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Str8BacardiL
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^^^ I would say not. There are all kinds of remedies cities have for nuisance properties, but someone smoking pot inside of a private residence does not really create a nuisance.

I would ask them not to cook any meth in there or sell crack out of the residence however.

12/25/2015 11:03:51 PM

dtownral
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Who does everyone recommend?

12/30/2015 10:16:13 PM

dtownral
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Any brokers on here that can give me some advice?

I plan on buying a house in the next year but need to buy a car soon and I want to make sure that I don't get an auto loan that hurts my borrowing power.

I have pretty good cash available, but I can get auto financing 0-2% so to me it makes sense to finance more of the car and keep all my cash for a larger down payment to a house. My concern is that a higher auto loan payment (say $630/month vs $400ish) might make enough of a difference with my debt ratio that it would hurt my lending. My credit score is around 800.

using the higher auto loan amount, i think my back-end ratio would be in the 25%-28% range (don't have all of the wifes finances in front of me so i have to estimate, it will also fall in a couple years when our student loans are finished). Since I'd still be under 30%, is this something I shouldn't worry about?

12/31/2015 8:19:05 AM

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Anyone have a recommendation for a real estate attorney?

11/15/2016 2:56:06 PM

DonMega
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I used Becker on Creedmoor Rd earlier this year and was very pleased. http://www.beckerlawpllc.com/

11/15/2016 3:15:27 PM

Jrb599
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^^Seems like buying a cheap car for now might be smart

11/15/2016 3:33:01 PM

Str8BacardiL
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Buy house first, then car. It looks like you will be fine based on the situation described but safest thing to do is get the house first.

11/15/2016 4:31:02 PM

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Quote :
"it makes sense to finance more of the car and keep all my cash for a larger down payment to a house. My concern is that a higher auto loan payment (say $630/month vs $400ish) might make enough of a difference with my debt ratio that it would hurt my lending."


What's your household income, how much do you want to spend on a house, and how much do you want to spend on a car? I definitely agree with getting the house first tho.

Quote :
"Seems like buying a cheap car for now might be smart"


If dude's considering a $600+/month car payment he clearly doesn't want a cheap car.

[Edited on November 16, 2016 at 12:44 AM. Reason : ^^^ how much were they?]

11/16/2016 12:37:53 AM

dtownral
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update: i talked to a mortgage broker last year before buying a car, the auto loan amount wasn't going to impact the mortgage in any way so i financed the car since the rate was so low

we ended up delaying our house purchase though because it looks like we will be moving because of jobs very soon, so it ended up being a non-issue anyways

11/16/2016 9:07:46 AM

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Yah I guess it comes down to how close to your max aproval amount you're going to spending on a house.

11/16/2016 9:23:49 AM

Darb5000
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I'm looking to take out a home equity line of credit to fund some improvement/repair projects.

Do appraisals fluctuate up or down during the year based on the strength of the housing market at that moment or does their 3-6 month window of comps smooth that out? I know that Dec/Jan tends to be slower for selling but didn't know if that made a difference when getting an appraisal for a loan.

12/19/2016 3:51:53 PM

MaximaDrvr

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Comps are sales within the last 12 months, so you can see some fluctuation, but usually it isn't huge. Additionally, if you disagree with the appraisal you can issue a rebuttal with your own comps.

12/19/2016 4:17:32 PM

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I just got a fantastic appraisal a few weeks ago fwiw

12/19/2016 4:29:52 PM

RattlerRyan
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I just got approved through secu's first time homebuyer program, $0 down and no PMI I just hope the ARM doesnt screw me over in 15 years but I will cross that bridge if/when I have to.

12/19/2016 5:24:04 PM

David0603
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15 year arm !?!?!

12/19/2016 5:38:00 PM

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^^ please tell me you didn't do SECU's two year ARM...Or any ARM really You need to lock in these rates while you can. You can't really "deal with it" once/when rates go up.

http://m.csmonitor.com/Business/Saving-Money/2016/1121/What-does-President-Trump-really-mean-for-mortgage-rates

12/19/2016 6:26:23 PM

Darb5000
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I think they're doing a 5 year ARM instead of 2 year now. Their longest fixed is typically 15 years so if you're a first time buyer without a large down payment their ARM is still a decent product - especially if you aren't going to be in that home for much more than 5 years.

