Loading ...Our finance guy was named Keith and he was recommended to us by our realtor. He was a very charming guy and seemed eager to help us out. On top […]
Original post: Keith the Finance Guy
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Hmmm, voting features aren’t working for me. It just keeps loading.
As for the post, that’s a good reminder for me to start organising my bank statements, taxes, receipts etc.
Glad you told Keith to stuff it, V.
I hope your husband sees the importance of this in retrospect.
That kind of slimy dealing cannot be tolerated.
Its important also that your husband understands that it really wasn’t your fault. Keith was the one causing the problem, not you. It is not the rape victim’s fault for getting attacked by the rapist. Sure there are things that we can do to lessen the chances of getting “raped” but the guilt lies firmly on the person doing the raping no matter what.
It would be interesting to know how much Keith’s rate hike would have cost you versus the amount it cost you to walk away - not that it would change my opinion of your decision.
V: I feel your angst over the qualifying crap. When I applied for my first home mortgage, they DID NOT want to give a mortgage to a newly divorced 55-year-old woman. You weren’t kidding about them wanting paperwork that completely defied reason - and not just once, but sometimes 2 or 3 times!! My HR person finally asked what the problem was with the company I was working with that requested my salary information three times!! When they traced my sterling credit history back to the 70s, they could no longer deny me the mortgage, but not for lack of trying, that’s for sure!!
I don’t get it.
“All in all, the mistake ended up costing us $17,000. I guess that doesn’t sound like much until you factor in 6% interest over 30 years. Then it’s closer to a $36,000 mistake.”
Okay, but in Part 1: “One percent doesn’t sound like much until you do the math. Depending on the price of the house, 1% interest can tack $100+ onto your monthly mortgage payment.”
100 x 12 = 1200 a year.
1200 x 30 = $36,000.
So I’m not quite sure how this was a win, shorting of sticking ti to Keith. sounds like they got screwed either way, but V’s way had them screwed out of roughly the same money, but with the added clusterfuck of being homeless for a while.
I thought the $17,000 was what they overpayed on the house and $36k was what it would have been if they would have taken the interest bump too.
Errr….wait. I think she’s saying that they overpaid on the house by $17,000. At 6% interest that’s $36,000 after 30 years. If they had taken the interest bump it would have been even worse.
@4 -
$17,000.00 x 6% = $1,020.00
$1,020.00 * 30 (years) = $30,600.00
She probably just transposed the numbers 3 ad 0.
As for the other post where she said it could tack on $100.00+ onto your mortgage, the $100.00 might be for a $200,000.00 house (I’m not doing the math to come up with a correct number here). For a $400,000 house that same 1% would cost $200.00 per month.
Or is my math totally off? I can’t remember all the rules that apply with exponents or annuities.