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Old 08-14-2017, 03:44 PM   #1176
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Whoops, forgot to post in here.

Wife and I just got a call on Sat that our builder finally broke ground on our new home in Winfield. Was waiting on permits and other bs, we had already did our design stuff and even went to Abt and picked out appliances. Fake news on calling it a home, its really a townhome, but just two units to a building, one shared wall and traditional 2 floor setup which we really wanted. We are really excited now that stuff is actually starting, should be done in mid December, if no setbacks *fingers crossed*.

Been secretly watching some of the threads and researching myself for a lift in the garage on one side. It will fit fine with no special design options, not that they allow it, but surprisingly the garage is tall enough already. No third car garage option, but hey this works too given our choices lol. Also had them add 220v and a few other goodies to make it ready.
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Old 08-14-2017, 03:57 PM   #1177
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Whoops, forgot to post in here.

Wife and I just got a call on Sat that our builder finally broke ground on our new home in Winfield. Was waiting on permits and other bs, we had already did our design stuff and even went to Abt and picked out appliances. Fake news on calling it a home, its really a townhome, but just two units to a building, one shared wall and traditional 2 floor setup which we really wanted. We are really excited now that stuff is actually starting, should be done in mid December, if no setbacks *fingers crossed*.

Been secretly watching some of the threads and researching myself for a lift in the garage on one side. It will fit fine with no special design options, not that they allow it, but surprisingly the garage is tall enough already. No third car garage option, but hey this works too given our choices lol. Also had them add 220v and a few other goodies to make it ready.
http://www.thechicagogarage.com/foru...auto-lift.html

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Old 08-14-2017, 05:47 PM   #1178
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Some food for thought:


So with PMI being the length of the loans nowadays does this thought process still apply? How does the math work out paying PMI until 79% of value and then having to refinance and pray that the rates are still good?

I'm curious as I have my 20% ready for the next house and just continuing to save to have closing cost, moving costs and funds for immediate repairs upgrades when we pull the trigger next spring.
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Old 08-14-2017, 07:11 PM   #1179
 
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Uncle is buying with cash, fixing it up then I will get a loan on it and buy from him.
For more than he put into it, or he's doing all the work and you're paying his costs? So if he buys a $50k house and puts $50k into it, is he selling it to you for $100k?
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Old 08-14-2017, 07:15 PM   #1180
 
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So with PMI being the length of the loans nowadays does this thought process still apply? How does the math work out paying PMI until 79% of value and then having to refinance and pray that the rates are still good?

I'm curious as I have my 20% ready for the next house and just continuing to save to have closing cost, moving costs and funds for immediate repairs upgrades when we pull the trigger next spring.
Who does PMI for the life? FHA was the only one I was aware of.
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Old 08-14-2017, 07:56 PM   #1181
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Old 08-14-2017, 07:57 PM   #1182
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There are 1% down loans that use a 3% +/- seller giveback out now.
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Old 08-14-2017, 08:04 PM   #1183
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Who does PMI for the life? FHA was the only one I was aware of.


Correct me if I am wrong but if you don't have the 20% or a 80/15 loan (5% down) you would need to do FHA and that comes with PMI that is now the life of the loan.
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Old 08-14-2017, 08:25 PM   #1184
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You can also do conventionals now. The 1% I mentioned is conventional with a 2% contribution from the mortgage co. and at least a 2% contribution from the seller.

There are PMI penalties because the mortgage co wants to recoup their investment. You pay less up front and more monthly. I'm not sure if the PMI is life of the loan or stops after 80%.

I'm a Realtor, not a mortgage broker but I know about what they offer. I know a very good Mortgage guy in Frankfort who offers the 1% if you guys want to check it out. He's the guy I call if I have mortgage questions.
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Old 08-14-2017, 11:29 PM   #1185
 
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I think it's time for me to leave the city and go out in the burbs.

I know little of living out in the burbs, but housing is cheaper. I would in Deerfield/ Northbrook and gf works in park ridge.

What are good areas to shop around for either a small single family or townhome around $180k mark. 3bd,1.5 bath and a garage is all I really care for, 1200sq feet.

All my co-workers live in like platatine, and gurnee areas.
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Old 08-15-2017, 07:47 AM   #1186
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There are 1% down loans that use a 3% +/- seller giveback out now.
and bubble again in....3.....2.....
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Old 08-15-2017, 08:12 AM   #1187
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I'm thinking about selling before the bubble pops. Going home for a few months. My parents are begging us so they can see the kids more...
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Old 08-15-2017, 08:15 AM   #1188
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Wife and I bought a house last year: 3% down, non-FHA and PMI until we hit the 80% threshold. Forget the exact amount, but our monthly PMI is $100 or less due to our good credit scores, which is nice. The whole home buying process was obviously a bit stressful, but not nearly as bad as I had thought.
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Old 08-15-2017, 08:16 AM   #1189
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Originally Posted by 2QuikTA View Post
For more than he put into it, or he's doing all the work and you're paying his costs? So if he buys a $50k house and puts $50k into it, is he selling it to you for $100k?
basically. And we would take into account my labor into the house

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and bubble again in....3.....2.....
What I am afraid of as well.
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Old 08-15-2017, 08:18 AM   #1190
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I'm thinking about selling before the bubble pops. Going home for a few months. My parents are begging us so they can see the kids more...
not a terrible idea, but who knows if it will even pop in the near future

housing is such a gamble.

