1. Welcome to SportsJournalists.com, a friendly forum for discussing all things sports and journalism.

    Your voice is missing! You will need to register for a free account to get access to the following site features:
    • Reply to discussions and create your own threads.
    • Access to private conversations with other members.
    • Fewer ads.

    We hope to see you as a part of our community soon!

Att'n Home owners! Is it worth it?

Discussion in 'Anything goes' started by SoSueMe, Apr 20, 2007.

  1. shotglass

    shotglass Guest

    Guess we were lucky.
  2. RokSki

    RokSki New Member

    Good shopping :)
  3. BTExpress

    BTExpress Well-Known Member

    My &$%&# lender won't even allow me to raise my hurricane deductable.

    How they are legally able to get away with that, I don't know. I mentioned it as a possible story to my paper's insurance reporter, but she's never written anything on it.

    Can a lender make sure I'm covered? Yes.

    Tell me how much of a deductable I can take? WTF?

    54 months, bloodsuckers. Then it's goodbye forever to debt.
  4. Simon_Cowbell

    Simon_Cowbell Active Member

    10 percent?

    You had better put that amount down ... minimum.... to get a loan that is safer than a Great White Shark in a tank with Dubya's "blood-soaked underwear".

    I don't believe you can hope for that under any circumstance.
  5. BTExpress

    BTExpress Well-Known Member

    It takes 20 percent down just to waive PMI.

    I'm not sure 90 percent would guarantee a lender waiving escrow.
  6. Birdscribe

    Birdscribe Active Member

    We have an escrow account, but PMI is the biggest racket because like herpes, you can't get rid of it.

    Because we had an FHA loan, we had it on our first house. Ten years in, we owed $110,000 and the SoCal real estate market was going berserk. Homes in our area were selling for $300k plus.

    With that, I tried to get rid of it with our lender, which shall remain nameless other than its name begins with the letter C and ends with ountrywide. They send me a letter (I had to request the waiving of PMI in writing) saying that rising property values do not negate the loan-to-value ratio required to waive PMI.

    So I waived Countrywide, refinancing within a month of receiving that letter with another lender.
  7. Oz

    Oz Well-Known Member

    Exactly. And Rok, who's to say that when the market does bottom out, Sue would actually be in a position to buy the house? If it's the one, then go for it.
  8. Chi City 81

    Chi City 81 Guest

    Then things have changed since a couple friends of mine bought homes. Their lenders only made them put down 10 percent.
  9. KJIM

    KJIM Well-Known Member

    You can put zero down with some lenders. But it takes 20 percent (or extremely good credit, a slightly higher interest and a nice lender) to shake PMI.
  10. Pancamo

    Pancamo Active Member

    PMI is now deductible.
  11. slappy4428

    slappy4428 Active Member

    Not quite true... you need to have 20 percent into the value of the home.
    If you buy a house at 90k with nothing down, and pay off 10k at the same time the home value rises to 100k, PMI comes off...
  12. EStreetJoe

    EStreetJoe Well-Known Member

    For PMI you need to have 20% down or have your mortgage balance be 80% of the purchase price for the bank to waive PMI.

    Seven years ago when I bought my home I paid 10% down. A few years later when another 10% was paid off through principal payments (I was paying an extra $100-$150 a month toward the principal to get it down quicker) the bank cancelled the PMI and sent me a refund check for the portion of the unused PMI payments.

    I don't know what it would take to waive the escrow payments. But I imagine if you told the bank you wanted to pay the taxes on your own they would let you and then threaten to cancel your mortgage if you miss a tax payment. The bank I have my mortgage through threatened to cancel my mortgage a month after I moved in because I didn't pay a sewer bill I didn't know about (never received one from the township and the jerk that I bought the condo from never told me that the payment was due that month).
Draft saved Draft deleted

Share This Page