I had their 2 year ARM on my first purchase about 6 years ago. At the time they had an option where at the end of the 2 years you can pay a .75% origination fee and keep your introductory rate for another 2 years rather than have it increase. This would usually pay for itself in just over a year compared to increasing the rate.

12/20/2016 9:09:11 AM

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Quote :
" Their longest fixed is typically 15 years"


Pretty sure they do 30 year fixed too, but their fixed products have never been that attractive.

Quote :
"especially if you aren't going to be in that home for much more than 5 years."


That's the gamble.


What's the rate at now, and what's the max adjustment each 5 year period RR?

[Edited on December 20, 2016 at 11:41 AM. Reason : For the record I love their first time homebuyers program, it just seems like rates arent gonna be this low again for a long time]

12/20/2016 11:40:42 AM

Darb5000
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Unless a local branch offers something different, the SECU only offers fixed rate mortgages of 10 and 15 years.

For the ARM, the rate depends on the down payment but for 100% LTV it is 4.25%. Max adjustment after 5 years is 2%.

https://www.ncsecu.org/Mortgages/AdjustableMortgage.html

12/20/2016 11:46:21 AM

Bobby Light
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Wow. I literally just got back from SECU, talking with them about a mortgage refi.

^Yep, that's all correct.

12/20/2016 12:45:22 PM

Bobby Light
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I'm currently at 5.25% on a 30 year fixed FHA loan I've been paying much too much, for far too long. ~$1350/month.

With a refi to this 5 year ARM from SECU, currently at 3.25%, my payments will be ~$995. And in 5 years, if the ARM does actually increase the maximum 2%, I'll be at 5.25% which is where I am now. So this SEEMS like a no-brainer, right?

I'd still want to be paying in the ~$1400, but have that extra $400/month go towards principle.

12/20/2016 1:15:48 PM

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^ Can you afford a 15 year fixed? 20 year fixed? You can get that exact same 3.25% for a 15, except it's fixed.

http://www.bankrate.com/mortgage.aspx?type=refinance&market=102&propertyvalue=250000&loan=180000&perc=20&prods=215&fico=740&points=Zero&cs=1

[Edited on December 20, 2016 at 1:27 PM. Reason : Are both the $1350 and $995 numbers including taxes and insurance?]

[Edited on December 20, 2016 at 1:28 PM. Reason : In general I just don't know about taking out another 30 year mortgage. One is bad enough!]

12/20/2016 1:24:30 PM

Bobby Light
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Honestly, I dont think we could comfortably swing a 15 or 20 year fixed. I'm going to need a new vehicle in the next year or so, and we'll likely also have child #2 on the way within the next year. So that's going to be ANOTHER $1400/month daycare payment (for a total of $2800/month for daycare)

We MIGHT could make it happen, but we'd be too "house poor" for it to be worth it I think.

[Edited on December 20, 2016 at 1:29 PM. Reason : .]

12/20/2016 1:28:47 PM

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How much do you owe currently?

12/20/2016 1:29:16 PM

Bobby Light
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~$160K. Bought the house for $183K, with basically no money down. So been paying massive PMI.

House should currently appraise for $200-210K though.

We wont be staying in this house for longer than another 2-3 years I'd bet. We'll need more space eventually.


[Edited on December 20, 2016 at 1:35 PM. Reason : .]

12/20/2016 1:30:21 PM

Darb5000
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I've done a couple of refi's through a mortgage broker and had very good results. You may want to reach out to her for comparison.

Sheila Foster
Corporate Investors Mortgage Group, Inc.
Phone: (919) 676-1111
sfoster@cimginc.com

12/20/2016 1:48:20 PM

Str8BacardiL
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Quote :
"~$160K. Bought the house for $183K, with basically no money down. So been paying massive PMI.

House should currently appraise for $200-210K though.

We wont be staying in this house for longer than another 2-3 years I'd bet. We'll need more space eventually. "


Some loans allow you to request a new appraisal (at your expense) to get pmi removed.

