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Re: break ira for refinance
by Rishi Tue Jan 29, 2013 11:22 pm
Bad idea.
If I am correct, you have to pay 10% penalty. Is it not?
If I am correct, you have to pay 10% penalty. Is it not?
Rishi- Posts : 5129
Join date : 2011-09-02
Re: break ira for refinance
by Propagandhi711 Wed Jan 30, 2013 12:09 am
Vidya Bagchi wrote:good idea or bad idea?
outrageously stupid idea
Propagandhi711- Posts : 6941
Join date : 2011-04-29
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Re: break ira for refinance
by Propagandhi711 Wed Jan 30, 2013 12:15 am
yeah that's what savings are for - for expenses such as refinancing
Propagandhi711- Posts : 6941
Join date : 2011-04-29
Re: break ira for refinance
by Guest Wed Jan 30, 2013 12:23 am
Propagandhi711 wrote:yeah that's what savings are for - for expenses such as refinancing
it's not just refi cost. it's to bring down the principal significantly.
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Re: break ira for refinance
by Kris Wed Jan 30, 2013 2:14 am
Vidya Bagchi wrote:Propagandhi711 wrote:yeah that's what savings are for - for expenses such as refinancing
it's not just refi cost. it's to bring down the principal significantly.
>>>Just a principal pay down? Unless the loan is rewritten for the lower amount (i.e. a refi), is your payment not going to stay the same?
Kris- Posts : 5461
Join date : 2011-04-28
Re: break ira for refinance
by Guest Wed Jan 30, 2013 7:16 am
Kris wrote:Vidya Bagchi wrote:Propagandhi711 wrote:yeah that's what savings are for - for expenses such as refinancing
it's not just refi cost. it's to bring down the principal significantly.
>>>Just a principal pay down? Unless the loan is rewritten for the lower amount (i.e. a refi), is your payment not going to stay the same?
This is refinance with a lower rate. Need to do principal pay down by 6% coz the appraisal came low. The monthly payment will go down by 500 dollars.
Dunno if it's worth it to put in any money in the house if its value is already going down. Reading up here and there but can't decide. Should I wait one year for market to go up. Or should I just do it, dip into savings and forget it for next 5 years. The only risk in this is that
I'm expecting certain payments (loan repay) from certain people that will make up for 50% of the cost. But they may back out. In that case I'll have zero savings left.
Guest- Guest
Re: break ira for refinance
by Kris Wed Jan 30, 2013 11:09 am
Vidya Bagchi wrote:Kris wrote:Vidya Bagchi wrote:Propagandhi711 wrote:yeah that's what savings are for - for expenses such as refinancing
it's not just refi cost. it's to bring down the principal significantly.
>>>Just a principal pay down? Unless the loan is rewritten for the lower amount (i.e. a refi), is your payment not going to stay the same?
This is refinance with a lower rate. Need to do principal pay down by 6% coz the appraisal came low. The monthly payment will go down by 500 dollars.
Dunno if it's worth it to put in any money in the house if its value is already going down. Reading up here and there but can't decide. Should I wait one year for market to go up. Or should I just do it, dip into savings and forget it for next 5 years. The only risk in this is that
I'm expecting certain payments (loan repay) from certain people that will make up for 50% of the cost. But they may back out. In that case I'll have zero savings left.
>>>>Zero savings is not a good position to be in. Do some research on the market trends. RE prices have been on the rebound in parts of the country. See how your RE appraisal compares to what it may have been 6 months and 12 months ago. If it looks like it is gradually on the upswing, it may be worth the wait. I just did an appraisal on our home. For the first time, the prices are back, even slightly higher than what I bought it for 5 years ago.
Kris- Posts : 5461
Join date : 2011-04-28
Re: break ira for refinance
by Guest Wed Jan 30, 2013 11:30 am
It went down further than what it was in November. I think I know what I'll do. Hate to say it but it's more of an emotional decision, but that's how I roll sometimes. Will finalize today. Thanks!
Guest- Guest
Re: break ira for refinance
by truthbetold Wed Jan 30, 2013 1:05 pm
vb,
most refi involves a new 30 year term. monthly payments will go down because of term extension. when rates are so low principal reduction is not a preferred option.
use'net present value' calculation. check on net if you need to know more about it.
give it another thought before you jump.
most refi involves a new 30 year term. monthly payments will go down because of term extension. when rates are so low principal reduction is not a preferred option.
use'net present value' calculation. check on net if you need to know more about it.
give it another thought before you jump.
truthbetold- Posts : 6799
Join date : 2011-06-07
Re: break ira for refinance
by Guest Wed Jan 30, 2013 2:16 pm
Ya. Not making sense to do the refi. In other words, it SUCKS to be me right now. #losersRus
PS: No idea what that hash-tagging means. Who cares.
PS: No idea what that hash-tagging means. Who cares.
Guest- Guest
Re: break ira for refinance
by Hellsangel Wed Jan 30, 2013 2:28 pm
Vidya Bagchi wrote:Ya. Not making sense to do the refi. In other words, it SUCKS to be me right now. #losersRus
PS: No idea what that hash-tagging means. Who cares.
Hellsangel- Posts : 14721
Join date : 2011-04-28
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