10, 2020 5:41 pm
Forum: Personal Finance (Not Investing)
Topic: Why is a potential lender refusing to disclose APR before hard credit is ran?
Replies: 5
Views: 600

Why is a potential lender refusing to disclose APR before hard credit is ran?

So I just got a call telling me I can refinance the $151,160.08 that I owe on my home into a 15 year at 2.875%, and that I only have to bring $350 to closing. So that's a simple calculation Enter finance amount $151,160.08 Months 180 Enter interest rate % (not APR) 2.875 Payment ($1,034.82) Enter fe...
by primetime
Tue Mar 10, 2020 4:32 pm
Forum: Personal Finance (Not Investing)
Topic: HELP! Trying to determine savings with a 15 year refinance
Replies: 12
Views: 1038

Re: HELP! Trying to determine savings with a 15 year refinance

Upfront but not including all the fees that go into closing on a refinance if I understand correctly. So if different lenders are including certain things in the APR calculation, how does that make it easy to compare the APR across lenders considering some situations involve lender credits such that...
by primetime
Tue Mar 10, 2020 4:04 pm
Forum: Personal Finance (Not Investing)
Topic: HELP! Trying to determine savings with a 15 year refinance
Replies: 12
Views: 1038

Re: HELP! Trying to determine savings with a 15 year refinance

Upon further reading I believe you are correct.

When calculating what your actual payments will be and breaking them down into principal and interest on an itemized amortization sheet, do you use the APR or the interest rate in the calculation? It asks for "annual interest rate"
by primetime
Tue Mar 10, 2020 12:33 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 9456
Views: 660428

Re: Refinance Mega Thread

It's definitely going up with all the applications in the funnel. Could very well go back down. Certain banks are processing more loans in 1 week than they have in 20 years.
by primetime
Tue Mar 10, 2020 10:39 am
Forum: Personal Finance (Not Investing)
Topic: HELP! Trying to determine savings with a 15 year refinance
Replies: 12
Views: 1038

Re: HELP! Trying to determine savings with a 15 year refinance

APR is meant to be a convenient way to inform consumers of the total lending costs and compare loans between lenders with varying terms but if you don’t need that information you can feel free to disregard it. What would cause a quoted APR to be different than a calculated APR? Are you being charge...
by primetime
Tue Mar 10, 2020 8:46 am
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 9456
Views: 660428

Re: Refinance Mega Thread

my current mortgage is 3.625% 30 years. I found a 2.75% 15 years zero closing cost. My plan is to go through with this refinancing since it's lower rate and costs me nothing, i can refinance again in the near future if rates continue to go down. Or, I can select 2.375 with $5700 closing cost. I pla...
by primetime
Tue Mar 10, 2020 8:41 am
Forum: Personal Finance (Not Investing)
Topic: The unicorn mortgage: 30 year fixed under 3%
Replies: 90
Views: 15628

Re: The unicorn mortgage: 30 year fixed under 3%

Called my lender Freedom Mortgage today, was offered 2.75% for 30yr at no cost as a streamline refinance. Don't even have to do a credit check. Very smart of them, I was logging in to get the details necessary to reach out to other lenders about a refi - they put up a big ole interstitial saying to...
by primetime
Tue Mar 10, 2020 3:44 am
Forum: Personal Finance (Not Investing)
Topic: My LenderFi refinance is going well
Replies: 1634
Views: 151801

Re: My LenderFi refinance is going well

Lender fi isn’t accepting any applications, so
I went with loandepot and the rate they showed me is just after sign up and credit pull is higher than what my current lender wells fargo offered for a refinance.
by primetime
Tue Mar 10, 2020 2:26 am
Forum: Personal Finance (Not Investing)
Topic: The unicorn mortgage: 30 year fixed under 3%
Replies: 90
Views: 15628

Re: The unicorn mortgage: 30 year fixed under 3%

Just locked a 30 year mortgage at 3.00% (APR 3.09%). Not a jumbo loan. Appraisal waived. No origination/lender fee. I have to pay the title fees and recording fees. Escrow waived. Using Silverton Mortgage. Still doesn't seem real. Well now I know what to ask for. 2.5% (APR 2.6%) on $150k refinance ...
by primetime
Tue Mar 10, 2020 1:41 am
Forum: Personal Finance (Not Investing)
Topic: HELP! Trying to determine savings with a 15 year refinance
Replies: 12
Views: 1038

