50+ thread

You’ll figure this out, you’re being smart and proactive. Still sucks,especially in November.

 

Morning folks. Raining here and 46. Wish it was snow. LOL
Zim

 

to go with the PMI part..... now days if you shop just a little you can always avoid a PMI.

CityNational offers no PMI & 100% finance with you only paying the closing costs. they are almost unbeatable on home financing.

just things to think about.

 

Maybe try something like this...enough infrastructure to live while fingering the rest out:
https://www.zillow.com/homes/for_sa...X1-SS8js6eypoci961000000000_3if5s"}&3col=true

 

It was a great weekend in SoCal. Saturday morning I got up at dawn, looked for some EPL, and then decided my new sand crab (flea?) rake needed to get broken in. Rain was in the forecast, but shorts and a water jacket were plenty. Ended up the jacket was a burden. Ocean was surprisingly comfortable to stand in, un to my pockets.
Spent about two hours wandering on the jetty and some inlet smooth sand. No crabs available, but did see some fish suspended in the surf at about 7' from shore. They followed my lure once or twice, but no interest in biting.

Sunday I put a little sweat equity into my condo, since Vikings had the late game. I can't figure out how you get mud in the window/screen channels in Cali. Kinda explains how that one window in the bedroom got broken.

Pumpkin pie production begins tonight. I'm making 6 this year, with gma's recipe handed down to me from my mom.

 

Getting prequalified is the best first step. It will let you know where you stand with your perspective budget. You have to know what you can afford to spend before you can effectively start looking at homes to buy. But don't go to just your local bank, they are often not the source for the best rates. Don't let customer loyalty cause you to pay more for your loan. Most lenders will sell your loan to another lender shortly after making it anyway. I know I went with my local CU for a refi in the early 2000's thinking they would keep my loan in house, and they did for all of two years before selling it to Wells Fargo. Try bankrate.com to get a look at rates from a variety of lenders and brokers. When lenders run your credit to determine what you qualify for, each "hard inquiry" counts against your credit score. More than two hard inquiries in 24 months will start to have a negative effect on your score. However, the FICO companies will count all hard inquiries from the same industry done within a two week period as ONE single inquiry for reporting purposes. So if you apply at your local bank and one week later apply again at with a different loan broker, that will count as one inquiry on your credit. If you apply at your local CU for a mortgage, and the next week apply to buy a new Toyota, that would count as two inquiries. Lets say if you already had an inquiry on your record from a new store CC 18 months ago, that Toyota inquiry would be your third in 24 months and would cause your score to decrease a little. So find several lenders and apply at the same time and select the one who has the best deal to complete the process with. Avoid ARM loans! If the lenders want points, you need to run the numbers to determine the ROI for paying the up front costs. Sometimes it is worth it to pay points to get the lower rate, but it's not always automatically worth it. Though most lenders love to sell points. An FHA is a good alternative to the VA loan. As you like life in the country, look into the USDA ag loans. I'm not sure if they have PMI or not. But PMI, while unpleasant, it's not forever. Once you get your loan balance down to 80% of the homes original appraisal you can petition the lender to remove it. Down payments are good, the more you can put down the more you can afford to buy, but when setting your budget don't make yourself house poor. By that I mean you don't want a whole lot of house/land and a tight budget with no cash in the bank. When you own a home things will inevitably go wrong as some point and you need cash to fix it. Can you say "new heater in January"... When you're deciding on your monthly housing budget, 25% of your monthly gross is a good place to be. Some brokers/lenders will let you go up as high as 35%. Don't do that, you'll find yourself in the house poor category if you do. Not all brokers care if you drowning in debt later, think sub-prime loans in 2005-8, the more they sell you the more they make. You can stretch your budget to 28% if you don't have a lot of other debt, but you want to be very careful what you sign yourself up for. It's a little further down the line, but if you can, avoid having an escrow for your taxes and insurance. Most lenders are going to require it, but those accounts are notorious for being miss managed. You've proven yourself at being good at managing your money, so if you can set it up to pay those yourself. You can use your examples above when stating your case to avoid escrow. When getting prequalified those accomplishments will mean little, they are going to look at your credit score and your income history for the past two years. About the only time those accomplishments will mater to a lender is if they are doing "manual underwriting", which is pretty rare. Paying things off early is not always a good thing in the eye's of the lender. But the lender is signing you up to pay interest for a specified term, if you pay the loan off early they are not getting all the interest they were supposed to get. What the lenders are going to care more about is on-time payments and late payments, vs any early or extra payments. Selling the Chebby might be good idea depending on your overall debt ratio. Think 35% of gross for total debt to income ratio, that's all of your debt including the potential mortgage payment. If the Chebby puts you over that percentage, then it would be a good idea to shed some of your debt load before trying to buy a house. Something to remember, the value of an item and balance of a loan on that item are not correlated. You can be 14 months ahead in payments and still be 10K down in value of the item compared to the loan balance, just food for thought. If the camper is paid for selling it could be useful to increase your cash deposits, a down payment, or paying down another loan. Though the best time to sell it is probably not for another five or six months. Here's a couple links to help get you started. I'd be happy to help you find answers to any questions you have. Smart home ownership is really the best option.

https://www.bankrate.com/mortgages/...VeteranStatus=NoMilitaryService&zipCode=59714

https://www.rd.usda.gov/programs-services/single-family-housing-programs

Sure , in about 12 more years...

 

Never too late. Go visit your local recruiter.

 

I'm not sure that's true. These days you gotta be <40...

 

Hi, I’m Jim, I’m 66, blind in one eye, can’t see out of the other. I wanna sign up to fly planes, and see the world. Sorry Martin, I couldn’t resist.
I tried to join the Air Force when I was 20, got declined, back issues.

 

Yep, time to get @Tacoma Mike all rilled up, probably never did drop off that snow blower.

 

Ain’t gonna happen now.

 

Just messing with you Mike, I hate the holidays, for reasons I won’t go into.

 

It’s not even thanksgiving yet…

 

Everyone is coming down from their Halloween sugar buzz, now it’s the Holiday sugar buzz.

 

Sounds like you’re in marketing for L L Bean the catalogs start showing up in September

 

She ain't but 35 at the most