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#11
07-11-2010, 07:30 PM
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 ...I haven't had but 4 morts in my life, in 41+ yrs of house holding.Been mort free since ~ '98. But, I understand why they exist. 
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#12
07-12-2010, 01:50 AM
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Ok I'll bite as I'm curious, is that 5/1 ARM for 3% or 30 yr fixed for 4.35% both with zero points on a refinance of $1 million+ ? What's an estimate of closing costs?
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#13
07-12-2010, 11:14 AM
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 yeah, 6 mortgages is a lot to keep track of, especially at tax time. Hoping that these will help keep the lights on later in life when social security is gone the way of the dodo. Here's the breakdown - property mgt co takes care of the late night blocked toiled tenant phone calls. - primary residence - summer shack - 2 rental properites bought ~10 yrs ago just before the bubble - 2 rental properties bought end of last year (foreclosures) when everyone lost their head after the bubble burst
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#14
07-12-2010, 11:45 AM
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OT...
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I don't have the patience or, free non-port cash, to get into houses. We did a spec house with a builder friend a couple years ago and sold the sumbitch for 1.52M here in the Mtns. I was doing a jig, as I had been lying awake at night figuring the carrying cost on a $900k mort.when the construction loan rolled over. Made 10% on my dough in, and we were able to toss that spec house in a horrible mkt for "OneDot+" houses. I'm taking a breather, 
Last edited by motordavid; 07-12-2010 at 08:21 PM.
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#15
07-12-2010, 07:33 PM
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 100% Only reason we have a mortgage is for the tax deduction.I can only guess that trying to refinance has to be a royal pain in the butt in this market. I heard banks and loan institution want the W2's and financial records of dead relatives......  ...
__________________
"What you hear in a great jazz band is the sound of democracy. “The jazz band works best when participation is shaped by intelligent communication.” Harmony happens whenever different parts get to form a whole by means of congruity, concord, symetry, consistency, conformity, correspondence, agreement, accord, unity, consonance……. 
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#16
07-12-2010, 10:00 PM
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- not too many other legit tax deductions left
__________________
 Xoutpost.com - where you come for the information but stay for the friendships
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#17
07-12-2010, 11:28 PM
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#18
07-13-2010, 09:14 AM
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Let's first prop up the the housing industry with the 'stimulus' package and then sweep the legs from under it with increased taxation ...922 days in office remaining, but who's counting
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#19
07-13-2010, 12:05 PM
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Thanks. Now I'm depressed.
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#20
07-16-2010, 01:49 AM
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Did I say "I can only guess that trying to refinance has to be
a royal pain in the butt in this market? Well lo and behold I get a Fed Ex letter from my bank offering a refinance at 4.7% at no cost. (Yes no cost at all). Not even present or past tax records or W2s. If they will come down to 4.5% we may go for it
__________________
"What you hear in a great jazz band is the sound of democracy. “The jazz band works best when participation is shaped by intelligent communication.” Harmony happens whenever different parts get to form a whole by means of congruity, concord, symetry, consistency, conformity, correspondence, agreement, accord, unity, consonance…….
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