Re: HELP! Trying to determine savings with a 15 year refinance

Good to know. So closing costs and fees are put into the APR but how does that even impact your itemization table based on interest rate? I believe it doesn’t if you pay the fees and closing costs up front out of pocket. Say I have $150k left to pay on my home and so I want to refinance that amount ...
by primetime
Tue Mar 10, 2020 12:43 am
Forum: Personal Finance (Not Investing)
Topic: HELP! Trying to determine savings with a 15 year refinance
Replies: 12
Views: 1038

Re: HELP! Trying to determine savings with a 15 year refinance

Looked at those calculators but I’m still not understanding
how that aimloan site is calculating their APR. Other rates from other sites show the correct APR based on the total closing costs, rate, term, and amount being financed.
by primetime
Mon Mar 09, 2020 9:47 pm
Forum: Personal Finance (Not Investing)
Topic: HELP! Trying to determine savings with a 15 year refinance
Replies: 12
Views: 1038

HELP! Trying to determine savings with a 15 year refinance

I'm considering refinancing and trying to calculate exactly what the savings in interest could be and total impact. My calculations show $55,889.17 in interest will have to be paid if I stick with what I'm doing. I used aimloan to get some rates but I don't understand how they are determining APR fr...
by primetime
Fri Mar 08, 2019 10:19 pm
Forum: Personal Finance (Not Investing)
Topic: Escrow Question
Replies: 14
Views: 919

Re: Escrow Question

I see the picture now. Thanks everyone. I know what I must do. :D
by primetime
Fri Mar 08, 2019 8:39 pm
Forum: Personal Finance (Not Investing)
Topic: Escrow Question
Replies: 14
Views: 919

Re: Escrow Question

It's a Wells Fargo loan and they are handling it all.
by primetime
Fri Mar 08, 2019 8:03 pm
Forum: Personal Finance (Not Investing)
Topic: Escrow Question
Replies: 14
Views: 919

Re: Escrow Question

$1293.94 / 2 gets applied all to principal every 6 months. So $646.97 goes all to principal and cuts the total balance down by that amount every 6 months. $90 gets all applied to principal every month. It's a 30 year loan setup to be paid off in 22 years. Would there be less total interest paid by t...
by primetime
Fri Mar 08, 2019 7:51 pm
Forum: Personal Finance (Not Investing)
Topic: How much in 401K is good at 2045?
Replies: 2
Views: 576

How much in 401K is good at 2045?

What is a good rule of thumb for savings at retirement for me and my wife with no kids looking to retire at 65? How much should the combined retirement savings be? I make $135k and my wife doesn't work but is much involved in volunteer work. I tried this calculator under various selections of with a...
by primetime
Fri Mar 08, 2019 6:49 pm
Forum: Personal Finance (Not Investing)
Topic: Escrow Question
Replies: 14
Views: 919

Re: Escrow Question

How is the 2 payments per month a scam? You are still paying the same amount you would normally pay per year, except an extra payment per year is going to interest. That payment is divided by 2 and applied every 6 months.
by primetime
Fri Mar 08, 2019 2:11 pm
Forum: Personal Finance (Not Investing)
Topic: Escrow Question
Replies: 14
Views: 919

Escrow Question

So I have my taxes setup in my escrow still and my total escrow payment is $1293.94 a month. Of that amount, the break down is 907.14 going to P&I, $296.80 goes to escrow for taxes, and I put in another $90 which goes all to principal per my request. I also make an extra payment a year essential...
by primetime
Thu Mar 07, 2019 7:04 pm
Forum: Personal Finance (Not Investing)
Topic: Protecting your investment. Home owners insurance question
Replies: 19
Views: 1649

Re: Protecting your investment. Home owners insurance question

I saved $650 a year switching to liberty from all-state and could save more if I did that monitor system they have called right track, but not sure how I feel about that just yet.

https://insnerds.com/telematics/
by primetime
Thu Mar 07, 2019 6:44 pm
Forum: Personal Investments
Topic: Is my bank not applying the correct amount to the principal?
Replies: 18
Views: 1635

Re: Is my bank not applying the correct amount to the principal?

