Closing date: February 1st

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Closing date: February 1st

Postby nudie66 » Sat Nov 04, 2017 7:00 pm

Hello all,

My wife and I have the chance to purchase the house I've been living in for 5 years. (She's been here about 1 1/2 years, since we got married.) The previous owner, an older, very sweet, very encouraging Christian lady who I've known since 1989, spent the last 5 years of her life in a "care center" (she refused to call it a nursing home) in Florida after a bad fall while visiting an old friend. She had MS since she was 29, and finally met her Savior face to face after losing a fight with double pneumonia at age 82 in January 2016. (She was never able to regain her strength after the broken bones healed - the muscles atrophied, and having MS didn't help any.)

So, after two years of uncertainty, I am now humbled by the opportunity to continue caring for her house - soon to be mine. My wife & I are praying to have more than 10% of the cost as a down payment. Right now, that's all we can swing. 20% would be a miracle, and also very helpful, since that amount would greatly lessen the monthly mortgage payments, as the property taxes & homeowner's insurance would not have to be included in the mortgage payments.

I've been also praying for more customers for my business to help raise the funds. I'm glad to say that one of our own here in the Village was a very recent customer of mine, even though he lives 6 states south of us. Distance isn't a problem in that department.

Could you join me in praying for a 20% down payment? The closing date is expected to be on or near February 1st. Thank you so much. I appreciate all of you.

Warren
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Re: Closing date: February 1st

Postby Maverick » Sat Nov 04, 2017 7:23 pm

Praying, Warren!
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Re: Closing date: February 1st

Postby Ramblinman » Sat Nov 04, 2017 8:18 pm

Warren,

I will join you in praying that you have the 20% down by closing, but that additional 10% can be knocked out in a few years time with an extra principle payment or two every year.
Property tax must be paid regardless. Don't see it as a savings just because you write a separate check (or debit transaction).
For those who get paid weekly, if you budget for a 4-week month, the months with 5 weeks give you the opportunity to make an extra mortgage payment or pay off credit card debt or build up 401K or savings.

Not sure if you follow the advise of Dave Ramsay, but he recommends fully funding a six-month emergency fund before attacking major debt such accelerating payments on a mortgage or student loan debt, etc.

It will be a big relief for you when private mortgage insurance is dropped. But soon or very soon, you will get there in short order.
This is a time of rejoicing, God will answer in his own way, but yes, let's continue in prayer!
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Re: Closing date: February 1st

Postby Petros » Sun Nov 05, 2017 7:50 am

Praying here - the more awareness given that we spent over a year trying to get out of our place THERE and are camping in Number One Son's front apartment while praying for the right house here and a way to swing it. I so understand how it is.
The truth, the stark naked truth, the truth without so much as a loincloth on, should surely be the investigator's sole aim - Basil Chamberlain
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Re: Closing date: February 1st

Postby jude700 » Mon Nov 06, 2017 1:32 am

My landlady willed me her home when she died. Other tenants took the will and other legal papers from the file cabinet until the pastor came up with copies. Have since moved and am on wooded property with a reverse mortgage. Wish knew more about them prior to signing. :duh:
God Bless.

"You are the garment which covers our nakedness, and in our hunger you are a satisfying food, for you are sweetness and in you there is no taste of bitterness, O triune God!"
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Re: Closing date: February 1st

Postby Englishman » Mon Nov 06, 2017 5:42 am

I'll be praying! Keep us informed of how things are going; I do like my prayers to be focused on what's actually going on. Many blessings to you, your wife, your business & your new home. :)
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Re: Closing date: February 1st

Postby nudie66 » Mon Nov 06, 2017 12:11 pm

Ramblinman wrote:...that additional 10% can be knocked out in a few years time with an extra principle payment or two every year.


I definitely plan to add a little something extra towards the principle every month I can!

Ramblinman wrote:Not sure if you follow the advise of Dave Ramsay, but he recommends fully funding a six-month emergency fund before attacking major debt such accelerating payments on a mortgage or student loan debt, etc.


Let's just say that, thanks to the Lord, we are doing better than we deserve. A six-month emergency fund would be a good idea, though.

And thank you to everyone for your replies and your prayers. I will keep you posted right here.
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Re: Closing date: February 1st

Postby natman » Mon Nov 06, 2017 12:49 pm

nudie66 wrote:
Ramblinman wrote:...that additional 10% can be knocked out in a few years time with an extra principle payment or two every year.


I definitely plan to add a little something extra towards the principle every month I can![/quote[

I tend to compare the interest rate being paid to the rate of inflation. If the interest rate is greater than the rate of inflation, then I would pay more toward principle. If the interest rate is less than inflation, they I would not. This is a matter of the "time-value" of money.

See https://money.usnews.com/money/blogs/th ... gage-early
This page might help as well... https://www.envoymortgage.com/mortgage- ... alculator/

By investing the money you might have otherwise used to pay down the mortgage, you might be able to get to that six-month emergency fund much quicker and have ready cash to get you through a disaster or temporary job loss etc.
SON-cerely,
Nathan Powers

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Re: Closing date: February 1st

Postby Ramblinman » Tue Nov 07, 2017 2:09 pm

natman wrote:I tend to compare the interest rate being paid to the rate of inflation. If the interest rate is greater than the rate of inflation, then I would pay more toward principle. If the interest rate is less than inflation, they I would not. This is a matter of the "time-value" of money.


I certainly agree. A degree of liquidity is key. If you are so cash-poor that you have to dip into an IRA for an unexpected expense, regardless of the steep penalty that comes with early withdrawal, it could indicate that you need to build that reserve fund some more.

