Holy cow! You must have been a hell of a risk when that mortgage was underwritten! Or is it because it’s an FHA mortgage?
On a $285k mortgage we put 5% down on ($300k sale price) our PMI is $83/month. Even that’s a screw, as the house appraised for $315k. They would get their money back and more if we defaulted. That’s another reason for the refi, although a minor one. Get rid of PMI and accelerate the mortgage. Cost about $1400 to buy down a point, that will get amortized in no time flat. We pay biweekly on the current one and will do the same on the refinance, too. That means two payments a year go directly to principle. -D > On Apr 29, 2020, at 6:24 PM, Kaleb Striplin via Mercedes > <mercedes@okiebenz.com> wrote: > > If at some point I sell the old house I would imagine I probably will take > the cash from that and plow it into this house then refi it at a much lower > rate and term and without PMI. The loan in the new house is FHA and the PMI > is close to $300 a month of the payment. > > Sent from my iPhone > >> On Apr 29, 2020, at 5:03 PM, Dan Penoff via Mercedes <mercedes@okiebenz.com> >> wrote: >> >> That sucks. Sorry to hear that. >> >> We just did a refinance on our new house because we went into with the bare >> minimum (5%) to avoid tying up cash. Now that our former house has sold, >> we’re rolling a good part of the proceeds into the new house’s mortgage and >> knocking the rate down over a full point to 2.5% for 15 years. We applied >> and got approved in record time, like three days. Mortgage guy said we would >> probably not be able to close until mid May, as new home buyers get priority >> in the closing queue. >> >> New home mortgages must have tanked significantly, as our late May closing >> is now next week. >> >> Another interesting thing: Our mortgage company is requiring employment >> verification within 24 hours of our closing and a questionnaire about >> COVID-19 issues that have Federal penalties if you misrepresent the answers. >> Wow. >> >> -D >> >>> On Apr 29, 2020, at 5:53 PM, Kevin Kraly via Mercedes >>> <mercedes@okiebenz.com> wrote: >>> >>> The deal for the other house didn’t work out, so we’re staying put at least >>> for now. Since we don’t have enough income for another loan for the new >>> property, we either have to be able to do a rent/pre-occupancy deal while >>> our house sells or a contingent, bumpable buyer. With four dogs, and being >>> both visually impaired, we can’t be in limbo without a place to live. The >>> seller’s lender was going to allow pre-occupancy, but her lender wouldn’t >>> approve our rent as income so she couldn’t more forward with the loan on >>> her new property. >>> Kevin in Hillsboro, OR >>> 2019 Sprinter 750 miles, Low Mileage Lutgard >>> 1982 240D, High Mileage Hildegard with the low mileage engine, soon to be >>> back on the road!!! >>> >>> Sent from my iPhone >>> >>>>> On Apr 29, 2020, at 2:44 PM, Dan Penoff via Mercedes >>>>> <mercedes@okiebenz.com> wrote: >>>> >>>> Yeah, I was really lucky to score this one. I’m surprised someone didn’t >>>> beat me to it. >>>> >>>> Sounds like the 240D is just about ready to go. How much longer before you >>>> move out to the new digs? >>>> >>>> -D >>>> >>>>> On Apr 29, 2020, at 5:11 PM, Kevin Kraly via Mercedes >>>>> <mercedes@okiebenz.com> wrote: >>>>> >>>>> Sounds like you got an awesome deal on that E420! A used car of any era >>>>> with EVERYTHING working is a rarity, let alone one that is 25 years old! >>>>> I finally got some news on my 1982 240D that’s been in the shop since >>>>> February. They are wrapping things up, and it COULD be ready by the end >>>>> of the week! It will be nice to have Hilde back! My niece moved up here >>>>> from California, and she’s excited to drive it! >>>>> Kevin in Hillsboro, OR >>>>> 2019 Sprinter 750 miles, Low Mileage Lutgard >>>>> 1982 240D, High Mileage Hildegard with the low mileage engine soon to be >>>>> back on the road!!! >>>>> >>>>> Sent from my iPhone >>>>> >>>>>>> On Apr 28, 2020, at 8:18 AM, Dan Penoff via Mercedes >>>>>>> <mercedes@okiebenz.com> wrote: >>>>>> >>>>>> The $1500 1995 E420 arrived yesterday morning from Columbus OH about >>>>>> 9:30. No surprises for the most part. >>>>>> >>>>>> I forgot how much fun these cars are. Really. The W124 has that “bank >>>>>> vault” feeling when you close the door, and the interior, while spartan, >>>>>> is comfortable yet “tight”. Engine idles smoothly, could easily pass the >>>>>> champagne glass test. Everything, I mean EVERYTHING, works on this car. >>>>>> If there was a complaint I would say that the sunroof doesn’t open all >>>>>> the way, but that’s clearly due to a need for a good greasing. >>>>>> Suspension is