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Re: Mortgage Hike
[Re: Kansas Cat]
#7379802
10/15/21 02:47 PM
10/15/21 02:47 PM
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Joined: May 2011
Posts: 16,600
Oakland, MS
yotetrapper30
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trapper
Joined: May 2011
Posts: 16,600
Oakland, MS
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Come on man! Catching your neighbor's house on fire is worthy of its own thread! I'm curious too
~~Proud Ultra MAGA~~
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Re: Mortgage Hike
[Re: NonPCfed]
#7379820
10/15/21 03:18 PM
10/15/21 03:18 PM
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Joined: Feb 2020
Posts: 8,954
Indiana
Providence Farm
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trapper
Joined: Feb 2020
Posts: 8,954
Indiana
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The OP said it was a modular house, correct? Its much harder to finance them compared to a "stick built" house and probably to refi them as well. It might be he can't get much better of a rate.
I'm surprised he hasn't seen an escrow creep until year six, but then again he said he lives in small town of a small population state. My escrow goes up about every year. Then again, I live in a fast growing metro (percentage wise) and housing costs are going nuts!! Normal I would agree with you 100% but these days things are crazy. Some friends just sold their double wide with 2 car pole barn and 4 acers for 40k more than they bought it for 4 years ago and got 7k more than they were asking. It sold in a week and was not the first offer. So things may be a little different today. If it is a modular I did miss that.
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Re: Mortgage Hike
[Re: bblwi]
#7379842
10/15/21 03:55 PM
10/15/21 03:55 PM
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Joined: May 2010
Posts: 670
ND
DakotaBoy
OP
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OP
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Joined: May 2010
Posts: 670
ND
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When you say insurance is that home owners only or were you required to buy mortgage insurance as part of the loan agreement? If you have been paying for 6 years on an extended or long term mortgage payment plan then the amount you owe on the mortgage is still very high. If there is mortgage insurance in that payment, you still have a lot of loan to cover and you are 6 years older then when you initiated the mortgage. The only real equity to date you have gained is the inflation value of your home if that is enough you may have options you can move forward with. Having made all of your payments on time and in full gives you a good credit rating to look at options.
Bryce If I remember correctly, I believe a stipulation to us as first time home buyers is that we were required to buy mortgage insurance. We still owe around $150k on a house we agreed to pay $180k for.
"Pretty cocky for a starving pilgrim!"
"An elk don't know how many legs a horse has!"
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Re: Mortgage Hike
[Re: DakotaBoy]
#7379845
10/15/21 04:04 PM
10/15/21 04:04 PM
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Joined: Feb 2014
Posts: 25,694
nm
adam m
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trapper
Joined: Feb 2014
Posts: 25,694
nm
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When you say insurance is that home owners only or were you required to buy mortgage insurance as part of the loan agreement? If you have been paying for 6 years on an extended or long term mortgage payment plan then the amount you owe on the mortgage is still very high. If there is mortgage insurance in that payment, you still have a lot of loan to cover and you are 6 years older then when you initiated the mortgage. The only real equity to date you have gained is the inflation value of your home if that is enough you may have options you can move forward with. Having made all of your payments on time and in full gives you a good credit rating to look at options.
Bryce If I remember correctly, I believe a stipulation to us as first time home buyers is that we were required to buy mortgage insurance. We still owe around $150k on a house we agreed to pay $180k for. Yes you can refinance to get the mortgage insurance off. I'm already getting offers from my mortgage company to do that. I've been here 9 months. My buddy just refinanced his house he bought 2 years ago and now isn't required to have mortgage insurance. You bought at 180k 6 years ago I bet the house is worth closer to 220k +
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Re: Mortgage Hike
[Re: DakotaBoy]
#7379859
10/15/21 04:31 PM
10/15/21 04:31 PM
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Joined: Jan 2007
Posts: 5,215
Northern Minnesota
BernieB.
