New England B.S. Thread

Good deal!

Once things get squared away and hopefully return to normal, attack the principal.

 

That is the plan. We've built alot and spent a lot in the last 5 years. Now its time to attack all the debts, get clean...then do it again!!!

We will most likely keeping pay the same amount we were before the rate drop, and we are considering another 2-300 a month on top of that starting in like June. If we can do it, and keep everything else on track it will make a big difference.

 

I just refinanced mine last week. I'm gonna do the same thing, keep paying the same. I'm only 3 years into the loan she restarting isn't a big deal

 

I thought about it but I'm at 4.25 and might be moving soon. There would be a benefit, we might be able to knock out PMI since the house value has gone up but that's also an unknown. I'm not really interested in restarting the amortization, so we might wait a few months and be sure and then have the house re appraised and show that we're past 80/20 and knock out PMI.

 

The wife and I asked recently if we can have someone to come check to appraise out place but during all this it might not happen. We are on track to lose the PMI by 2023. Currently paying about 3.6% on the mortgage and 4% on PMI. Can't wait to save the $150 a month once that PMI is done.

 

Didn't know you were union OR a Star Wars geek, wow

 

Our rate is good, we have to do a complete refi to get rid of pmi. We are well over 20% equity but our FHA loan is from a time where PMI doesn't just disappear. At least with the new house we won't have to deal it

Lol I'd certainly like to live closer to you guys but currently looking at Lakeville, assonet, and Freetown

 

Haha wasn't my idea, trust me

 

They just kinda ball parked the value for my refinance. I didn't have pmi but they still hard to get a general appraisal for it

 

I have no PMI. If I did, I would consider refinancing more. I also may sell in a few years so it's not as worth it then.

 

I think that's a problem in most places now. We're very rural--1600 kids across 7 towns, and while it isn't as bad as the stories I hear from some slightly more urban districts nearby, we definitely have our share of that.

 

We’re set for about 2023 2025 timeframe with the start date of 2017. So it’s not terrible. Ours is 150. The way I did the maths out was that it made sense even with the pmi over renting.

yeah for a refi it’s the whole shebang. I could in theory pay about 500 for a refi to save 110/mo. But, if I do that I’d just spend a few hundred more and get a full refi at that point. But at 4.25 it’s almost not worth it to refi especially with the unknown of a potential move to warmer weather.

yeah we’re thinking of moving south so that’s a major factor in the decisions.

we just started a new high school in East prov. We have no kids so let alone any that would benefit. My rule of life though is I always vote for town spending, and state spend is an almost definite yes vote. Country defaults to no but easy to change to yes.

 

We did too, and in a few months that'll be my life .

We don't plan on kids ever and don't live in the district I work in anyway.

 

I see a lot of towns around me that spend a lot of money, their roads and schools are shitty and people are leaving them. My town spends almost no money and our school is great and people keep coming.

Hopefully the newer crowd doesn't "always vote to spend more money"

You need people with half a brain if you are going to give them money, lots of towns are missing that factor. If you have a competent town, and get decent taxes, you can do great things. But more money isn't always the answer.

 

I'm in the middle of the refi process myself.

My original lock-in would have resulted in a $400/mo savings and if I paid the loan to completion would have cost $300 more. Unfortunately so many people were locking I got booted out and got 3.375%. It still saves me nearly $400 although the total cost of the loan would go up if I were to pay to completion. For what it will cost over 30 years relative to monthly savings, I'm okay with that, especially right now.

I rolled closing into the new loan, but since my escrow account is currently pretty big, I will end up with payout which is nice right now to have something to just sit on. I was blown away by the appraisal, though. I know real estate had been going up, but eesh.

 

What do you mean when you talk about the completion would have cost $300 more. I'm not questioning what you're saying just don't know what it means. What were they offering before the 3.375%?

I had a construction loan, which doesn't start charging principal until 12 months, and had only paid 1 Principal payment so far. They just changed our terms without the appraisal and all that I think because the loan was so new.

 

Sorry, I meant if I added up the total interest paid to date on my current loan (5 years in) and interest on the new 30 year paid to completion. Added together, those would have been $300 more than if I paid my current mortgage to completion. The rate initially offered was 2.875%. I tried to get locked at that, but was rejected, likely because too many people were trying to lock.

I realized I misquoted my lock. My new lock is 3.125%, not 3.375%. When I got rejected at 2.875%, I was offered 3.125%, which I said take. The day my loan officer was trying to lock me rates were bouncing between 3.125% and 3.375%. I ended up with the 3.125%. If I pay the mortgage to completion, it will cost me more than if I paid my current mortgage to completion, but it's less than $500/year over the course of 30 years to save a significant amount per month, which given my current situation with daycare, I'm fairly okay with. I wouldn't do this with a car loan, but for a mortgage, I'm fine with it.

 

Makes sense, thanks for explaining it all for me!

 

I can clarify too. I almost always vote to spend on schools. I went through school in a district where the school spending went from old grouches with no kids voting "NO", 4 years later enough parents voted "YES", and I got to actually benefit and experience the spending - what a game changer that was! The next town over, voted to build a new high school and it was a s$%& show from the start. School was nice but the building and integration was a disaster.

Way too many people give way too much of a damn about the president and congressional elections when they have almost no impact on the day to day life, but couldn't tell you even a single board of selectmen, or their mayor, who has a way more dramatic day to day impact. But fortunately we have a decent town setup now, we finally have a mayor rather than a town manager who keeps being scapegoated and can't get anything done, so finally someone to go advocate for the town at the capitol, etc. We're on the right track, down here, at least. Spending isn't always good but I'd be hard pressed to vote "NO" on school funding and projects.

That's the other thing - so many other people are jumping on it, we're at 4.25 and realistically we might even end up back at 4.25 come closing day, so that's another reason I'm not spending a lot of time and effort on a refi.

 

Yes I agree, a good school is essential to a good town IMO. We have a crowd in our town whose children are done and want to get rid of our elementary school entirely! That will not happen because 95% of the town doesn't agree with that luckily.

Building new is always sketchy IMO. A lot of people involved that don't understand building, or on the other hand, don't understand what a school needs vs a hospital or hotel.... Lots of issues with the new high school down the road from me. It does need to be done everyonce and a while though.