228 months to pay off: Interest paid $72,513.73 Principal paid $133,739.53 Extra principal $24,509.16 vs 198 months to pay off Interest paid $61,930.57 Principal paid $117,413.99 Extra principal $40,443.02 So total interest saved is roughly $10.5k by paying an additional $90 a month over what I'm pa...
by primetime
Thu Mar 07, 2019 4:32 pm
Forum: Personal Investments
Topic: Is my bank not applying the correct amount to the principal?
Replies: 18
Views: 1635

Re: Is my bank not applying the correct amount to the principal?

Wanted to update this. I removed the insurance from the escrow and will pay that direct. So looking at the amortization schedule it shows "3rd draft" every 6 months which gets applied to principal. They said that in order to pay it off by 2035, I would have to pay out an additional $45 eve...
by primetime
Wed Feb 13, 2019 9:13 am
Forum: Personal Finance (Not Investing)
Topic: [2018 tax return - How does it compare to previous years?]
Replies: 441
Views: 37559

Re: [2018 tax return - How does it compare to previous years?]

How crazy is this? My refund was 9% HIGHER. Sounds great, like the government wanted. Higher refunds! I don't understand why people are getting lower refunds. :wink: People only let you know what they want you to know. Now the "partial" truth. In 2017 I took $22k from my 401(k). Mandatory...
by primetime
Wed Feb 13, 2019 2:11 am
Forum: Personal Finance (Not Investing)
Topic: [2018 tax return - How does it compare to previous years?]
Replies: 441
Views: 37559

Re: [2018 tax return - How does it compare to previous years?]

Despite the standard deduction going up to $12,000 for singles and $24,000 for married couples, the State And Local Tax (SALT) deduction cap of only $10,000 hurts individuals and couples who live in high cost of living areas around the country. For example, the median home price in San Francisco is ...
by primetime
Tue Feb 12, 2019 8:11 pm
Forum: Personal Finance (Not Investing)
Topic: [2018 tax return - How does it compare to previous years?]
Replies: 441
Views: 37559

Re: [2018 tax return - How does it compare to previous years?]

The only calculation that matters is how much did you pay in taxes after taking your refund into account. What % based on your total yearly wages was paid? Compare 2017 vs 2018.
by primetime
Tue Feb 12, 2019 6:32 pm
Forum: Personal Finance (Not Investing)
Topic: [2018 tax return - How does it compare to previous years?]
Replies: 441
Views: 37559

Re: Smaller tax refunds this year? Clear explanation please

The numbers are completely pointless to look at until most if not all returns have been processed. I would think that most of us have gotten our returns back or know what they are getting back. I got mine back on Jan 28 direct deposited into my account using olt.com Fed tax withheld based on total ...
by primetime
Tue Feb 12, 2019 3:39 pm
Forum: Personal Finance (Not Investing)
Topic: [2018 tax return - How does it compare to previous years?]
Replies: 441
Views: 37559

Re: Tax 2018: Shock and Awe

One man's need is another man's donation. :D
by primetime
Tue Feb 12, 2019 2:36 pm
Forum: Personal Finance (Not Investing)
Topic: [2018 tax return - How does it compare to previous years?]
Replies: 441
Views: 37559

Re: Tax 2018: Shock and Awe

Why is OLT.com so awesome?

I filed on 1/26 and the funds for federal were in my account on 1/28 and in my account for state on 2/11.
by primetime
Tue Feb 12, 2019 8:34 am
Forum: Personal Finance (Not Investing)
Topic: Protecting your investment. Home owners insurance question
Replies: 19
Views: 1649

Re: Protecting your investment. Home owners insurance question

With Liberty, Home Protector Plus coverage provides up to 20%* in excess of the Dwelling coverage amount for repair or replacement of the home and attached structures. Personal Property coverage is expanded to 75% and provides increased coverage limits for jewelry, watches & furs. Losses are set...
by primetime
Mon Feb 11, 2019 11:20 pm
Forum: Personal Finance (Not Investing)
Topic: Protecting your investment. Home owners insurance question
Replies: 19
Views: 1649

Re: Protecting your investment. Home owners insurance question

I checked all the local places that had offices like State Farm, Nationwide, AIG, etc and none of them were lower than Liberty Mutual in my area. I did not hit up a local broker that deals with multiple insurers so I may just have to do that. The insurance game is bs. You sign with a company and th...
by primetime
Mon Feb 11, 2019 11:06 pm
Forum: Personal Finance (Not Investing)
Topic: Protecting your investment. Home owners insurance question
Replies: 19
Views: 1649

