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Tax hike!!!!
Comments
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The first years of a loan you're not paying much principal, mostly interest, so unless the property appreciates, uh, appreciably, refi-ing to get out of PMI isn't possible unless you've been paying extra principal above the regular mortgage amount every month2001400ex said:
Most people either refi in a couple years to drop pmi or do a 80/10.greenblood said:
I put 10% down, needed 20% to not get the mortgage insurance. But I'm sure lot's of guys in their mid 20's have 20% lying around...BearsWiin said:
3% down will get you into a sweet townhouseCirrhosisDawg said:
Mortgage insurance? 😂😂🤣greenblood said:
Correct, but since I make too much to be able write off mortgage insurance, mine and my wife's standard deduction was higher. This year the standard deduction is a lot higher.2001400ex said:
Having a sole prop doesn't change your itemized deductions. HTHgreenblood said:As a Sole Prop I get to use my 24K standard deduction and nothing changed with my schedule C. Yes...my taxes went down bigly this year. No problem here
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DAWG sense?CirrhosisDawg said:
Makes sense.RaceBannon said:Yep
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I've owned 3 homes. One I was responsible and had more than 20% down. The other two I did not, one I was young and broke, the other I had my cash working for me. Both of those, I refinanced to drop PMI, one was in the 2000s with crazy appreciation. The other was a foreclosure in 09 that I essentially stole from the bank and was able to refinance in about 18 months.BearsWiin said:
The first years of a loan you're not paying much principal, mostly interest, so unless the property appreciates, uh, appreciably, refi-ing to get out of PMI isn't possible unless you've been paying extra principal above the regular mortgage amount every month2001400ex said:
Most people either refi in a couple years to drop pmi or do a 80/10.greenblood said:
I put 10% down, needed 20% to not get the mortgage insurance. But I'm sure lot's of guys in their mid 20's have 20% lying around...BearsWiin said:
3% down will get you into a sweet townhouseCirrhosisDawg said:
Mortgage insurance? 😂😂🤣greenblood said:
Correct, but since I make too much to be able write off mortgage insurance, mine and my wife's standard deduction was higher. This year the standard deduction is a lot higher.2001400ex said:
Having a sole prop doesn't change your itemized deductions. HTHgreenblood said:As a Sole Prop I get to use my 24K standard deduction and nothing changed with my schedule C. Yes...my taxes went down bigly this year. No problem here
But yes if you are buying a house in a bidding war and homes don't continue to appreciate, that doesn't work.
Another way is like you said, pay it down to the 20%. I don't pay more on my mortgage than the minimum. My rate is at 3.25% and I get way more than that for my cash in other ways. To each their own. -
GreenBob is also the guy who’s bragging about his investment returns under trump. “Even under the dips” he claimed. Meanwhile he’s paying pmi.greenblood said:
I put 10% down, needed 20% to not get the mortgage insurance. But I'm sure lot's of guys in their mid 20's have 20% lying around...BearsWiin said:
3% down will get you into a sweet townhouseCirrhosisDawg said:
Mortgage insurance? 😂😂🤣greenblood said:
Correct, but since I make too much to be able write off mortgage insurance, mine and my wife's standard deduction was higher. This year the standard deduction is a lot higher.2001400ex said:
Having a sole prop doesn't change your itemized deductions. HTHgreenblood said:As a Sole Prop I get to use my 24K standard deduction and nothing changed with my schedule C. Yes...my taxes went down bigly this year. No problem here
Jfc. Troomp is gonna troomp. -
My interest rate was 3%, when I went to refi, rates jumped to over 4%. Plus with closing fees, I was better off paying it in the end. BTW, when you and Hondo by your first home together you’ll know what I mean.CirrhosisDawg said:
GreenBob is also the guy who’s bragging about his investment returns under trump. “Even under the dips” he claimed. Meanwhile he’s paying pmi.greenblood said:
I put 10% down, needed 20% to not get the mortgage insurance. But I'm sure lot's of guys in their mid 20's have 20% lying around...BearsWiin said:
