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.

That sucks .. I went through my handwritten notes (almost 2 years old notes) and I found the number for that Optima Program. Give them a call and I hope whoever answers DOES KNOW about the OPTIMA CARD - Regain Card Membership. call this number Optima Card App 800-592-1176 and/or this number 800-230-1284 and after verifying yourself the first person who answers ask him/her if she know about this program so you dont waste your and their time. Report back here if successful. Good Luck

Thanks WhyChat. I will settle with with OC. I was trying to buy time and stopping them from reporting it on CR

Was the gas card in a Corporate name?? Or in your own name or DBA?? Corporate Name (Not my name). What was the date of default? October 2019 What State are you in?? California

Hey, Sorry for LATE reply. I was away for few month. Its February 12, 2020 today, Any update to your Optima Regain Card Membership??

Hello WhyChat, My question is NOT Medical debt related but its for a Commercial debt and I hope you can put me on the right track. I received a letter from CA for a $680 Commercial Debt (Gas Card) and I mailed them right away a letter of Validation/Dispute/Cease and Desist (WITH PROOF OF DELIVERY ONLY, not certified mail and WITHOUT a return receipt) as instructed on your method. Received a response that since its Commercial Debt they (the CA) are not bound by Fair Debt Collections Practices Act (FDCPA). and they are sending me the Account monthly statement they received from the creditor as a debt validation that I owe this debt!! Any idea how to respond or proceed? Thank you

I do, just forgot to mention it. Down payment $15K and my SO own checking account $3K. Sent from my SM-G892U using Tapatalk

I Forgot to mention I have $15k for down payment also my SO have $3000 in her own checking account. The one above is my own checking account. So you think the FHA option would be better? I read yesterday about CalHFA and it seems pretty affordable if it's true. Sent from my SM-G892U using Tapatalk

Forgot to mention my AMEX optima card on my credit reports. Sent from my SM-G892U using Tapatalk

I truly need advice for my first mortgage and which way should I go or if I should wait to fix things (below) Here are the details: 1. As of April 2019 FICO Credit Scores NOT Mortgage Score: - TU 641, EX 648, EQ 625 (Myself). - TU 689, EX 691, EQ 702 (SO). 2. Credit Negatives: ONLY One (1) account on all reports considered negative which is a history of late payments on my Auto Loan (last 30 day late was March 2016 (over 3 yrs. ago). 3. Gross Income. $73,000 self & $20,000 my SO for part-time job = Total $93,000 4. Source of income. Full-time Employment – 73000 ME. Part-Time Employment – 20,000 SO. 5. Monthly debt payments. Financed Vehicle Payment $465 with 7 months left to be paid off. 2 NFCU maxed credit cards ($600 a month) one is mine and the other is my SO. Both CC has never been late but utilization is pretty high %90 (Pretty F/cked). 1 Discover CC (Monthly Payment $50). 3 AU on CC (Sears, and NFCU) i) Sears (31 years old account and utilization in 20%) I don’t personally make a payment on it. ii) NFCU (2 years old account and Payment is $60/mo). iii) Target (1-year-old account and payment is $30/mo). Should I ask to be removed from ALL AU cc?? Or it will hurt my Score. 6. Employment (No Gap in employment for the last 10yrs either for me or my SO). Type of employment: Full-time employment with a Government Agency for 4 years and my SO Part-Time private sector. I’m not LEO, Firefighter, or a teacher because I heard they have a special program for them. 7. Assets/Reserves. This is to determine how much I could potentially have as a down payment and also as reserves to help me qualify. As of April 2019 $29,500 (My 401k & 457) my balance increases roughly $550 a month because of my contribution and my employer contribution as well. $18,000 (My Pensions account.) $2,900 (My Checking account). 8. Location: This is to determine any Gov guaranteed loan limits, what special programs might be available, how much property taxes & homeowners insurance will likely be, amongst other items. - Riverside, CA. 9. Property Description: Single family home (Self, SO, and 2 kids) 10. Property Value. The Property we’re interested in $390K So what you think? Should I give it a shot or work on DTI and Scores? Should I consider NFCU mortgage loans? I believe my DTI as of now is between 35%-40% I heard about NACA program and FHA! Which one I go with OR should I go with NFCU for my first mortgage since they are my only bank. NFCU also have something called HomeBuyers Choice Loan along with their FHA. So which one should I consider in case I got qualified?

Hey CB, I'm sharing my experience with AMEX after falling behind on payments and NOT utilizing their hardship program which I should have in the first place. I used to have their PRG and I made plans to pay it off quickly once they canceled the card/account and while I was on payment plan with them I received their offer in mail to regain Card membership (pics below) if I paid off my balance on the PRG card and ANY other AMEX cards I have. I thought it's too good to be true and searched here and elsewhere about this program (Optima) and couldn't find a definite answer but since I planned anyway to pay AMEX off I was like why not giving it a shot? The real problem was to find or connected to an agent who understands the program because I had several unsuccessful attempts to find someone who knows what I am talking about in regards to this offer and almost all of them transferred me to the sales department to APPLY for new card and how this Optima card is NOT available anymore bla bla bla. Finally got connected to an agent who understood and found an electronic copy of my old offer for Optima (regain card membership) and he said he's gonna mail me new/updated letter and while on the phone he got his Sup/manager to approve the offer and told me he is going to send me an application for Optima to fill out (took a week to get in the mail) and I have only 30 days from the date of application to mail it back. I did and 2 weeks after I got notified they pulled my Experian CR although THE LETTER says that I'm approved for the Optima card. A week after Experian HP I got my card in mail with a $1,000 limit and they will put me on probation for 12 months to see how I will be handling this card lol. The card comes with a default $49 (AF). So for those who suspects the existence of this Optima card and Regain Card Membership program, I'm confirming its true and I guess it's worth it. Cheers. Sent from my SM-G892U using Tapatalk