• Welcome to the Contour Enthusiasts Group, the best resource for the Ford Contour and Mercury Mystique.

    You can register to join the community.

I will own a home

If you can, put in a couple extra payments a year. It will knock down what you pay over all a lot in the end....like taking years off the mortgage.
 
elraido said:
If you can, put in a couple extra payments a year. It will knock down what you pay over all a lot in the end....like taking years off the mortgage.
Click to expand...


if I can I will. an interesting point about my insurance is I am taking the dividend option. So I will get money back at the end of the year. Figure I can use as extra for one payment.
 
99 red SVT said:
what's a dividend option? wouldn't that mean that you're paying extra somewhere?
Click to expand...


the way it works is that an amount is payed up front, which is more then the divident option. but at the end of the year I am cut a check and that amount actually brings the price down to below if I didn't opt for the dividend option and pay up front.

So the insurance with a 1k deductable would run $546 a year. but if I opt for the dividend option I pay $687 but after the dividend it would be $515.

I do the same with my auto insurance. So I pay ~ $2300 up front for my 3 cars but I get a check back for ~$500. So basically I can then take that money and use it to help pay next years bill.

but in other news things are going well. The seller isn't going to repair/replace the two items I asked about but I am getting another $1200 credit to cover them. The mortgage was approved and now all I have to do is finish lining up the insurance and get the rest squared away.
 
elraido said:
If you can, put in a couple extra payments a year. It will knock down what you pay over all a lot in the end....like taking years off the mortgage.
Click to expand...

i did a bi-weekly mortgage and i love it. i end up with one extra payment a year without even noticing. plus the bi-weekly hit seems less than one large one per month, even though it is the same amount per month.
 
well, if you got a single loan, then its not much paper work.
when we closed, we had the two loans so it was twice the normal paperwork.
our refi went soooo much quicker.
 
rouar said:
ah. I need schooling..
Click to expand...

People typically go with an 80/20 loan to avoid PMI, which is what lenders will charge if you don't put at least 20% downpayment on the loan.
They typically charge you a higher interest rate on the 20% loan, so in effect, they're still somewhat getting that PMI.

pmi is private mortgage insurance - it protects the bank in case you're a deadbeat on your payments.
 
well tomorrow is the day ... final walk though at 10 am and meeting with the attorney at 11 am ... then my storage unit will be emptied to the garage.
 
the worst part of buying a house is moving in.

Spent 12 hours saturday moving my sister in-law out of her apartment.
i was told there wasn't too much to move, i packed a 19' u-haul from top to bottom/front to back without a square foot to spare.
it wouldn't have been to bad if i had more help than just one other person.
blah
 
lol. as for moving I am going to take the month of january to move everything. so no rush and I can get most things myself. i'll have to get a truck for the larger furniture that I can't break down. parents and brother will be here today to help with the storage unit, which most things are boxed up.
 
good plan - I did that for my last move. It worked out well, only one pickup-truckload of furniture and the rest fit in my car over stress-free multiple trips. It also gave me a full month to sell off furniture I wouldn't use / couldn't put in the new place.
 
Snipey said:
Congrats, i'm in the same boat.

i've got a lowball offer out on a short-sale house in my area, but short sales can take forever. luckily time is on my side so i'm relaxing and continuing saving $$
Click to expand...

Update - lowball offer was accepted, P&S signed, inspections are on friday. Closing end of Jan if all goes well.

Looks like we're both moving right along heh. Cant wait for my own garage :drool:
 
You must log in or register to reply here.
Back
Top