3% down will get you into a sweet townhouseCirrhosisDawg said:
Mortgage insurance? 😂😂🤣greenblood said:
Correct, but since I make too much to be able write off mortgage insurance, mine and my wife's standard deduction was higher. This year the standard deduction is a lot higher.2001400ex said:
Having a sole prop doesn't change your itemized deductions. HTHgreenblood said:As a Sole Prop I get to use my 24K standard deduction and nothing changed with my schedule C. Yes...my taxes went down bigly this year. No problem here
Jfc. Troomp is gonna troomp. -
You’re a fucking idiot.2001400ex said:
Having a sole prop doesn't change your itemized deductions. HTHgreenblood said:As a Sole Prop I get to use my 24K standard deduction and nothing changed with my schedule C. Yes...my taxes went down bigly this year. No problem here
https://www.mileiq.com/blog/pass-through-tax-deduction/ -
I never bragged about my investment returns under Trump. Is there a liberal here that isn't a liar? I just refuted Hondo's claim that banks won't let you borrow from your 401K for a down-payment on a first time home purchase.CirrhosisDawg said:
GreenBob is also the guy who’s bragging about his investment returns under trump. “Even under the dips” he claimed. Meanwhile he’s paying pmi.greenblood said:
I put 10% down, needed 20% to not get the mortgage insurance. But I'm sure lot's of guys in their mid 20's have 20% lying around...BearsWiin said:
3% down will get you into a sweet townhouseCirrhosisDawg said:
Mortgage insurance? 😂😂🤣greenblood said:
Correct, but since I make too much to be able write off mortgage insurance, mine and my wife's standard deduction was higher. This year the standard deduction is a lot higher.2001400ex said:
Having a sole prop doesn't change your itemized deductions. HTHgreenblood said:As a Sole Prop I get to use my 24K standard deduction and nothing changed with my schedule C. Yes...my taxes went down bigly this year. No problem here
Jfc. Troomp is gonna troomp.
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And yes my twilio stock is at $113, I bought it at $28 in 17’...so yeah. I made about 80k on it. And you wonder why I didn’t just take that out and pay it off. Well...I have about 6 months left of PMI, and I am getting rid of it 2 years early by paying ahead. And my current rate of return plus tax consequence pretty much makes it a wash, so why waste my time now? Most of the gains have been in the last year.
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That's why I did an 80-10-10. Never had to pay the mortgage insurance.greenblood said:
I put 10% down, needed 20% to not get the mortgage insurance. But I'm sure lot's of guys in their mid 20's have 20% lying around...BearsWiin said:
3% down will get you into a sweet townhouseCirrhosisDawg said:
Mortgage insurance? 😂😂🤣greenblood said:
Correct, but since I make too much to be able write off mortgage insurance, mine and my wife's standard deduction was higher. This year the standard deduction is a lot higher.2001400ex said:
Having a sole prop doesn't change your itemized deductions. HTHgreenblood said:As a Sole Prop I get to use my 24K standard deduction and nothing changed with my schedule C. Yes...my taxes went down bigly this year. No problem here
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You obviously have never bought a house. PMI kicks in at under 20% down regardless of credit. My credit isn’t the best...around 770 but good enough. Any home buyer using a FHA or conventional loan will have PMI if under 20% period.RaceBannon said:
Trouble following along?CirrhosisDawg said:
20% of what?greenblood said:
I put 10% down, needed 20% to not get the mortgage insurance. But I'm sure lot's of guys in their mid 20's have 20% lying around...BearsWiin said:
3% down will get you into a sweet townhouseCirrhosisDawg said:
Mortgage insurance? 😂😂🤣greenblood said:
Correct, but since I make too much to be able write off mortgage insurance, mine and my wife's standard deduction was higher. This year the standard deduction is a lot higher.2001400ex said:
Having a sole prop doesn't change your itemized deductions. HTHgreenblood said:As a Sole Prop I get to use my 24K standard deduction and nothing changed with my schedule C. Yes...my taxes went down bigly this year. No problem here
Pmi means you are a credit risk to your lender.
I own a sfr property in Pasadena ca. I don’t pay pmi.