12/22/2016 8:54:20 AM

1985
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I bought my place a year ago for 306 with 12% down so im carrying PMI. I live in the insane housing market of the PNW so according to zillow/redfin my house has gone up to 366 over the past year and I've made a ~6k dent in principle.

If i appraise now to try and get rid of the PMI what are the odds the appraisal comes in at at least 20% above what I now owe, or is zillow/redfin pretty much BS and i should wait until ive actually paid the 20%?

12/22/2016 12:04:42 PM

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That's cutting it pretty close...I don't know what you pay in PMI, but it might be worth a shot.

Sample size of one, but my house appraised for about 5% more than the Zestimate, and there weren't any updates inside to cause it.

12/22/2016 12:30:29 PM

Darb5000
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There are also different ways that PMI can be structured. It doesn't necessarily have to be an ongoing monthly payment.

For my current house, I paid 300k with 10% down. I paid a one-time PMI of $3,699 which was included in the closing calculations so basically rolled into the loan itself.

12/22/2016 12:37:16 PM

RattlerRyan
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I mean, my appraisal only cost $330 (through SECU). It seems like even if there is a decent chance you could get rid of $texas PMI payments it would be worth the small price.

12/22/2016 2:29:08 PM

1985
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Thanks guys - I also just learned that the appraisal is good for 90 days, so if it comes up short I can just pay down the principal enough to make it work. gonna go for it

12/22/2016 3:38:37 PM

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Good luck! Let us know how it turns out!

12/22/2016 5:54:37 PM

ncsufanalum
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The SECU 5-year ARM is a great option. There is no private mortgage insurance associated with the loan. The max the rate can adjust is 2% every 5 years with a lifetime cap of 6% total adjustment. SECU is also a portfolio lender and they service their loans in-house and all their employees (5,000+) work in North Carolina. Always great to support your local economy, rather than some giant lender shipping jobs all over the world.

12/28/2016 6:29:07 PM

1985
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^ you work for them?

12/29/2016 11:12:49 AM

Str8BacardiL
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I can vouch for SECU loan. The underwriters at SECU are way more reasonable than the big banks too. They got me into my loan on my beach condo and my mother in laws condo with no problems. Condo loans are not as tricky these days but they were pure hell just a few years ago.

I wish I had gotten a fixed rate on my primary home for 3.x% back when you could do that. (probably will keep this home) Kept that with SECU because I did not want to pay closing costs again.

1/2/2017 11:36:44 AM

WarPack
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For a first time home buyer, where do I even start when looking to get a mortgage? I've got enough saved up for a down payment and want to buy within the next 1.5 years.

1/14/2017 9:37:39 PM

ncsuallday
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Just call a few banks and ask for quotes. You can look up the going rate on bankrate.com and just try to do better than that. Most mortgages are going to be backed by Fannie or Freddie and will include money toward the closing costs. You can get an in-house (proprietary) loan that will usually have a better rate but you don't get the credit toward closing costs. You can mitigate that by negotiating when you buy the house, though. The most common type of mortgage is a 30 year fixed rate. If you have a way to pay off a house quickly (i.e. you and your spouse make good money) you might be better off with a shorter term.

1/15/2017 1:29:50 PM

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30 year mortgages are a ripoff.

1/15/2017 6:21:05 PM

David0603
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How so?

1/16/2017 12:28:05 AM

Jeepin4x4
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^^How so?

1/18/2018 2:59:28 PM

DonMega
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I haven't gotten a 30 year mortgage since my initial mortgage as a new home buyer 15 years ago. I view 30 year mortgages the same way I view 7 year car loans, it is just a way to buy a house/car that is too expensive for you and it may put you in a tough financial position if you hit a rough patch.

You can convince yourself that you can make payments for 30 years, but that is a long time and a lot can happen. My last two mortgages have been 15 year fixed rate mortgages, and I hope to have my house paid off in the next 1.5 years.

1/18/2018 10:40:38 PM

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^^^,^^^ total interest paid vs other options. higher interest rate. 30 years away from full ownership.

