<SNIP> ...Right or wrong... I don't see any more refinances in my future... de-leveraging and wiping out debt is my plan if for no other reason than not to have to subject myself to the games played...
I hear that and agree wholeheartedly. I recently sold a family property that we had owned for nearly 100+ years in less than 90 days, because I had figured it was costing me +/- $90K/yr in maintenance costs/taxes/insurance, etc. The house sold for about $200K less than what I had it on the market for, and I cleared over a million, 200K.
Seems like a lot, and it is, but in 2007 I probably could have sold it for closer to $4-5 million. East coast, one street off waterfront in CT.
When I just paid my taxes, and I'm glad to say I completed the sale in 2012, it was, after calculating cost basis, about $145K in fed/state, etc.
Now here's the interesting part, my accountant told me that the $200K re-fi on my VT home, (primary residence), which was going on during the sale of the above mentioned house, could have taken into account the CT property in the decision to re-fi my VT home, because the bank owns banks in BOTH states. I tried to keep my personal brokerage account and CT property OUT of any of the paperwork with the 'local' bank, but they kept demanding more and more paperwork over the course of the process. No Points, no appraisal fee, $50K more loan for the same rate I had for the prior loan I was rolling over, BUT they attached a fee of $75/yr for admin costs, which they failed to mention until closing papers were put in front of us.
ullinghair:
Did I mention I hate banks?! All banks- they're the ones who put us where we are today, and they'll be the ones to put us back to where we were when the mess hit the fan.
From what I've seen the bank people are merely order takers to the underwriters who are never seen.
The system is still badly broken and it's obviously also totally FIXED too.
Aaarggg, don't get me started.
:irked:
