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Re: What Made you Smile/What Ticked you off Today?

Posted: Tue Feb 13, 2018 9:46 pm
by ESauced
Haha. The pit of misery? Aka the dank, dark basement where I’m working?

I’m not so much mad as really, really annoyed. Haha. I basically have the line already opened up and now I have to wait until the water stops dripping before I can glue the couplings. So it added an hour or so of waiting to the job.

Re: What Made you Smile/What Ticked you off Today?

Posted: Tue Feb 13, 2018 9:50 pm
by stickem
Well, I guess there is somebody that's happened to miss the budweiser commercials that they play a million times a day lol. Just a quote from that.

Re: What Made you Smile/What Ticked you off Today?

Posted: Tue Feb 13, 2018 10:11 pm
by ESauced
stickem wrote:Well, I guess there is somebody that's happened to miss the budweiser commercials that they play a million times a day lol. Just a quote from that.


Haha. Oh, I only watch Hulu unless it’s football season. and if that commercial started during the super bowl I happened to miss the super bowl this year.

Funny that I happened to grab a bud light to drink while I’m waiting though.

Re: What Made you Smile/What Ticked you off Today?

Posted: Wed Feb 14, 2018 10:00 am
by ElkinFencer10
Got a call last night that were some complications with my loan because it's a manufactured home. The credit union will give me a loan, but they'll only a 15 fixed rate loan with no down payment and no PMI. That would put me at about $800 per month. The other lender I've been looking at will do a 30 year fixed rate but requires a 5% down payment and PMI until I get my principal down to 80%. That would have me at roughly $605 per month until I hit that 80% at which point it should drop to about $560 per month.

On the one hand, the credit union is easier up front and will pay it off faster; on the other hand, I start off with a little bit of equity with the other loan and have a much easier monthly payment. I could find a way to manage either option, but with my anxiety issues, having a big wrench like that thrown in my plans abruptly sent me into a panic attack last night.

Re: What Made you Smile/What Ticked you off Today?

Posted: Wed Feb 14, 2018 11:21 am
by bmoc
If it were me and I could afford $800 a month, I'd go with the credit union. If you want equity, you can always throw extra money at it whenever you like.

Re: What Made you Smile/What Ticked you off Today?

Posted: Wed Feb 14, 2018 11:52 am
by ESauced
bmoc wrote:If it were me and I could afford $800 a month, I'd go with the credit union. If you want equity, you can always throw extra money at it whenever you like.


I’d go the other way for the same reason. If you want to pay it off in 15 years you still can with the 30 year loan. Make sure there’s no early payoff penalty though (none of the mortgages I’ve ever looked at have had one but good to check this). If you decide to pay off the 30 year faster than you can get the PMI removed faster too and have a really low monthly payment. Or if you’re really ambitious and put some work into the house, you can usually get it re-appraised after a year or two and if the mortgage amount is less than 80% of the home value after the new appraisal, you can get PMI waived even earlier. This requires paying for a new appraisal though.

Of course, this assumes your comfortable with making the down payment. And I’m sure your interest rate for the 15 year is lower but im also assuming it’s not astronomically lower.

Trust me from personal experience though, you don’t want to be house poor. So if you go with the credit union be sure you are in a good position to pay the extra on the monthly payment.

Re: What Made you Smile/What Ticked you off Today?

Posted: Wed Feb 14, 2018 1:03 pm
by ElkinFencer10
Actually the interest rate is a TINY smidge (less than one tenth of one percent) lower on the 30 year than the 15 year.

Re: What Made you Smile/What Ticked you off Today?

Posted: Wed Feb 14, 2018 3:11 pm
by ESauced
ElkinFencer10 wrote:Actually the interest rate is a TINY smidge (less than one tenth of one percent) lower on the 30 year than the 15 year.


Well, that seems like it would make the decision really easy to me. The reason to go with a 15 year over a 30 year is the interest rates are typically better. If the interest rate is worse there’s literally no benefit to the 15 year loan, unless you can’t afford the down payment on the 30 year, or the 30 year has an early payoff penalty. Otherwise the only reason you would want it is if you don’t save money well and want to be forced to pay off your mortgage faster.

Re: What Made you Smile/What Ticked you off Today?

Posted: Wed Feb 14, 2018 3:40 pm
by ElkinFencer10
I decided to go with the 30 year loan. The interest rate is effectively the same, but more importantly, I decided that I'd rather have a longer mortgage with a lower monthly payment than a shorter one with a higher payment. I could afford the 15 year payments, but I'd have next to nothing left to play with after paying the mortgage, the bills, various insurances, and putting a small amount away for retirement.

As was mentioned in Slack, it's probably "smarter" for me to go with the 15 year loan to build equity faster and pay it off faster, but honestly, I'd rather be in debt longer and be happier than be constantly miserable and stressed for 15 years trying to stretch what little discretionary income I'd have.

Re: What Made you Smile/What Ticked you off Today?

Posted: Wed Feb 14, 2018 3:44 pm
by MrPopo
And as said, you always have the option of making additional principle payments.