Land we rent sold

[MarkV]

Hey Alan, I’ve been following your thread and I’m glad things have worked out for the new place. Personally I think you made a great decision getting the fixer upper with the land. As life’s financial situation changes you can always change a house but you rarely can add more land with out moving.

Not sure that the loan option that has an “unknown” interest rate change at 15 years is what I would do though. With the difference between the 30 year fixed and the variable at 15 years being $2446.20 during the first 15 years, I’d find the extra $163.08 per year little to pay for knowing what I was into for the life of the loan. Maybe I am just too pessimistic. All us “baby boomers” from the 40’s and 50’s will be adding the highest percentage increase history has seen to the Social Security and Medicare roles and I think it will be a wild ride for taxes and interest rates.

I’ll look forward to the upcoming progress reports as you start fixing up you new estate.

MarkV

 

[tallyho8]

I would still go with the lowest, fixed rate. If you are planning on renovating the property and moving in, then the 5 year non-prepayment term will be over before you even can finish your plans to build another home on the property and you will have saved some money on interest towards the new home. (When you get over 60 you realize how fast 5 years passes)

In 15 years your interest rate will skyrocket. Rates are at historic lows right now and will probably never go lower. Worst possible scenario: Interest rates could drop 6% to 0% in 15 years or interest rates could rise 20% (or more) to 26% in 15 years. If we were in the double digit interest rates of a few decades ago I would say go with the variable, but since we are now at historic lowest ever rates with practically no chance of rates dropping 3%, and rates already on the rise, go with fixed.

 

[AlanB]

Well, got the cancellation notice from First Federal today,,,, Along with a bill for $167, $17 for the credit check, and an additional (I already paid $350) for the Appraisal, yeah, the one they gave away................

Should be an interesting call too the VP of mortgages Monday morning, who will need to make a decision if his bank is going to eat $167, or If I am going to go speak with whatever financial authorities govern banks and the release of personal information. Wonder if he has that number handy and can save me the time searching for it?

 

[EddieWalker]

Well, got the cancellation notice from First Federal today,,,, Along with a bill for $167, $17 for the credit check, and an additional (I already paid $350) for the Appraisal, yeah, the one they gave away................

Should be an interesting call too the VP of mortgages Monday morning, who will need to make a decision if his bank is going to eat $167, or If I am going to go speak with whatever financial authorities govern banks and the release of personal information. Wonder if he has that number handy and can save me the time searching for it?

I like the way you're thinking.

Eddie

 

[gemini5362]

Well, got the cancellation notice from First Federal today,,,, Along with a bill for $167, $17 for the credit check, and an additional (I already paid $350) for the Appraisal, yeah, the one they gave away................

Should be an interesting call too the VP of mortgages Monday morning, who will need to make a decision if his bank is going to eat $167, or If I am going to go speak with whatever financial authorities govern banks and the release of personal information. Wonder if he has that number handy and can save me the time searching for it?

I agree that is a good idea. Tennessee will have a banking regulatory commision. Youmight try this web site

Department of Financial Institutions - Home

it should give you the right place to call to make a complaint.

 

[AlanB]

Thanks Gem, that will be call #2, although I may wait till my other loan clears wed before I rock their boat (they can probably rock mine harder)

Even has a 1-800 number.......

I feel like I have been reasonable and up front with everyone, man this kind of stuff just frustrates me to know end.

 

[AlanB]

Well, I asked nicely in an e-mail, and got a nice answer.

Alan,



You may consider that waived.


Brings a smile to my face first thing on a Monday morning. From a banker that does not keep banker hours apparently.

Now I just need to speak with the Farm Credit folks and get the closing narrowed down.

 

[AlanB]

Lawyers office called, (Title agents or whatever they call them) and said what time Wed would you like your appointment. So 0900 Wed morning it will be. I now have a name of the person working my settlement sheet and hopefully she is done today, called my local bank manager who has to give me the cashiers check and she said no problem, just as soon as I know tell her and I can have the check within 5 minutes. Said she would be in the office all day tomorrow.

You guys wish me luck, it may actually be coming together.

 

[EddieWalker]

When you get the right people involved, buying a home or land can be allot of fun. Get one idiot in there, and the whole process is a nightmare. I'm not sure where to point fingers at all those who were giveing you headaches, but it was you who solved the problems and found the right place to get your loan.

Again, Congratualtions.

Eddie

 

[AlanB]

Thanks Eddie, looks like it is all coming together, got my numbers I need to bring, got the time set, the bank and the attorney say everything is tracking, all I have to do is show up and bring a cashiers check...

Mold remediation 101 Wed after lunch