tight, there’s no wandering, swaying and the steering >>>>>> tracks straight and true. >>>>>> >>>>>> The good: >>>>>> >>>>>> Everything works >>>>>> 113,000 miles on the clock >>>>>> All maintenance up to date >>>>>> Nearly new (snow) tires on the car, spare set of wheels with old >>>>>> Michelins >>>>>> Suspension rubber appears to be tight >>>>>> No road or drivetrain noises >>>>>> Inside of valve covers are CLEAN >>>>>> >>>>>> The bad, or not so bad: >>>>>> >>>>>> Paint on roof is toast. Clear coat is a crackle finish. Good part is >>>>>> that this is limited to the roof, so it would be easy to fix. Rest of >>>>>> the paint is good. >>>>>> Driver’s seat bottom is torn >>>>>> One rear headrest is split >>>>>> Front bumper cover is missing under right corner. Gone. >>>>>> ASR and ABS lights are on. SDS revealed a bad idle position switch, >>>>>> which is on order >>>>>> Brake booster leaks internally >>>>>> Both air intake hoses are toast >>>>>> Broken right front sway bar bracket >>>>>> Coolant reservoir level switch is bad >>>>>> Trunk lid stops are gone >>>>>> Fuse box lid has one hook broken off >>>>>> Retainer mounts on the tops of the headlights are broken or missing >>>>>> Blower motor regulator needs to be replaced, only runs on low speed >>>>>> Cover for seat heater fuses is missing >>>>>> >>>>>> So yes, it’s not perfect and there are some minor repairs needed, but >>>>>> the seller made these all known so they’re not a surprise. I’ve ordered >>>>>> all of the parts necessary for the repairs so as those trickle in I’ll >>>>>> be covering the jobs as I do them. Big ones will be the brake booster >>>>>> and the blower motor regulator. All the rest are little rinky-dink ones >>>>>> I can do as the parts show up. I ordered a new lock cylinder, too, as >>>>>> the keys I have are both pretty worn. Might as well replace the lock >>>>>> cylinder and get a new key out of the deal since I would order a new key >>>>>> anyway. >>>>>> >>>>>> I’ll drive it with the snow tires as they’re literally new. No need to >>>>>> drop serious coin for new skins when these will do the job, they’ll just >>>>>> wear out quicker. I got a new front bumper cover for under $150 shipped, >>>>>> so I’ll need to rattle can that along with the bumper strip, since it’s >>>>>> still black (should be bumper color on this model year). >>>>>> >>>>>> It may take some time to get the paperwork sorted since I’ve got to do >>>>>> everything with the tax collector (they do all the DMV stuff in FL) >>>>>> through the mail. I could swap a valid plate from one of my other cars >>>>>> and drive it without an issue, I’m sure, but it would be nice to be >>>>>> legal. >>>>>> >>>>>> More fun as it takes place! First parts order is probably due on >>>>>> Thursday, so that’s when the fun really starts! >>>>>> >>>>>> -D >>>>>> _______________________________________ >>>>>> http://www.okiebenz.com >>>>>> >>>>>> To search list archives http://www.okiebenz.com/archive/ >>>>>> >>>>>> To Unsubscribe or change delivery options go to: >>>>>> http://mail.okiebenz.com/mailman/listinfo/mercedes_okiebenz.com >>>>>> >>>>> >>>>> _______________________________________ >>>>> http://www.okiebenz.com >>>>> >>>>> To search list archives http://www.okiebenz.com/archive/ >>>>> >>>>> To Unsubscribe or change delivery options go to: >>>>> http://mail.okiebenz.com/mailman/listinfo/mercedes_okiebenz.com >>>>> >>>> >>>> >>>> _______________________________________ >>>> http://www.okiebenz.com >>>> >>>> To search list archives http://www.okiebenz.com/archive/ >>>> >>>> To Unsubscribe or change delivery options go to: >>>> http://mail.okiebenz.com/mailman/listinfo/mercedes_okiebenz.com >>>> >>> >>> _______________________________________ >>> http://www.okiebenz.com >>> >>> To search list archives http://www.okiebenz.com/archive/ >>> >>> To Unsubscribe or change delivery options go to: >>> http://mail.okiebenz.com/mailman/listinfo/mercedes_okiebenz.com >>> >> >> >> _______________________________________ >> http://www.okiebenz.com >> >> To search list archives http://www.okiebenz.com/archive/ >> >> To Unsubscribe or change delivery options go to: >> http://mail.okiebenz.com/mailman/listinfo/mercedes_okiebenz.com >> > > > _______________________________________ > http://www.okiebenz.com > > To search list archives http://www.okiebenz.com/archive/ > > To Unsubscribe or change delivery options go to: > http://mail.okiebenz.com/mailman/listinfo/mercedes_okiebenz.com > _______________________________________ http://www.okiebenz.com To search list archives http://www.okiebenz.com/archive/ To Unsubscribe or change delivery options go to: http://mail.okiebenz.com/mailman/listinfo/mercedes_okiebenz.com
