15yr Rates are back down...

User Forum Topic
Submitted by Coronita on April 11, 2012 - 8:09am

Trying to lock in this week....

Darn it, didn't get my appraisal done yet... Can't lock until it is....

Conforming.

30 Year Fixed Rate
Rate APR Points
3.750% 3.808% 0.000%
3.500% 3.712% 1.875%

15 Year Fixed Rate
Rate APR Points
2.875% 2.977% 0.000%
2.625% 2.999% 1.875%

Submitted by all on April 11, 2012 - 9:28am.

Do you plan to keep your current house (and mortgage) when you find an adequate move up property?

Submitted by Coronita on April 11, 2012 - 9:49am.

captcha wrote:
Do you plan to keep your current house (and mortgage) when you find an adequate move up property?

yes.

Submitted by SD Realtor on April 11, 2012 - 9:59am.

Odd I thought you can lock once you have submitted the loan app. I have locked several times on refis with Aim Loan prior to the appraisal being completed BUT I have to have paid for the appraisal first.

Submitted by Coronita on April 11, 2012 - 10:05am.

flu wrote:
captcha wrote:
Do you plan to keep your current house (and mortgage) when you find an adequate move up property?

yes.

Correction. yes sort of...

I'm not sure why though... It would suck as a rental because even with a 15 year loan, I could probably cash flow it right now only $300/month after taxes interest/etc . That's not too good because the equity in the place would be close to $460k. That would suck major donkey ass in terms of ROI.

Then again, I would have someone else paying for the remainder of the principal. Not sure if it would make more sense to sell and just buy investments that flows right away. Still haven't figured out what to do. That said, my monthly is less then rent by about 1000 bucks a month and not like I can earn *that* much on my principal in CD now anyway.

I would refi back to a 30 year, but for some reason I just can't bring myself to do that. In theory as a rental, I should because it would just lower my cost. In practice, may not be a rental for some time, in which case I want my payments to be going toward principal as much as possible. Then again, I'm going to be refinancing back out to the maximum limit to take advantage low interest rates and sidelining the money for more rental property should they be available. Then again, I don't know when that might be. Then again, I might not need it because my company compensation package fully vest by the end of the year. Then again who knows where the stock market will be by then and what the tax rate will be next year. Then again, i can get hit by a bus tomorrow and it doesn't really matter....

Decisions decisions decisions.

Submitted by Coronita on April 11, 2012 - 10:06am.

SD Realtor wrote:
Odd I thought you can lock once you have submitted the loan app. I have locked several times on refis with Aim Loan prior to the appraisal being completed BUT I have to have paid for the appraisal first.

Nope, not this credit union I'm working with. They are anal with a capital A.

Submitted by carlsbadworker on April 11, 2012 - 10:33am.

flu wrote:
Decisions decisions decisions.

LOL. No one can predict the future. All you need is good luck and some good spirit before then.

In fact, I almost thought this is the year of flu yesterday: your health is improving; you have successfully predicted the equity market drop a week ago and VXX quickly rose after you bought it; you bought a rental with good timing ... it seems that all you need is to have your side-gig company beating VC-backed firms in bay area.

But then VXX is tanking again today...so who knows. Luck is more important than everything else.

Submitted by Coronita on April 11, 2012 - 11:04am.

carlsbadworker wrote:
flu wrote:
Decisions decisions decisions.

LOL. No one can predict the future. All you need is good luck and some good spirit before then.

In fact, I almost thought this is the year of flu yesterday: your health is improving; you have successfully predicted the equity market drop a week ago and VXX quickly rose after you bought it; you bought a rental with good timing ... it seems that all you need is to have your side-gig company beating VC-backed firms in bay area.

But then VXX is tanking again today...so who knows. Luck is more important than everything else.

I sold VXX yesterday, because I wanted my $1500 bucks.
and I don't care :)

Sell 2,000 VXX BARCLAYS BANK IPATH NEW IPATH S&P 500 VIX SHORT
Details $20.272 $40,534.60

Thanks for reminding me to buy it back this morning...Now if only Valero and Alcoa pop more, I'd be happy.

My side gig is slow these days. Mainly because I had to halt some progress while I was out. Maybe I should just try to be a daytrader.. ( I'm kidding, I'm kidding)...

....But it is a better year for me (for now)...

Edit... I'm back in VXX at $19.72.... Lol/.

Submitted by outtamojo on April 11, 2012 - 11:15am.

flu wrote:
flu wrote:
captcha wrote:
Do you plan to keep your current house (and mortgage) when you find an adequate move up property?

yes.

Correction. yes sort of...

I'm not sure why though... It would suck as a rental because even with a 15 year loan, I could probably cash flow it right now only $300/month after taxes interest/etc . That's not too good because the equity in the place would be close to $460k. That would suck major donkey ass in terms of ROI.

Then again, I would have someone else paying for the remainder of the principal. Not sure if it would make more sense to sell and just buy investments that flows right away. Still haven't figured out what to do. That said, my monthly is less then rent by about 1000 bucks a month and not like I can earn *that* much on my principal in CD now anyway.

I would refi back to a 30 year, but for some reason I just can't bring myself to do that. In theory as a rental, I should because it would just lower my cost. In practice, may not be a rental for some time, in which case I want my payments to be going toward principal as much as possible. Then again, I'm going to be refinancing back out to the maximum limit to take advantage low interest rates and sidelining the money for more rental property should they be available. Then again, I don't know when that might be. Then again, I might not need it because my company compensation package fully vest by the end of the year. Then again who knows where the stock market will be by then and what the tax rate will be next year. Then again, i can get hit by a bus tomorrow and it doesn't really matter....

Decisions decisions decisions.

Payments towards equity on a 15 year loan on a rental would be a blast to watch and was sooo tempting for us but, in the end, we opted for the safety of lower payments on a 30. The next decision was to put cash flow towards extra paymenst or save for another rental - where's the inventory btw : )

Submitted by carlsbadworker on April 11, 2012 - 11:56am.

flu wrote:

I sold VXX yesterday, because I wanted my $1500 bucks.
and I don't care :)

Sell 2,000 VXX BARCLAYS BANK IPATH NEW IPATH S&P 500 VIX SHORT
Details $20.272 $40,534.60

Thanks for reminding me to buy it back this morning...Now if only Valero and Alcoa pop more, I'd be happy.

My side gig is slow these days. Mainly because I had to halt some progress while I was out. Maybe I should just try to be a daytrader.. ( I'm kidding, I'm kidding)...

....But it is a better year for me (for now)...

Edit... I'm back in VXX at $19.72.... Lol/.

I am curious why you didn't try to get VC yourself and you seem to know enough programmers in SD to work for you while you are out...just a thought.

And instead of day trading stocks, piggington should setup a fund to day-trade (a.k.a. flipping) houses now the crowdfunding is signed into law:
http://www.cnn.com/2012/04/09/opinion/wi...

Rents are rising...and sdr knows how to get houses, what are we waiting for?

Submitted by an on July 16, 2012 - 3:07pm.

Time to refi again flu? Brand new lower rates today. Just locked in @3.625% 30 years conforming with -1.76% points (i.e. I'll be getting some money back for doing the refi).

Submitted by Coronita on July 16, 2012 - 3:13pm.

AN wrote:
Time to refi again flu? Brand new lower rates today. Just locked in @3.625% 30 years conforming with -1.76% points (i.e. I'll be getting some money back for doing the refi).

I'll wait for a cash rebate at this one when it's 2.5% with neg points. No use in refi for me at this point.

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