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Replies: 43
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All-In [46825]
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Final hurdle cleared in this saga
May 19, 2021, 8:53 AM
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Appraisal for the purchasing of the house came back higher than what we are buying the house for (even without the 40% down).
Everything is in. Now we wait for the final closing date.
Been a long hard rod but it all worked out for the best. Even with all of the naysayers in here. Got a much better house with much more equity right off the bat.
Feelsgoodman.gif
Now I'm looking into a HELOC.
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Oculus Spirit [75717]
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Haven't even closed on the first mortgage and already
May 19, 2021, 8:55 AM
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needing a second, good job.
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Heisman Winner [135603]
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I used to fly HELOCs during the war.
May 19, 2021, 8:56 AM
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But I don't like to talk about it.
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Hall of Famer [21940]
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"long hard rod"
May 19, 2021, 8:45 AM
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that's what got the state trooper in the door amirite?
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CU Medallion [66073]
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Sounds like he got the shaft
May 19, 2021, 9:05 AM
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ol' boy sounds like a real hard on
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Oculus Spirit [97719]
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Better stock up on your FIL's favorite bourbon
May 19, 2021, 8:59 AM
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And the decorating tips from MIL, you will love those.
Congrats, enjoy.
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Lot o points [163012]
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If you can, close both loans at the same time.***
May 19, 2021, 9:01 AM
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All-In [46825]
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Which ones? You have to be more specific***
May 19, 2021, 9:02 AM
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Lot o points [163012]
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The mortgage and the home equity loan
May 19, 2021, 9:04 AM
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both will need attorney to close, do them with the same bank at the same time and you could save some fees, but definitely save time.
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Oculus Spirit [85331]
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Also, why would you get a HELOC
May 19, 2021, 9:09 AM
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if you could just borrow more money from the original loan? Aren't HELOCs a higher rate?
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Oculus Spirit [81061]
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they are, and many banks don't write them any longer
May 19, 2021, 9:12 AM
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because home values have inflated so much that they don't want to be left holding the bag when the bubble pops.
Of course, most blamed it on Covid, but you'd have to be a Helen Keller to not see the real reason.
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Lot o points [163012]
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Because you may not want to borrow the money yet.
May 19, 2021, 9:14 AM
[ in reply to Also, why would you get a HELOC ] |
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and not sure how much you actually need - you may not use it all.
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Oculus Spirit [85331]
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I don't know these things too well, but if you took out
May 19, 2021, 9:18 AM
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more than you needed on the original loan....you could just pay it back down on the principal.
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Lot o points [163012]
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Yes, but you still have the monthly payment unchanged
May 19, 2021, 9:22 AM
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based on the original debt.
Depends on what you want the debt for imo. I have used HELOC funds for short term needs, paid off quickly and you are done with it.
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Oculus Spirit [75717]
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Also one is a revolving line of credit.
May 19, 2021, 9:20 AM
[ in reply to Also, why would you get a HELOC ] |
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In theory he could get it, pay it down, then go right back to it to it for the next hairbrained idea.
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Heisman Winner [105586]
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Been thinking of going to get a HELOC on this equity I have
May 19, 2021, 9:08 AM
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but is that dumb AF? I don't necessarily need it, but I guess it might be nice to get one while house prices are through the roof. I am sure this is faulty thinking.
Please school me, Jounge, on why this is a terrible idea.
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Oculus Spirit [85331]
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If I needed the money, I would just borrow from a vehicle
May 19, 2021, 9:11 AM
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(low short term interest). If I needed a lot of money, I would refi and take money out.
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All-In [49173]
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when I changed banks a few yrs ago, I got a HELOC.
May 19, 2021, 9:18 AM
[ in reply to Been thinking of going to get a HELOC on this equity I have ] |
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Just in case I need a lot of money in a hurry for something. I've never used it, and it didn't cost anything to set up. Apparently you can't get prime rate anymore, even with an 800+ credit score, and the interest is no longer tax deductible unless you spend the money on your house. Still, I think it's a good thing to have in yo back pocket just in case.
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Heisman Winner [105586]
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This was my thought, it is there in case the sh it hits the
May 19, 2021, 9:19 AM
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fan and daddy needs access to 10's of dollars to pay off the Payday lenders.