Credit card debt can be quite a burden, but we have to exercise caution not to make serious payments on it until we have at least a 3-month cash reserve, for the same reason given above.
And I stand by my goal of a six-month cash reserve. "Steady job"? Great while you have it, but don't put all your trust in it.
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Re: Closing date: February 1st

Postby New_Adventurer » Thu Nov 09, 2017 6:40 pm

My daughter went through some lean times prior to landing her current job as a civil engineer, so I "loaned" her what she asked for. When she started getting a regular paycheck she wanted to know when I expected repayment. I told her after all credit cards were paid off and after she had $10,000 in the bank. I am not really expecting any repayments as such, considering I told her it was a gift and to accept it as such. My mother bought her a bachelors degree and a bought her the masters degree, so her dowry is paid.

Life is expensive enough as it is without having to pay off a $100,000 student loan. Do I owe it to her? No, I just choose to be nice. Same thing for my son's wife and her bachelors, masters, and teaching credential.
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Re: Closing date: February 1st

Postby natman » Mon Nov 20, 2017 12:14 pm

New_Adventurer wrote:My daughter went through some lean times prior to landing her current job as a civil engineer, so I "loaned" her what she asked for.... I am not really expecting any repayments as such, considering I told her it was a gift and to accept it as such.


I have come to the understanding that this generation of children automatically translate "loan" into "gift" in their minds, so stating the "obvious" is a bit redundant.

New_Adventurer wrote:Life is expensive enough as it is without having to pay off a $100,000 student loan.


$100,000 student loan ???? :shock: :shock: :shock: Seems RIDICULOUS to me. Both of my daughters got through college with only about $20,000 loans, but stopped at Bachelors. I graduated (years ago) on the PAYGO system. Hopefully your daughter will be able to get a job that would make the effort and cost worth it.
SON-cerely,
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Re: Closing date: February 1st

Postby Ramblinman » Mon Nov 20, 2017 2:29 pm

College has always been expensive, and not all of us have the smarts or academic preparation for a full-ride scholarship.
If you don't already have a degree, my state pays for your tuition, but some folks picked up a degree that seemed interesting, but did not provide a greater income.
You can scoff and say, "Why did they get such a degree?", but often-times we pursue a degree plan and the economy changes in mid-stream.

In other years, a few colleges such as Berea in Kentucky and Berry in Georgia had work-study programs.
My college didn't, but I managed to find odd jobs on campus.

But college has gotten so crazy expensive that these odd jobs won't cover tuition anymore.
We need to revive no-frills colleges/vocational schools like this, keeping tuition down.
How else will people escape the trap of minimum wage jobs, living hand-to-mouth?
If you don't deal with the cost side of the equation, the door to self-improvement slams shut for millions.
Business, government and Mom and Dad can't keep writing ever-bigger checks every year.
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Re: Closing date: February 1st

Postby Maverick » Mon Nov 20, 2017 2:44 pm

Ramblinman wrote:But college has gotten so crazy expensive that these odd jobs won't cover tuition anymore.
We need to revive no-frills colleges/vocational schools like this, keeping tuition down.


But... we have to fund our football programs!! :mrgreen:
(Yes, ironic coming from a Texan, where football is king.)

Nowadays, especially in high schools, there are opportunities for high-schoolers to start college early. When I was in high school, my advisor encouraged me to take as many AP (Advanced Placement) classes as I could in order to test out of college credit. Each test at the end of the year cost about $90 (but the school district subsidized the cost so it was really only about $25), but could save you thousands if you scored well enough to get credit!

My suggestion to kids: study hard, and find opportunities where you can start early. Parents should encourage their kids to aim high. Practice taking the PSAT so you can score high enough to be eligible for a National Merit Scholarship. Figure out which colleges offer scholarships that you're eligible for and apply, apply, apply! I remember one college advisor telling me that there's practically free money sitting in scholarship funds that only a few students apply for each year. What's it cost? Maybe writing an essay. But it could save thousands and keep someone out of student loans.

Oh... and is going to "Dream University" really worth being saddled with a five-figure student loan debt upon graduation? I think not. Go to "No-Frills Community College" to get your basics out of the way and then transfer to someplace that will ease your financial burden. Put simply: go where the money is, or where the money will go the farthest.
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Re: Closing date: February 1st

Postby Ramblinman » Mon Nov 20, 2017 2:53 pm

Maverick wrote:Oh... and is going to "Dream University" really worth being saddled with a five-figure student loan debt upon graduation? I think not. Go to "No-Frills Community College" to get your basics out of the way and then transfer to someplace that will ease your financial burden. Put simply: go where the money is, or where the money will go the farthest.


For those of us who are not from wealthy families, learning a trade may be a necessary intermediate step before we can begin academic education.
It may take a few extra years, but the right trade skills can give young folks a resume with real-world experience, practical knowledge that complements book learning, and they can earn more than burger-flipper wages as they fund their education. Contract work allows flexibility in taking classes, but getting your employer to pay your tuition is an equally valid path.
But both these paths are predicated upon learning a trade first before pursuing higher education (if ever).
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Re: Closing date: February 1st

Postby webmeister » Mon Nov 20, 2017 6:09 pm

Maverick wrote:
Ramblinman wrote:But college has gotten so crazy expensive that these odd jobs won't cover tuition anymore.
We need to revive no-frills colleges/vocational schools like this, keeping tuition down.


But... we have to fund our football programs!! :mrgreen:
(Yes, ironic coming from a Texan, where football is king.)


Annnnd baseball this year Mav :lol: Sorry to diverge....
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