Mido

Thanks Shane, very informative. Will be contacting you in the near future since you're in OC (30 Mins away)

Hello CB family, Long time not posting hoping y'all doing great. My mother in-law is selling one of her houses in Southern California and she asked me if someone I know might be interested and I thought It might be a good investment option to buy her house and rent it out. So assuming this idea is good enough how should I proceed? do we both go thru the same Loan Officer, Lender, Realtor, etc.. The house price based on Zillow/Redfin/Realtor/Opendoor is averaging $440K and I have my own house already that I pay mortgage on it. I appreciate your input everyone.

Thx hegemony. At some point I felt like doing it so I don't look bad in front of the loan officer but honestly who cares? Your approach makes sense to me. They are adding $4000 extra on the loan from $383K to $387K and another 15 months to the loan maturity date from 8/2049 to 11/2050 and also those closing costs of $2000+ all for $8 less a month and only 0.5% less and on top still keeping the PMI. I'm now convinced that this is refinance isn't the greatest option at the moment. Sent from my SM-G892U using Tapatalk

@cv91915 Did I get that right? Current loan: Interest 1,040.11+ 265.36 PMI = 1305.47 x 60 = 78,328 (5yrs) Interest 1,040.11+ 265.36 PMI = 1305.47 x 120 Months = 156,656 (10yrs) New Loan: Interest 888.13 + PMI 267.11 = 1155.24 x 60 months = 69,314 (5yrs) Interest 888.13 + PMI 267.11 = 1155.24 x 120 months = 138,629 (10yrs) Saving on interest Current VS New: $78,328 - $69,314 = $9014 (5 yrs) = $1803/yr saved in interest = $150/mo saved on interest. $156,656 - $138,629 = $18,027 (10 yrs) = $1803/yr saved in interest = $150/mo saved on interest.

Saving interest on the long run. from 3.25% to 2.75%

@cv91915 Am I doing this correctly?? Current loan: Interest 1,040.11+ 265.36 PMI = 1305.47 x 60 = 78,328 (5yrs) Interest 1,040.11+ 265.36 PMI = 1305.47 x 120 Months = 156,656 (10yrs) New Loan: P&I 1582.13 + PMI 267.11 = 1849.24 x 60 months = 110,954 (5yrs) P&I 1582.13 + PMI 267.11 = 1849.24 x 120 months = 221,909 (10yrs)

Let me do that . So just add up the interest + PMI for 5yrs and 10yrs (current loan) and do the same for the new loan. The escrow shouldn't be in calculation. am i correct?

@cv91915 My October Mortgage statement shows $265 Insurance Premium Disbursement. This is the PMI am I correct?

You're right and I'm not in it just to save $8.00 monthly but I was thinking if its worth it thru the loan term (30 years) to save on the interest rate from 3.25% to 2.75% thru the loan term especially the closing costs aren't that bad and also since I'm planning to live in this property for the next 5-10 years. I dont think i would be eligible for a conventional loan in a year or so. Maybe longer but definitely not a year.

There's a PMI I just don't see it. I'm positive there is I guess my goal is to significantly save on the interest rate from 3.25% to 2.75% thru the loan term and since i am planning to live in this property for the next 5-10 years.

Hello CV and everyone, Wanted your brutal opinion because I am in the process of refinancing my FHA loan and just received the loan closing disclosure (CD) today but wanted to know if I'm doing the right thing and/or its worth it or Not. My current FHA loan as follows: Appraised Property Value $400K Current Loan interest rate is 3.25% (closed this loan 13 months ago) Original Loan Amount $393K Current Principal Balance $383K (30yrs loan and nearly 29 yrs left). Loan Maturity date 08/2049 Current Monthly payment $2400 (Principal $671+ Interest $1,038 + Escrow $690) VS. My FHA refinance loan will be as follows: Appraised Property Value $400K New Loan interest rate is 2.75% Original Loan Amount $387K Principal Balance $387K (30yrs loan). Loan Maturity date 11/2050 New Monthly payment $2391 (Principal + Interest = $1,582 + Escrow $542 + PMI 267) Cash to close from borrower (me) $2089 Thank you all for your feed back.

You're right, I was shopping for a house in 2019 and I asked you guys here about it. I got the house as FHA loan and put down the minimum 3.5% I can find out if there is an equity (I said probably not really sure above) because I'm still new at this mortgage and stuff but if there is how should I do that? If not, what would be the next step handling NFCU CC? Sent from my SM-G892U using Tapatalk

Probably can but I don't think it's feasible. Current HELOC rates range between 3% and 21%, depending on the borrower's creditworthiness. I don't have perfect credit and I assume will end up with a rate of more than 10% Sent from my SM-G892U using Tapatalk

Hello everyone, Its time to man up and not being too proud to ask for help so thank you again in advance. I have been building my credit since 2015 with an ultimate goal of 1) clearing the baddies (all gone except one late payment in 2016) and 2) buying a house (which I did last year (NOT with Navy Federal) with a very low FIXED Interest rate of 3.25% if you're wondering how low it is I said it once and i am saying it again; I could've NOT done that without the help of this Board and the experienced members who walked me thru it all. However, seems like I need your help again with my NFCU CC. I have $16k in CC debt with NFCU and the minimum payment is getting me to 2 place places 1) No where, and 2) to the point where I can't afford it anymore. My NFCU CC APR is 14% which results in roughly $190/month (interest alone). In the year 2019 alone, I paid $2300 (Interest Only). I heard about Settling Credit Card Debt with Navy Federal Credit Union but this option requires you to miss payments in order for you to settle with them which I do NOT want to pursue (I never missed a payment actually since I got their card years ago). also, I read about NFCU financial counseling, where you fill out a Personal Finance Information Sheet and a Financial Counselor contacts you to discuss your option. Now it might sound dumb but hear me out, I can get a loan from my retirement account (max $5,000 with an APR of 6.5%) to pay off SOME of this NFCU CC debt as lump sum and if done this retirement loan monthly payment will be deducted from my paycheck on a payment plan from 1 to 5 years (I choose the term). Can you help me with any of the above options if you think its worth it? Or should I let NFCU go?

As @cv91915 said "I would ask anyway" I mailed a goodwill letter to the CEO of Toyota North America himself (Michael R. Groff) twice (1 times in 2018 and 2017) and I got a nice mailed letter from his office that says "No, We Can't do it unless its an error". Give it a try and you never know. but I personally gave up and carried on.