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Oculus Spirit [85331]
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I thought in order to be in the jounge we all had
May 19, 2021, 9:22 AM
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a minimum of 100K in "funds" we could pull from anytime? No?
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All-In [31478]
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Re: I thought in order to be in the jounge we all had
May 19, 2021, 9:24 AM
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Yes, I collect updated bank account balances and net worth statements from everyone at the first of each month to ensure we all maintain adequate slush funds in order to keep posting privileges.
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Oculus Spirit [85331]
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Deduct $45 from my last number I gave you
May 19, 2021, 9:27 AM
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I spent $5 on parking and $40 on tournament entry last night with 0 return.
Thanks,
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Oculus Spirit [81061]
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Heisman Winner [105586]
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Usually when the sun comes up and the police chase
May 19, 2021, 9:37 AM
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us out from under the bridge we sleep under.
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All-In [49173]
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I keep mine in my interest bearing checking account where
May 19, 2021, 9:39 AM
[ in reply to You mean everyone doesn't? ] |
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I earn 7 every month. 7 cents.
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Oculus Spirit [81061]
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A money market isn't much better.
May 19, 2021, 9:58 AM
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But I could get fired.
And I've been using that excuse for 20 years.
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Heisman Winner [105586]
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All-In [46825]
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All-In [49173]
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mine is 3.74% variable rate. Your results may vary.***
May 19, 2021, 9:21 AM
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All-In [31478]
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Re: What's the interest rate right now?
May 19, 2021, 9:22 AM
[ in reply to What's the interest rate right now? ] |
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Why would you do that instead of refinancing your student loan? You want to deliberately put your house as collateral if you default on a payment?
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Lot o points [163012]
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When I last checked, they had started putting term dates on
May 19, 2021, 9:26 AM
[ in reply to when I changed banks a few yrs ago, I got a HELOC. ] |
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the HELOC, so after 5 years, I needed to renew it (this was a local bank, not a big boy). Makes sense for the bank.
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All-In [49173]
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I think they've always had term limits on the draw period.
May 19, 2021, 9:35 AM
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the one had long ago at prime rate had a 10 or 15 yr draw period. The one I have now has one, but I don't remember what it is.
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Lot o points [163012]
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Could be, I just never realized it until I sold my last
May 19, 2021, 9:39 AM
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house and got a HELOC on the new one and the term was only 5 years. Again, this could be the bank vs the market.
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Heisman Winner [135912]
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No matter what Leon tells you
May 19, 2021, 9:17 AM
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you aren't getting a HELOC when you deal with him.
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All-In [49173]
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it seems like people that would go for a loan like this
May 19, 2021, 9:19 AM
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either already have a loan on their car, or their car isn't worth much for collateral.
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Oculus Spirit [81061]
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Oculus Spirit [81061]
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So lemme get this straight.
May 19, 2021, 9:21 AM
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You've moved, in, THEN got the home loan, and now you're going to take a loan out for equity you don't really even have?
Once again, I'll take that bet that at the end of my lease, you sell your house and I'll end my lease, and we'll see who has more "equity".
At least I'll get my security deposit back, and maybe the owner will buy my furniture.
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CU Medallion [54011]
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Congarts on the new house, man. You should’ve spent some time in an apartment though.
May 19, 2021, 9:33 AM
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I think when my kids are old enough to move out and my wife smartens up and leaves me, I’m going right back to apartment life. That time I had in an apartment while in between homes was magnificent. Something broke, call the man. Mow the lawn, yeah right they got a crew. Neighbors getting a little too loud, drink more and pass out. That was the life!
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Orange Blooded [2999]
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All-In [42167]
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Point for long hard rod.***
May 19, 2021, 9:50 AM
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All-In [43721]
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Putting 40% down, immediately applying for a 2nd loan?
May 19, 2021, 10:06 AM
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SMDH GOOBER
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Lot o points [163012]
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The downpayment was gifted equity not cash.
May 19, 2021, 10:14 AM
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iirc.
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All-In [26692]
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But his house buyers were originally from NY, now they
May 19, 2021, 10:30 AM
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are from PA.
So who really knows the full story?
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Lot o points [163012]
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Aren't all Yankees the same?
May 19, 2021, 10:41 AM
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Replies: 43
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