Re: Protecting your investment. Home owners insurance question

I checked all the local places that had offices like State Farm, Nationwide, AIG, etc and none of them were lower than Liberty Mutual in my area. I did not hit up a local broker that deals with multiple insurers so I may just have to do that. The insurance game is bs. You sign with a company and the...
by primetime
Mon Feb 11, 2019 7:51 pm
Forum: Personal Finance (Not Investing)
Topic: Protecting your investment. Home owners insurance question
Replies: 19
Views: 1649

Re: Protecting your investment. Home owners insurance question

Thanks again! I'll contact Liberty and get the additional details.
by primetime
Mon Feb 11, 2019 7:41 pm
Forum: Personal Finance (Not Investing)
Topic: Protecting your investment. Home owners insurance question
Replies: 19
Views: 1649

Re: Protecting your investment. Home owners insurance question

What about cars that are parked in the garage in the event of a total loss? Let's say the cars are worth $60k, do I need to increase the limit from $285k to $345k or is that covered under auto?
by primetime
Mon Feb 11, 2019 7:05 pm
Forum: Personal Finance (Not Investing)
Topic: Protecting your investment. Home owners insurance question
Replies: 19
Views: 1649

Protecting your investment. Home owners insurance question

I have a question on protecting my investment, rather than actual investing itself. Not sure if this is an appropriate question for this forum but I figured with so may home owners on here, you guys are experts also on choosing the correct insurance limits to protect your investments so I wanted to ...
by primetime
Sat Feb 09, 2019 9:20 pm
Forum: Personal Investments
Topic: Is my bank not applying the correct amount to the principal?
Replies: 18
Views: 1635

Re: Is my bank not applying the correct amount to the principal?

It's 140 total payments if you include Jan of 2019. There was a $995.25 payment added upfront to cover initial escrow needs and 8 bi-monthly payments made in Aug 2013 so total paid in 2013 was $5,791.21 Bi-montly payments from 2014 to the end of 2018 for each year were: 2014 $603.88 2015 $616.45 201...
by primetime
Sat Feb 09, 2019 8:51 pm
Forum: Personal Investments
Topic: Is my bank not applying the correct amount to the principal?
Replies: 18
Views: 1635

Re: Is my bank not applying the correct amount to the principal?

The biweekly on that calculator seems to be recalculating interest after each payment, which is going to incorrectly lower the amount of interest paid, assuming a standard monthly amortized loan. Interest is calculated by multiplying 1/12 of the interest rate by the current principle balance when t...
by primetime
Sat Feb 09, 2019 7:17 pm
Forum: Personal Investments
Topic: Is my bank not applying the correct amount to the principal?
Replies: 18
Views: 1635

Re: Is my bank not applying the correct amount to the principal?

You can’t run an amortization schedule for a 22-year loan as a comparison. That’s not how it works. You would run a 30-year with the extra payments. Then go to the end of the amortization schedule to see that a few years were knocked off the mortgage with the extra payments. Also, don’t bother with...
by primetime
Sat Feb 09, 2019 6:40 pm
Forum: Personal Investments
Topic: Is my bank not applying the correct amount to the principal?
Replies: 18
Views: 1635

Re: Is my bank not applying the correct amount to the principal?

Most of my mortgage statements beak out my payments and show what was applied to principal , interest, and escrow. Does yours not break that out? Only one of my mortgages didn't do that and I figured out they were applying my extra payments toward future payments, not principal. I asked them to cha...
by primetime
Sat Feb 09, 2019 6:10 pm
Forum: Personal Investments
Topic: Is my bank not applying the correct amount to the principal?
Replies: 18
Views: 1635

Re: Is my bank not applying the correct amount to the principal?

So now that I've posted what the monthly payments should be based on interest rate and the loan, lets look at what I actually have been paying. The bi-monthly amount has changed due to tax and insurance increases over the years. My home insurance went from $582 to $954 in 5 years. Yep, time to get a...
by primetime
Sat Feb 09, 2019 5:56 pm
Forum: Personal Investments
Topic: Is my bank not applying the correct amount to the principal?
Replies: 18
Views: 1635

Re: Is my bank not applying the correct amount to the principal?

I will request a RESPA. Best way is to see for each payment what is being applied to what. They told me when I signed the documents that if I made an extra payment a year essentially paying bimonthly, that it would be just like having a 22 year loan instead of a 30 year loan. If we look at a $184,44...