• New here? Register here now for access to all the forums, download game torrents, private messages, polls, Sportsbook, etc. Plus, stay connected and follow BP on Instagram @buckeyeplanet and Facebook.

closed on a condo today

Jump to latest Follow Reply
plum diamonds buckeye planet
Sort by date Sort by votes
Thump said:
Instead of making a payment every 2 weeks, I just make one extra payment at the end of the year and it does the same thing. I don't want the hassle of having to pay every 2 weeks.
Click to expand...
You are right, works just the same. Some people who get paid bi-weekly like to have an automatic debit from their account, half a payment every 2 weeks. This way it coincides with their pay. But the way you do it accomplishes the same goal. A lot people will throw an extra payment on the principal at tax time.
 
Upvote 0
ScarletInMyVeins said:
Oh man you guys are starting to confuse me :lol:
Click to expand...
Basically what we are saying SIMV is that the quicker you pay it off, the less interest you pay.

I know my first mortgage payment about 5% of the payment went to the principal and about 95% to the interest.
 
Upvote 0
If you pay the extra payment every other week it will knock off more interest (time value of money).

The 15 year has a lower interest rate so it will still be cheaper (ie looking on the internet I found the following rates: 15 year mortgage is 5.10% and a 30 year mortgage is 5.45%)... so the TVM (time value of money) factor as well as the lower interest rate will make the 15 year cheaper than the double payment of a 30 year.

Life/disability insurance is important, as is an emergency fund with at least three (preferably six) months cash to cover expenses...
 
Upvote 0
AKAKBUCK said:
Huh? I was there (Brothers)... Had about 10 Stella's... I think I need that chair fart catcher mat thingamajig right about now though.
Click to expand...
I had about 10 Stella's myself at GC...then got dragged by a couple of seniors on the rugby team to Brothers where the mission became to drink every last drop of Jager they had in the bar...I woke up with my liver laying next to me...

my internal ecosystem is also unstable...
 
Upvote 0
wadc45 said:
I had about 10 Stella's myself at GC...then got dragged by a couple of seniors on the rugby team to Brothers where the mission became to drink every last drop of Jager they had in the bar...I woke up with my liver laying next to me...

my internal ecosystem is also unstable...
Click to expand...

Well... at least your liver didn't skip town at 6am in protest... Probably didn't have cab fare...

Yeah... I went home and got into some Bourbon (after 3 beers at Pig Iron on the way).... I'm sure none of that was a good idea.
 
Upvote 0
AKAKBUCK said:
Well... at least your liver didn't skip town at 6am in protest... Probably didn't have cab fare...

Yeah... I went home and got into some Bourbon (after 3 beers at Pig Iron on the way).... I'm sure none of that was a good idea.
Click to expand...
agreed...note to self: 2 AM Crave Cases are never a good idea...
 
Upvote 0
I'm still about 3-4 years off from building my first home, but I've already started to do a lot of reading up on everything.

As a fyi for any other first-time buyers in Ohio out there, you may want to check out the Ohio Housing Finance Agency for the mortgage (http://www.ohiohome.org). As long as you're under the max income level ($64,000 for single or a couple), they'll subsidize part of the loan and end up giving you a below-market interest rate (currently 4.99% fixed 30 yr). I don't think you'll find a comparable loan on the market right now.

Has anybody gone this route before?
 
Upvote 0
CleveBucks said:
I'm still about 3-4 years off from building my first home, but I've already started to do a lot of reading up on everything.

As a fyi for any other first-time buyers in Ohio out there, you may want to check out the Ohio Housing Finance Agency for the mortgage (http://www.ohiohome.org). As long as you're under the max income level ($64,000 for single or a couple), they'll subsidize part of the loan and end up giving you a below-market interest rate (currently 4.99% fixed 30 yr). I don't think you'll find a comparable loan on the market right now.

Has anybody gone this route before?
Click to expand...

A friend of mine got a similar loan to that... his was through a different agency but... same idea... (Southeast Ohio Housing Authority.. or something).
 
Upvote 0
gbearbuck said:
tyrus,

actually 15% down and 85% LTV... however you can negotiate this (I went through the same institution and told them I wanted the stated rate and I was putting 10% down and they said fine :) )
Click to expand...
gbear...another good lesson. Most things in life are negotiable, especially when companies are competing for your business.
 
Upvote 0
it's been great...I've been moved in for about 6 months. lots of construction still going on in the building, but I love the location and not writing a check that goes to rent each month.
 
Upvote 0
Nice time capsule... rates seem to be up roughly 20%. The internet site I quoted a year ago had the following rates:

gbearbuck said:
looking on the internet I found the following rates: 15 year mortgage is 5.10% and a 30 year mortgage is 5.45%
Click to expand...

The current rates are 15 Yr. 6.20% and 30 Yr. 6.55%

Edit: There was a short window where 30 yr. rates were under 5%... anybody get lucky enough to secure rates under 5%? Money market rates are in the mid four percents right now... not bad having a longer term mortgage at similar rates...
 
Upvote 0
You must log in or register to reply here.
Back
Top