so every 5 years your terms can change like a 5 year adjustable rate? or can you simply renew your old terms…i just imagine that could really suck in a market with rising interest rates…with lowering rates it is great.
Bings situation sounds like a 5 year fixed with a balloon and a 20-25 amort. Very similar to what a loan would look like in the US for a commercial property. Just goes to show how lucky the average Joe makes out here compared to up north
what interest rates are you guys getting on mortgages down there?
and the CDN Fed has tightened up lending rules making it harder for people who really shouldnt be buying homes to buy homes.
when we first got our mortgage 5 years ago you could amort over 35 years… cant do that anymore. i thikn 25 is the highest and there are a batch of other things that they just did this year to tighten it up as well.
Agreed with the APR comments… As for unsecured debt, None. I pay everything off at the end of the day. I have a modest mortgage payment as I put a decent chunk down and the market here is deflated.
I think theblue or whomever said keep the 335 is right. (Right now the only thing that has me concerned most, is the wastegate and turbo rattling noises… I’ve complained 3x and each time they say, thats normal operation) Other than that the car has been good and I could eliminate the payment tomorrow by paying it off if need be, the money feels so free to me, i dont see the point. I’m definitely the kind of guy that takes the path of least resistance. I might very well just keep the car and pay it off, it dropped about 10k over the past 2 years in value and when i look at 05-06 330’s they seem to have leveled off to an effect.
QUESTION: Whats the best way to get BMW to replace the rattling parts (wastegates and turbos) There is also a clunk on initial braking when going from 1st to reverse or viceversa, but I took the wheel off and cleaned out what appeared to be a bunch of anti-seize and it stopped making the clunk for about 6k miles… its back now, but its not that big of a deal. … other than them, I love the car every time I drive it
---------- Post added at 08:30 PM ---------- Previous post was at 08:27 PM ----------
EDIT: it was xander. <3
---------- Post added at 08:30 PM ---------- Previous post was at 08:30 PM ----------
EDIT: it was xander. <3
That probably IS your best bet… Drive it for as long as the repair costs aren’t smothering you. If they become an issue, get it sorted out and trade it in while it’s in good shape. Until then, take the equity you’re building in it and enjoy driving it. Any other plan refreshes your loan term, and while the monthly payment may go down, the loan term is going to be extended.
Really what it comes down to is that it doesn’t sound like you have much debt to consolidate, and if you are still able to save money then you are clearly living well within your means so just keep doing what you’re doing and don’t worry about it.
LOL. that doesnt make much sense… but I’d love an x5m
I’m locked at 3.625 right now for the house… same company is now at 3.125… dicks.
I know, but I’m not sure what I want to do… just looking at options. (the savings would be roughtly 600-800 monthly if I drove a prius, but probably wouldnt be much worse if I drove any 30 mpg city /40 hwy car)
As for the nest egg, this year I’m going to have to write a decent size check for taxes, hence why I’m not paying anything down until after I file this year. Hopefully the income will continue to grow into the next 20 years! :lol:
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One other thought, with mortgage rates being so low, the idea of having additional 800 a month of income would be awesome so I can buy some investment property in a nicer neighborhood (with the intent to move there when I get more responsible, or better yet sell it in a couple years if capital gains stay reasonable)
The house I own now is a pretty stout deal, I just get banged on Homeowners… nearly 3k a year equates to a HUGE chunk of my monthly PITI. Stupid hurricanes. Regardless, if I had to move tomorrow I have a decent chunk in equity in this house, and I could easily rent it and net $400 a month before all the tax advantages.
My advice : pay some of my bills.
I love my TL for the fact that it has 100,000+ miles, I have done all of my major maintenance on it to make it run for a long time and I am paying it off very quickly. What makes me worried is that it might not be worth much on trade or to private party because of the miles.
I have thought about downsizing my car, not that it is anything crazy, but I would love to have a nothing car payment. As we spoke about too Willy, my home + insurance situation is very minimal. Having your gf pay rent is a plus too 
You should get on that plan. hahaha
^noted.
one day… maybe
ORLY?
when did you lock in? are other guys in that range too?
we got our mortgage 5 years ago just before the bust and got locked in at 5.74%… fuuuuuuuu!!!
now we’re at 3.09% which is awesome but we could have got to 2.98 or so but not with as agreeable terms. I have a buddy at like 2.6% who got in at just the right time a year or two ago.
