Thanks, Karl. I don’t recall what the rate that was quoted, but we bought it down to 2.5% for about $1400. While I wouldn’t normally buy points, it was enough of a bargain that it made sense to do it. We’re not quite retirement age but the light at the end of the tunnel is definitely getting brighter, so anything we can do to reduce overhead while banking as much cash and investments as possible makes sense. In a pinch we’ll have plenty of equity as well if we needed it.
I’m sure most of the borrowers in your part of the world are using jumbo mortgages…I remember looking into them when I was living in San Francisco. Glad that didn’t pan out… -D > On Apr 30, 2020, at 12:25 PM, Karl Wittnebel via Mercedes > <mercedes@okiebenz.com> wrote: > > Yeah that 420 was a great buy Dan. > > 2.5 is a great rate. We just did 3.1 on a 30 yr fixed. It is a jumbo so I > think that bumps it up a bit also. > > There are some arguments for staying liquid but they all involve making > more than you are paying in interest on the mortgage. We wanted out of > pocket to go down. If prices tank we can use the equity to buy a rental or > something. > > On Wed, Apr 29, 2020, 3:03 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
