For all of you guys who are homeowners or newly owned

[23]

PMI is for suckers...and one of the biggest scams in this country.

Like i said it sucks. Banks know it and make homeowners pay for their risk...go figure

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[aukevin]

Re: For all of you guys who are homeowners or newly owned

Still working on my gameroom in the new house. Over Thanksgiving I brought back my dad's old 9 foot pool table from my mom's house. It has been in her garage covered up since he passed away a few years back. I've always wanted the pool table, now that I have a house big enough for it, it's great having a piece of him there. I had it re-felted in a navy blue to match Auburn pictures I plan to hang in the room (he would have loved that, he was a big Bama fan lol!). The re-felting looks nice, here's a couple pics...

[mgoblue]

Re: For all of you guys who are homeowners or newly owned

Yep

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Great, glad I'm not confused.

Like i said it sucks. Banks know it and make homeowners pay for their risk...go figure

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Yeah, it does suck, but we're hoping to make additional payments and get our 10% up to 22% as fast as we can and get rid of the PMI...

Still made sense for us given the rates and housing market, but would have been awesome to have 20% if I could.

[23]

Re: For all of you guys who are homeowners or newly owned

I absolutely agree mgo

Didn't even think to realize the banks still benefitted from people losing their homes anyway

[bigeastbumrush]

Re: For all of you guys who are homeowners or newly owned

PMI is for suckers...and one of the biggest scams in this country.

I disagree about PMI being for suckers.

I think the whole "you have to put down 20%" is more of a bigger scam and sets people up for failure.

That down payment money upfront won't ever be seen again by the buyer. At least PMI is spread over years.

[WTF]

Re: For all of you guys who are homeowners or newly owned

And, just to chime in on the topic, my wife & I found a home w/ a great layout, huge gourmet kitchen, 20x20 family room, 18x18 man cave, and all of the bed rooms are very spacious. We're currently negotiating a few upgrades (nice countertops, etc). We hope to close by the end of the month, first of next month. Wish us luck as well. Very nice to read through the thread and see so many of my OS bretheren flourishing in this rough economy. We've rented for 4 years, and I'm tired of it. We've moved 6 times in 4 years w/ the police force, and now that I have a different career, we have the ability to get rooted.

Looking forward to it.

[FlyingFinn]

Re: For all of you guys who are homeowners or newly owned

I disagree about PMI being for suckers.

I think the whole "you have to put down 20%" is more of a bigger scam and sets people up for failure.

That down payment money upfront won't ever be seen again by the buyer. At least PMI is spread over years.

Better off taking a second mortgage along with the first so you can put down enough and not have to pay PMI. At least you can deduct the interest on the second mortgage.

[bigeastbumrush]

Re: For all of you guys who are homeowners or newly owned

Better off taking a second mortgage along with the first so you can put down enough and not have to pay PMI. At least you can deduct the interest on the second mortgage.

I've never heard of a second mortgage.

I look at PMI as the lesser of 2 evils. Just my philosophy on long-term debt.

[grismosw]

I did the math when we bought this house and found that I was better off putting 10% down with PMI than I was putting 20% down.

Not to mention there was a mistake on the appraisal that under appraised our house by over 10% and the guy refused to fix his mistake. So I strongly believe I can refi and kill the PMI.

[LowerWolf]

Re: For all of you guys who are homeowners or newly owned

OS, help me out, because this is driving me nuts.

When it's really cold outside, like say below freezing, there's a noise in my bedroom. It sounds kind of a metal buzzing sound, or like metal vibrating. It's hard to explain.

It's somehow related to the downstairs furnace; if I turn the furnace off it goes away. But it's not coming from the furnace itself. It only happens when it's really cold out. I've got the thermostat set at 68, if it's 40 outside and the heat cranks on, I don't hear it. Has to be down below 30 or so outside. And it only seems to happen early in the morning, say between 5 and 8. It's really weird and I have no idea what's causing it.

[23]

Dude you need a plumber to check it out

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[doubledeuceR6]

Re: For all of you guys who are homeowners or newly owned

I was absolutely terrified when my wife and I bought our house. Even with all the preparation and research it's an absolutely huge commitment to wrap your head around. Can we afford it?, is everything ok with the house?, etc etc.

The biggest problem we had was with our mortgage company saying just one more week and the paperwork and money will be ready to go. My wife and I nearly lost our house because the mortgage company didn't get things done in a timely manner. If I had it to do over again we would've went with someone else.

[23]

You just have to stay on those people that's all.

It is time sensitive but although a huge commitment it's worth it

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[PVarck31]

Re: For all of you guys who are homeowners or newly owned

Getting closer. Heading up to the house tomorrow, brining up stuff to keep at my parents till we get the keys.

[Knight165]

Re: For all of you guys who are homeowners or newly owned

OS, help me out, because this is driving me nuts.

When it's really cold outside, like say below freezing, there's a noise in my bedroom. It sounds kind of a metal buzzing sound, or like metal vibrating. It's hard to explain.

It's somehow related to the downstairs furnace; if I turn the furnace off it goes away. But it's not coming from the furnace itself. It only happens when it's really cold out. I've got the thermostat set at 68, if it's 40 outside and the heat cranks on, I don't hear it. Has to be down below 30 or so outside. And it only seems to happen early in the morning, say between 5 and 8. It's really weird and I have no idea what's causing it.

Do you have hot water radiant heat?(could be steam as well...but less likely)
If so it could be a problem I have in my basement.
One of your hot water heating pipes is routed near either a 2X4 or base plate...or metal stud(but I'm thinking wood since you say it's not all the time)....and the clamp has come loose. In the colder weather the wood contracts slightly giving the pipe room to vibrate against it when the furnace is on and either sending water through...(or close enough to resonate the vibrations from the furnace)
I don't feel like tearing open my wall....so I live with it.

M.K.
Knight165