1/18/2018 11:29:27 PM

David0603
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Quote :
"total interest paid vs other options"


I'm at 4%, which was even less when you think about the past years when itemizing made sense.
My portfolio has crushed that since I bought the place 10 years ago.

1/19/2018 12:35:11 AM

NCSUMEB
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Quote :
"I'm at 4%, which was even less when you think about the past years when itemizing made sense.
My portfolio has crushed that since I bought the place 10 years ago."


90% of Americans will not execute this plan and invest the difference, 95% will not invest and leave it alone. Not a math problem, it's a behavioral issue. Doubtful there are any 30 year periods where investing the difference in equities doesn't pay monumentally more (tax changes notwithstanding); just have to follow through. Of course, taking out a 30 year in 1998-2000 and investing other cash instead of paying down mortgage isn't exactly crushing it with the two largest bear markets since the depression. Lots of sleepless nights. There is quantifiable value in taking/passing risk. There would also be a huge difference to the downside in your personal example had you bought eleven years ago instead of ten, which I don't think was anything other than chance.

[Edited on January 19, 2018 at 10:34 AM. Reason : .]

1/19/2018 10:27:24 AM

wahoowa
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I did a 30 year to keep a lower payment but I make extra payments or a higher amount to pay it off faster. Gives me leverage to reduce risk if something happens like job loss (I can make the normal low payment), but in the good times I can make extra payments to pay it off faster. I wouldnt get a 15 year unless the monthly payment is less than 20% of take home pay.

1/19/2018 10:46:04 AM

NCSUam0s
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Quote :
"I did a 30 year to keep a lower payment but I make extra payments or a higher amount to pay it off faster. Gives me leverage to reduce risk if something happens like job loss (I can make the normal low payment), but in the good times I can make extra payments to pay it off faster. I wouldnt get a 15 year unless the monthly payment is less than 20% of take home pay."


Totally agree with this. We did a 30-year mortgage for our first house and paid it off in 8 years. The difference in interest rate between the 15- and 30-year options was negligible and we wanted to ensure we wouldn't be in a financial issue if one of us lost a job. We're doing the same with our second house and expect to have this one also paid off within 8-10 years of mortgage origination.

That being said, we also did not buy houses that were above our means and our jobs have been steady.

1/19/2018 11:45:43 AM

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Quote :
"I'm at 4%"


I get what you're saying, but total interest paid over the course of the loan:

Mortgage amount: $228,000 (Raleigh avg)

30 yr total amount paid/interest: $494,986/$206,986 (4%)
15 yr total amount paid/interest: $370,595/$82,595 (3.5%)

And as rates will probably be going up soon, the difference will become more pronounced.

Good for you if you think you can make up the ~$120k difference (or w/e it was for you) in the market over those 30 years, but that's obviously not your standard household, as it requires discipline and investment knowledge and time. I did the 30 yr initially with the intention of paying more each month towards the principal, but that lasted like 3 years...same for most who attempt I'm imagine.

There's also the benefit to owning your home outright in 15 vs 30, as well as every month on the 15 50%+ of your payment is going to the principle vs starting at only ~20% of your total payment on your 30 year payment. So if life happens 10 years into that loan, you'll be in a much better place with the 15 vs the 30.

[Edited on January 19, 2018 at 2:15 PM. Reason : ^ good for you too]

1/19/2018 2:09:44 PM

Douche Bag
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I'm on a 30-year mortgage too. I am very tempted to pay off my house, but at 2.95% fixed for 30 years, that's lower than my HELOC rate or any rate I'll ever see. Like others in this thread, I invested in UNH and AMZN and am up around 60-70% over the last 12-18 months. This likley already offsets the delta between a 15 and 30 year mortgage.

I struggle with this though, as I like the idea of having no mortgage payment, but this doesn't make sense if I can use the cash to buy flips and invest elsewhere, making 20%+ annually on the same money.

1/19/2018 2:47:32 PM

DonMega
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^ that works fine as long as you keep your job, no one in your family has a major medical issue, and the market performs.

The part that you are undervaluing is risk, and it's easy to discount the risk when we are in a long bull market.

1/19/2018 7:41:28 PM

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