barryo
Dealer of Death
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Relationship? No. Roommates. A GF would be staying here rent-free.
well not exactly rent free, right IJ?........
Are you losing your house due to job loss or interest reseting ?
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well not exactly rent free, right IJ?........
You're going to make her want to move as far away from Atlanta as possible.
barryo
Dealer of Death
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You're going to make her want to move as far away from Atlanta as possible.
.................ween's good peeps and i'm just teasing her a bit.
Tease me, baby!
What about room mates with benefits?
I need benefits...bad!
Razor Hanzo
Freaked Out
I bought a small condo in So. CA in 2006 after getting outbid on 15 different places. I bought in for $340,000, with no money down. The problem is not making the payments, but moving up.
Five years later my wife and I both make more money and we could afford the mortgage on a bigger place, but we can't leave here without taking a hit. I've paid it down about $45k (thank god I went for the 30 yr. fixed), but that would probably leave me with $0 profit on the sale.
My plan is to tough it out another 5 years, then re-fi and rent it out. My man cave will have to wait.
Five years later my wife and I both make more money and we could afford the mortgage on a bigger place, but we can't leave here without taking a hit. I've paid it down about $45k (thank god I went for the 30 yr. fixed), but that would probably leave me with $0 profit on the sale.
My plan is to tough it out another 5 years, then re-fi and rent it out. My man cave will have to wait.
Darklord Dave
Super Freak
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Not to be heartless, but the market allowed me to just buy a place in a short sale, and I paid far, far less than the previous owner owed on his mortgage. But a short sale is better for his credit and gets him out from under the debt - he was going to just walk away from it. I'm paying about the same with taxes, insurance, HOA and mortgage as I'd pay in rent. But at least I'm not flushing it down the toilet.
ProgMatinee
circlesendwheretheybegin
i bought in 2003 and am not as bad off as others. I maybe would take a 2-4% hit on my equity if I sold, but man I wish I kept my capital for a chance to buy in this market. As it is right now, I don't have enough cash or income to make a bid without first selling my current home.
I own my home. I had to go through some tough times, sacrifice some things, blood, sweat & tears but my home is my home now.
So suck it mortgage companies!
So suck it mortgage companies!
There's nothing wrong with that.
I had an opportunity to buy a small house on an acre and a half of land for $9,000. I was only a couple years out of high school though. I kick myself now.
Congrats Dave!
: 
So is it close enuf that you can have a house-warming party there in conjunction with SDCC this year? We can all catch a bus or train or sumpfing. huh? huh???? 
ProgMatinee
circlesendwheretheybegin
Hijacking this old thread to ask people about refinancing.
I'm currently at 6% and want to refi down to a 15 year and want it obviously as low as I can get it, without paying a fortune in points.
I know there is no such thing as a "free" refinance. My neighbor claimed he didn't have to pay for a refinance, but I'm certain what happened was they simply added the cost to his mortgage so he didn't pay anything "out of pocket".
Anyways, my simple question is realistically how much should closing costs, title, etc be on a refinance for say $150k to $200k?
My current mortgage holder wanted to charge me like $4000...I said "no way".
I'm currently at 6% and want to refi down to a 15 year and want it obviously as low as I can get it, without paying a fortune in points.
I know there is no such thing as a "free" refinance. My neighbor claimed he didn't have to pay for a refinance, but I'm certain what happened was they simply added the cost to his mortgage so he didn't pay anything "out of pocket".
Anyways, my simple question is realistically how much should closing costs, title, etc be on a refinance for say $150k to $200k?
My current mortgage holder wanted to charge me like $4000...I said "no way".
I'm trying to find someone who's willing to participate in the governments new FHA Short Refi program. It's seriously made for someone who's exactly in my position. Current on mortgage, house isn't worth what I paid for it, great credit, qualifying income, not currently in an FHA program etc, etc. Yet amazingly no one I talk to has any information on it. I mean why bother rolling out a program last Tuesday only for no one in the entire industry to know, or be willing to participate in it? It's infuriating.
refi'd mine down to 5% last may. 
ProgMatinee
circlesendwheretheybegin
refi'd mine down to 5% last may.
Do you mind saying (or pming) how much the true cost of the refi was? Is $4000 in the ball park? I figure these things need to be less than $2000.
If I pay $4000 for a refi its going to take 3 years for my equity to catch up to where it would be if I just keep paying at 6%. I want somehting where I make my money back in 18 months in case I decide to move.
Mesa
Super Freak
I thought refinancing usually cost 1 point (1%) of loan value. So for a $200k, you'd pay $2000.
But this is just what I thought I read or had to pay when I refinanced a couple years ago. Not sure if thats correct.
But this is just what I thought I read or had to pay when I refinanced a couple years ago. Not sure if thats correct.
The Craw
Super Freak
$4000 is about right for the value you're talking. most refinance charges take about 2 years to start paying for themselves. that's just part of the game. if you don't plan on staying in the same house for the long run then refinancing is a waste of time really.
Deadly Dagger
Minister Of Fire
I'm at 5% (for 8 yrs now on a 30)...I think I have a chance to get a 15 yr at 3.9....HIIIIOOOOooOOOooOOoOOO!!
316what
The Real Vic Mackey
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First off, I assume you currently have a 30 yr loan....how long have you had that loan? If less than 10 years, you might be better doing a 30 yr fixed refi. You can still pay the same amount as you would on the 15 yr and pay it off early. And it leaves you a little "fluff" room in case an emergency comes up.
As for the costs, like was previously said, it varies by state. Probably somewhere between $2-4K.
I just did this with the VA Short Refi program. I'll PM you my guy's contact info and you can call to see if he's participating in the FHA Short program. He's in Colorado but it doesn't really matter where the bank is...I'm in Ohio afterall.
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