~mike
happy in my mud hut
Thanks for the replies everyone!
So we made an offer, it was accepted, contingent on the buyer getting their money in 30 days. If not, we're in default, lose our earnest $, and possibly the mobile to a higher offer. Credit Union sez it'll take 45 days. Arrggh..
Realtor we're dealing with has a favorite go-to mortgage company, had a talk with them today, and uploaded another loan app and all the other paperwork. FWIW, appraisal is required by both so no saving that 5 bill$
CU app is on hold for now. I love my CU, and so does everyone apparently, very busy. They're pretty popular around here.
Rates are the same EXCEPT, the CU offers an 1/8 point off but comes with discount points and more closing costs. The MoCo doesn't offer the 1/8 reduction but less out of pocket. Payment is about $12 different so not hardly a deal breaker. Closing in 3 weeks likely, and 'practically' guaranteed within 30 days. If push comes to shove, I CAN get enough cash together to fend off default.
So aside from the long closing snafu, things are progressing nicely. Very nicely, actually-- as with every other refi we've ever done, we're pulling a bit of extra out to pay off a couple of loans, the payments of which are more than our current mortgage payment. Yeah, I know, paying interest for 30 years on a few bucks isn't the best financial move, but at least it's LOW interest - AND, I just got my SS approval letter yesterday. Mo money! And with that I'm going to inquire with the SSA about eliminating our self employment taxes (which their paperwork indicates is do-able, if I read it right)... So what started out a few days ago as a bit of a spooky ordeal to help out some family, when all the numbers are crunched- lower mortgage payment, new SS money, zeroing out 2 bills, and keeping our SE tax for ourselves, our take-home pay will increase over $4k per month-- works for me!
And yeah, I know most of this windfall has nothing to do with acquiring housing for the kids-- but who cares?
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ELEVEN - rotary cutter tool machines
FOUR - CO2 lasers
THREE- make that FOUR now - fiber lasers
ONE - vinyl cutter
CASmate, Corel, Gravostyle
She probably would have, but having a 30-year loan gives people cash-flow flexibility in case of a loss of income. Make double payments (extra to principal) from the start, then if there's a change in job status for a few months, you can pay just the regular payment. I seem to recall calculating it as about 10 years to payoff (but don't quote me on that) with double payments on a 30-year mortgage.
Just did a calculation, $200k loan 3% 30 years, payment is $842, adding $842 each month will pay off the loan in 11 years 7 months...
Same amount at 2.8% for 15 years, payment is $1362, a difference of $520... now add that $520 to the 30 year payment, and the loan will pay off in 15 years 4 months-- nearly a wash...
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ELEVEN - rotary cutter tool machines
FOUR - CO2 lasers
THREE- make that FOUR now - fiber lasers
ONE - vinyl cutter
CASmate, Corel, Gravostyle
ok, maybe not "nearly", but $5200/15 years is $28.88 a month-- many people's credit card interest is higher than that. Just sayin'
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ELEVEN - rotary cutter tool machines
FOUR - CO2 lasers
THREE- make that FOUR now - fiber lasers
ONE - vinyl cutter
CASmate, Corel, Gravostyle