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trapper
Joined: Jan 2007
Posts: 5,215
Northern Minnesota
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When you say insurance is that home owners only or were you required to buy mortgage insurance as part of the loan agreement? If you have been paying for 6 years on an extended or long term mortgage payment plan then the amount you owe on the mortgage is still very high. If there is mortgage insurance in that payment, you still have a lot of loan to cover and you are 6 years older then when you initiated the mortgage. The only real equity to date you have gained is the inflation value of your home if that is enough you may have options you can move forward with. Having made all of your payments on time and in full gives you a good credit rating to look at options.
Bryce If I remember correctly, I believe a stipulation to us as first time home buyers is that we were required to buy mortgage insurance. We still owe around $150k on a house we agreed to pay $180k for. If you put 20% down you do not need mortgage insurance. Not many people do these days. Some mortgage companies will allow you to forego the mortgage insurance if you can show 80% loan to value, so if you get a property valuation that says your property value has gone up you may be able to get rid of the mortgage insurance but be sure to make sure that you do not have to refi in order to drop the mortgage insurance. Closing costs may make it not worthwhile. And never put the closing costs on you mortgage, you will be paying interest on them for 30 years do the math it's crazy.
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Re: Mortgage Hike
[Re: DakotaBoy]
#7379871
10/15/21 05:12 PM
10/15/21 05:12 PM
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Joined: Sep 2015
Posts: 343
NW Wisconsin
Muskrat Love
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trapper
Joined: Sep 2015
Posts: 343
NW Wisconsin
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Dakota Boy,
If you go to your County Register of Deeds office, they can tell you when they're having an "open book", which will allow you to see what your property taxes are, along with you neighbors taxes are. These should be available to ANYONE living ANYWHERE. If you feel that you tax increase is not right, you can meet with the assessor and use compatibles of similar homes in your area,,that have leer evaluations than yours
The Freedom of Information Act should cover everything pertaining to us, unless it compromises Nation security.
I know that the interest rates did not increase, as the Feds are artificially keeping the interest rate low to "stimulate" the economy....... The only thing that does is stimulate my dislike of Yellen!
There's NO WAY IN H@#L that the interest rate should be under 3% now. When we had rapid inflation in the late 70's/early 80's the interest rate was just under 12%, if you were building a new home, and were borrowing. This I know, as we sold a home that was completely paid off and built our new home and needed just 45K.... 11.45%, in 1978.
If it's an escrow situation, that's a completely different story, but interest rates didn't rise recently. Your financial institution maybe just covering their arse. Check with them if your interest rate changed.
"The difference between a banker and a crook is, the crook has a getaway plan"!
"I'm an old dog, and these are all new tricks!"
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Re: Mortgage Hike
[Re: Muskrat Love]
#7379881
10/15/21 06:00 PM
10/15/21 06:00 PM
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Joined: Jan 2007
Posts: 5,215
Northern Minnesota
BernieB.
trapper
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trapper
Joined: Jan 2007
Posts: 5,215
Northern Minnesota
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Dakota Boy,
If you go to your County Register of Deeds office, they can tell you when they're having an "open book", which will allow you to see what your property taxes are, along with you neighbors taxes are. These should be available to ANYONE living ANYWHERE. If you feel that you tax increase is not right, you can meet with the assessor and use compatibles of similar homes in your area,,that have leer evaluations than yours
The Freedom of Information Act should cover everything pertaining to us, unless it compromises Nation security.
I know that the interest rates did not increase, as the Feds are artificially keeping the interest rate low to "stimulate" the economy....... The only thing that does is stimulate my dislike of Yellen!
There's NO WAY IN H@#L that the interest rate should be under 3% now. When we had rapid inflation in the late 70's/early 80's the interest rate was just under 12%, if you were building a new home, and were borrowing. This I know, as we sold a home that was completely paid off and built our new home and needed just 45K.... 11.45%, in 1978.
If it's an escrow situation, that's a completely different story, but interest rates didn't rise recently. Your financial institution maybe just covering their arse. Check with them if your interest rate changed.
"The difference between a banker and a crook is, the crook has a getaway plan"! Every county in Minnesota has the tax value of all properties online. I would think most states are the same. Very easy to find.
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