Locked in in june i believe… www.aimloan.com look at current 30 year rates @ 0 pts… 3.047 APR… ef. (I hate that it’s still going down after i locked in… i think in a little bit, if it drops another point I can request a float down)
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What If Rates Drop After I’ve Locked?
At the time we are ready to draw your loan documents, if our posted rates are at least .25% lower than the rate you locked (for the same or less points, or the same or more rebate), you may float down your rate to the current rate plus .125%.
DOPE!.. i may wait a little bit longer… thoughts!!!
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^the above is wrong. But i cant find the clause regarding once you’ve already closed. IIRC its you can float down one time if rates fall .5 less than you locked at… and you can only go down 1/2 of the difference plus .125 % or something like that. I cant seem to find the clause though.
People of Nyspeed make me feel poor on a daily basis. I gave up on nice cars with payments, bought a used car outright, and am enjoying the ability to start saving money with no car payment, cheap insurance, etc with the chump money I make compared to everyone else it seems on this forum.
If I don’t force the payment into something, I won’t save much. Hence the desire for rental/investment property… Well see what happens.
Check out econohomes.com…they used to have tons of stuff in Florida…they aren’t too hard to deal with although sometimes getting the title sorted can be dicey
I am all for saving money and getting another source of income. Even though I have like $800 in car payments I still have ea good chunk of change monthly (I pretty well stole my house from the bank) and I am also looking at investment properties. I spent the last six months debating it over a different venture and right now my wife and I feel this is the best bet. We are going to buy a couple houses this year and see how it turns out. I have an interest in property in FL (as in I will eventually own a pretty high end home) and that market seems to be rebounding slowly but surely. I tried to buy a couple of foreclosures in Orlando and was beat out by an investor that bought all of the distressed homes in a community (seriously, I flew down there to look at them and he bought them the day I landed. What a douche). That tells me things are starting to turn around and where as this area quickly became too rich for my blood, buying down there is not a bad deal ATM. If you are going to be getting into property, do some reading on biggerpockets.com. There are people in the same boat in your neighborhood that may be willing to give you pointers. Also homepath.com is a good resource for fannie properties. They will almost always accept an offer of 8% under list, and they reduce their asking price every 30 days by at least 5%.
keep in mind with the homepath stuff that usually the property is only available for the first 2 weeks to potential owner occupants- investors usually have to hold off until after that time. technically the brokers aren’t supposed to accept any offer that is from an investor although in my experience not all brokers worry about this technicality so the very moment the investor black out period ends they are ready with their investor friends offer to give to fannie. they still typically accept multiple offers then tell everyone that there are multiple offers and for all to give their highest and best. again i believe this process is highly suspect as it isn’t too hard for the broker to introduce a strawman offer just to make sure the serious buyers don’t low-ball them too hard.
on at least 2 occasions we have had offers in on fannie properties and they claimed there were multiple offers…the first time we didn’t know any better so we upped our offer…the second time we actually lowered our offer because we were fairly certain there was no other serious offer being made… got it for the lesser amount, broker was not happy.
also with the homepath it is a good idea to keep any eye on them because many times they will go under contract with owner occupants but the deal will fall apart a month later and the property will pop back up on the market. usually at this point they will just take the first offer that comes in instead of waiting for another owner occupant or doing the whole best and highest offer routine.
I’m all for a nice car Will, but shit, nothing beats not having a car payment, especially when you have a pretty decent sized mortgage after you put a shitload down, and you get assraped by taxes and common charges.
Give a little bit up, you’ll thanks yourself later. Remember : cash is king…
^this is something that keeps going through my mind.
Lets just say a 100k mortgage is 500 a month… (in my county, my taxes are ~3k a year, and my homeowners insurance is around 3k as well (house is 20 years old, so insurers refuse to write things built before 95)… IE ANOTHER 500 a month)
In martin county (newer homes, nicer schools, etc etc)… I could have spent more money on a higher mortgage and paid half of what I’m paying in insurance and had lower taxes.
When I do that analysis, I think of buying another house and renting my current place. As soon as I start looking at other houses, I picture marriage, dual income, and then moving to palm beach.
The whole train of thought fucks with my head… and i continue to do nothing until something really compels me.
Time will tell…
your insurance is $3k on a mortgage of $100k??? living in a hurricane zone sucks…the $3k in taxes is pretty rough too
$3K/Month on $100,000 isn’t that crazy. Maybe because Florida has such as shittier school system, but still…
That’s $6k/month on $200,000 here and that’s in the best school district in the area and have the best town service around. Granted, you pay no income tax in FL.