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Just to piggyback - you can get a "reappraisal only"

For example - We bought our house valued at 225k for 230k in 2017, with some % down I can't remember. Long of the short, we were not at 20% down payment (note: Sometimes you can roll with 18, but the general number known industry wide is 20%). So, let's say I THINK we had a 218k loan on a 225k appraised house in 2017.

Come late 2020, houses go up, we're at 300 or value, loan is around 200 (I'd have to go back and check), so now we're at closer to a 66% Loan to Value (LTV). As opposed to the original purchase date, 96% LTV (Now that I just did that calculation, I think I was off on my numbers because we were well below that, BUT I'm going to roll with it).

So, I have two options:
1. Reappraisal, costs about 500$ usually. This is just your mortgage going out and finding out what your value is now worth. So, if we now had an appraisal that says 300k, and our loan is 200k, we have a 66% Loan to Value within the original loan structure. This was my original plan, before the 'rona.

2. Refinance. An appraisal is included, but if interest rates have gone down, you can capitalize on that. There are refinance break-even calculators online, I won't get into the deets but it's pretty easy. Basically opens a new mortgage, pays off the old one, and gives you a new interest rate at current numbers.


IF interest rates have gone up, and your property value has gone up, option (1) above is better. Keeps your lower interest rate, AND you nix PMI! Yee Haw! We were at 4.25% which is a damn good rate anyway.

IF interest rates have gone down, and your property values have gone up, option (2) (and this is where we fell)

IF interest rates have gone down, and property values have gone down, a la 2008, no bueno. You're paying a higher interest rate on a loan that's more expensive than the property it's levied against, if you re-fi there's going to be a GAP that will get rolled into the loan, however it will be at a lower interest rate and the break-even might be longer, but you might still benefit if you are in a long term house, 30+ year plans.

If interest rates have gone up, and property values have gone down, you're fckd.

 

House value * 0.20 = how much you need to pay down payment to avoid PMI.

NOTE: This is just the down payment on the mortgage. This does not include real estate commissions, title insurance, lender fees, etc.

Talk to your lender - sometimes 0.18 (18%) is enough of a down payment to not have PMI.



If you're going revers - "how much house can I get with my current X dollars", take your savings/"X" dollars, and divide by 0.2.

For example: I have 20k saved, 20/0.2 = 100 --- I can afford a 100K property without PMI, anything more, will have PMI.

 

Where I'm at now I'm in a high interest rate with no PMI. rates right now are as low as 2.7x% while my loan is sitting at 5.54%. Halving that interest rate would greatly help long term. I'm only planning to stick around 10-15 years in my current home, but who knows what life will throw in that time span.

 

All you guys worried about interest rates and shit. Give it a few weeks, sell a GME share and go pay cash for a fancy new house.

 

Can the bold be rolled into the refi loan?

 

I don't have any.

 

You should acquire some then!

 

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Learn to spell “off”

 

With that GME money you can afford hooked on phonics to learn to spell!

 

Alright so I checked ThinkOrSwim at 12:41 PST and $GME volume was 2.56m...


Slack screenie above

Someone on reddit made a post showing "negative 1,000,000 volume" had just popped on their chart...

Log back into ToS and boom, volume is now 1.7m...

What the hell just happened? That person was on Yahoo! Finance, I'm on ToS, someone else on TradingView also confirmed it.

HOW DOES VOLUME SIMPLY VANISH???

Additionally, at 2.56m volume it was the lowest volume since 8/20/2020 and now at 1.7m I am curios what the next lowest day is? We are time traveling or something.

 

Maybe this kind of stuff happens all the time all over the place but nobody really pays attention to it. It does seem that our beloved GME gets of fair share of odd things happening on a daily basis though.

 

Source? Very interested

Wildly low....

This is my secret plan that I didn't tell the wife about. Not that it matters, there aren't any decent houses for a realistic price around us anyways

 

Even if it's normal and volume was adjusted to be accurate... that's INSANE, it's lower than an old mans sack on a hot summer day.

 

Thank you for that lovely imagery

 

https://www.marketwatch.com/story/s...g-gamestop-saga-11620244198?mod=mw_quote_news
“Many of these features encourage encourage investors to trade more,” Gensler will tell the committee. “Some academic studies suggest more active trading or even day trading results in lower returns for the average trader.”

 

off by a HUGE margin then haha. I was watching the volume from our favorite link, and I'm not sure where that data comes from, but I watched it go past 2.7m

Still there now:

 

10-15 years is a long time. If you were on like a 1 year horizon, yeah maybe hold off. But if you're closer to 5+, typically a refinance will be in the green well within that timeframe.

Well, you don't have real estate commissions on a refi, which is the only one I'm not sure about. Everything else, yeah at least on ours it was all rolled up. We had some cash due at close but our loan actually went up a not-insignificant amount, but was still well within the LTV to nix PMI and even adding that in, we're green within the year - I think if I remember correctly, in our case, we would have been green in September but now will be in December since those rolled in. Could be mistaken though.

 

This is my favorite line: "The chairman also plans to express concern about the size and power of market maker Citadel Securities, Robinhood’s largest source of revenue, given that it executes 47% of all retail trades in U.S.-listed equities and options."

GG just make them cover their shorts and the market will sort itself out.

 

Best part is Citadel is involved in something wild like 40% of various MM activities but has to date managed to fly under the radar and not be deemed "significant" which would result in higher levels of scrutiny for them.

Edit: 47%, you cited it above. B-A-N-A-N-A-S...

 

no real estate agent commission on a refi.

You will have closing costs, use $4500-5000 for a placeholder, and that can be rolled into the loan.