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Home Mortgage Advice

Find a place to live for cheap and spend your money travelling the world.

Plus, Richmond's a pretty kickass place to live.

Where in Richmond, just out of curiosity?

My fiance and I are meeting with a realtor tonight to start our search around the NoVA area. Sucks to be me (cost-wise) :(
 
Related to paying early, my primary credit card through Wells Fargo is set up to pay all of the cashback bonus that I earn directly towards the principal of my Wells Fargo mortgage on a monthly basis. I put virtually all of my expenditures on that card, so it adds up really quickly, and is a better long-term financial alternative than whatever I would have otherwise blown the bonus money on. I'm on pace to cut a year or so off my mortgage just by buying shit on the credit card that I was going to buy on it anyway.
 
Why would I want to pay my 30 year off early when I'm only paying around 4%? I can make a lot more than 4% using that money elsewhere.
 
Because most people don't actually invest their excess, dollar-for-dollar, in something generating more than their mortgage rate, especially in today's environment where a traditional savings/checking/moneymarket acocunt is not going to approach that return. They use it to go out to eat or to the movies or to buy a nicer car.
 
Where in Richmond, just out of curiosity?

My fiance and I are meeting with a realtor tonight to start our search around the NoVA area. Sucks to be me (cost-wise) :(
On Patterson, just west of the Museum District. Is definitely livable now but going to put some work into it and should make a decent profit when I eventually sell.
 
I admit it's totally bragging but I re-fi'd for a 15 at 3.25 and feel like a fucking porn star. 15's went even lower after I did. I just don't see those numbers ever returning in my lifetime.

Just closed on May 31. 15 years, 2.875% $1,700 REBATE!! And yes, I feel like a damn King.
 
Locked in 4.25% today for a 30-year with 0 origination fees. Definitely more than it was a month or two ago but it includes a float down as well in the case rates drop b/t now and closing mid-August.

Now off to the home inspection.
 
I admit it's totally bragging but I re-fi'd for a 15 at 3.25 and feel like a fucking porn star. 15's went even lower after I did. I just don't see those numbers ever returning in my lifetime.

i got a 30 year mortgage for 3% in late may

Why would I want to pay my 30 year off early when I'm only paying around 4%? I can make a lot more than 4% using that money elsewhere.

a rational person wouldnt but the idiots on this board would
 
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I've got a somewhat related mortgage question. I'm in the process of refinancing, with an expected closing date of 1/27/14. My existing Jan payment is due 1/1/14 with a grace period until 1/15/14. Since I'll be closing 12 days after at the latest, is there any harm in skipping my Jan 2014 payment? I could use that month's payment other places, but wont if doing so will somehow be hurtful.
 
Shouldn't hurt your credit as you won't be 30 days past due but if you go past your grace period you may end up with a late fee which will be rolled into the payoff.
 
Is that a percentage of the payment? The amount would be sufficient to pay off a credit card debt, which would leave me with absolutely zero debt other than my new mortgage. I'm trying to weigh the cost vs benefit. Its with your company btw bmoney.
 
Since you're closing at the end of January, your first payment on the refi won't be until 3/1/14, right? So just use your February mortgage payment to pay off the credit card.
 
Is that a percentage of the payment? The amount would be sufficient to pay off a credit card debt, which would leave me with absolutely zero debt other than my new mortgage. I'm trying to weigh the cost vs benefit. Its with your company btw bmoney.

I honestly don't know what the fee is. I'd guess something like 4% of your scheduled payment, maybe? And it would just be included in final payoff given to the attorney closing your loan.
 
So related to this (in a way), any good recommendations for a foreclosure atty/advocate in NC. (Specifically Western NC close to Morganton).
 
Since you're closing at the end of January, your first payment on the refi won't be until 3/1/14, right? So just use your February mortgage payment to pay off the credit card.

This. Also, if you don't make your January payment, the interest accrued will be added to your payoff so you technically are still making the January payment (interest only), just rolled up into your loan amount.
 
At 4.25% 30 but sold our old house and paid down the principal and have locked in at 3.375% 15 and my broker told me they are introducing a friends and family rate this week and he would price me out on Wednesday. HOW LOW CAN YOU GO!!!!
 
At 4.25% 30 but sold our old house and paid down the principal and have locked in at 3.375% 15 and my broker told me they are introducing a friends and family rate this week and he would price me out on Wednesday. HOW LOW CAN YOU GO!!!!

I would try to get out of the 15 year. Always go 30 year.
 
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