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basically. And we would take into account my labor into the house

What I am afraid of as well.
i wouldn't be afraid in your shoes, i'd be hoping for it to pop.
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Old 08-15-2017, 08:20 AM   #1191
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Well yea for more stuff to get down into my price range
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Old 08-15-2017, 08:28 AM   #1192
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not a terrible idea, but who knows if it will even pop in the near future

housing is such a gamble.
I can walk away now with close to $40-50k profit for a 6 year investment I'm very content with that
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Old 08-15-2017, 08:29 AM   #1193
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Wife and I bought a house last year: 3% down, non-FHA and PMI until we hit the 80% threshold. Forget the exact amount, but our monthly PMI is $100 or less due to our good credit scores, which is nice. The whole home buying process was obviously a bit stressful, but not nearly as bad as I had thought.
but that's just it, that's where "they get you"

you don't think about the extra 85-90$ a month is significant to hit the 80% threshold, but it is imo... i dunno. just so many different mindsets and strategies.

but for a 200k house, for example (i of course have no idea what you spent or whatever, but just taking the 3% down, 85-90 blah blah)

200k house
6k down

194k loan
30 years
let's say 4%
have to hit 160k for the pmi to go away?

if the loan started today, and no extra payments were made, (again not going at you @Jfrost, just an example)


you'd hit 160k feb 2026.

8 years, 6 months, or 102 pmi payments

102 months * 90 bucks = $9,180.

on top of the sixty thousand dollars ($60,000) you have already paid in interest.

so 9,180 in pmi, 60k in interest, 6k down payment, and 34k in principal paid down.

nearly $110,000 in 8 and a half years to live in a 200k house. that you'd still owe 160k on....

not to mention the probable $51,000 you've paid in property taxes.


$161k out of pocket on a 200k house that you still owe 160k on in 8 and a half years of paying for it.


YEAH HOME OWNERSHIP
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Old 08-15-2017, 08:30 AM   #1194
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I can walk away now with close to $40-50k profit for a 6 year investment I'm very content with that
40-50k including all the interest paid out and upgrades & labor you've performed?

or just your house would net you 40-50k more than you owe currently
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Old 08-15-2017, 08:42 AM   #1195
 
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i wouldn't be afraid in your shoes, i'd be hoping for it to pop.
He should be on his knees every night praying to baby Jesus for that to happen.
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Old 08-15-2017, 08:56 AM   #1196
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PMI sucks, but i'm locked in with it for another 3 years since I had the prior foreclosure unless I want to go with a portfolio loan at a higher interest rate which would be more expensive than taking on the PMI. So the plan is that I put 5% down on the new house and take on the PMI payment of around $230-$250/month. Seems like alot, I know. However I have my house up for rent for $2100 that I own free and clear and need to pocket away 400/month for taxes/insurance so I'll make $1700/month. That will pay most of the mortgage on the new house. After the remaining 3 years is over and I qualify for a conventional loan I'll either use whatever money I have in savings or take out a equity loan on the rental property to get up to whatever the percentage of equity is needed to get conventional without PMI. A little messy but I'd rather have a small home equity loan for $200/month if it knocks out upwards of $500-$600/month on the new house payment. Won't know actual numbers until I get there and all the while the houses should appreciate in value.

Now I could have just waited another 3 years but here is the kicker. If I incur the 250/month PMi that calculates out to $9000 until I can qualify for conventional. The house that we are building will cost far more than that in 3 years so it makes sense to do it now to at least lock in the price of the new house and start generating rental income on the current one. Yeah the market could fluctuate but that's a risk I'm willing to take and always have the rental property to fall back on if I need to sell it to pay off most of the new house.
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Old 08-15-2017, 08:58 AM   #1197
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i think the biggest thing for you too, @willizm, is your new house, is your forever home.
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Old 08-15-2017, 08:59 AM   #1198
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i think the biggest thing for you too, @willizm, is your new house, is your forever home.
True, it's big enough and my family isn't changing in size so I'm there for the long haul.
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Old 08-15-2017, 09:14 AM   #1199
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40-50k including all the interest paid out and upgrades & labor you've performed?

or just your house would net you 40-50k more than you owe currently
Including interest and upgrades. I haven't put a number on my personal labor.
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Old 08-15-2017, 09:15 AM   #1200
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damn you must have stolen your house
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