The New “What did you do with your Z today” (with off topic replies) XXXVI

bunk · 06-01-2020, 09:25 AM

Quote:

Originally Posted by Ghostvette

I used mine on this house. $0 down on a 219K house, P&I w/escrow $1650. My interest rate is about 5% if I recall correctly. I did pay some $$ up front to get the rate down a little.
I may refi later this year, the rates are predicted to drop to sub 3%.

You can do zero down? How much were you approved for? Im getting a COE ready. Did you go through the VA or CU?

Ghostvette · 06-01-2020, 09:33 AM

Quote:

Originally Posted by bunk

You can do zero down? How much were you approved for? Im getting a COE ready. Did you go through the VA or CU?

VA is $0 down. I just had to provide a copy of my DD214 to the finance folks and they did the paperwork. Mine is financed through Planet Home Lending right now, I may go with USAA when I refi, I'd really like to go 15 or 20 years instead of 30. The $$ per month is higher than my current 30 year note. What you have to keep in mind is that they will quote you a P&I (principal & interest) amount and 'kinda forget' about the escrow amount. My escrow (taxes & insurance) runs about $440, so my P&I payment is around $1200. If I can get my P&I down to around $800, then I'll refi, otherwise, I'll stick with what I have. The house across the street from me just sold at $285K, and it needs more work than mine.

bunk · 06-01-2020, 09:41 AM

Quote:

Originally Posted by Ghostvette

VA is $0 down. I just had to provide a copy of my DD214 to the finance folks and they did the paperwork. Mine is financed through Planet Home Lending right now, I may go with USAA when I refi, I'd really like to go 15 or 20 years instead of 30. The $$ per month is higher than my current 30 year note. What you have to keep in mind is that they will quote you a P&I (principal & interest) amount and 'kinda forget' about the escrow amount. My escrow (taxes & insurance) runs about $440, so my P&I payment is around $1200. If I can get my P&I down to around $800, then I'll refi, otherwise, I'll stick with what I have. The house across the street from me just sold at $285K, and it needs more work than mine.

The monthly note numbers I came out with was from the VA Benefits mortgage calculator. Im not sure if P&I and Escrow are both included. Either way, at the price point Im looking at, it would probably still be cheaper than my current rent.

Ghostvette · 06-01-2020, 09:50 AM

Quote:

Originally Posted by bunk

The monthly note numbers I came out with was from the VA Benefits mortgage calculator. Im not sure if P&I and Escrow are both included. Either way, at the price point Im looking at, it would probably still be cheaper than my current rent.

The VA calculator is showing you P&I only. Insurance & taxes are different area to area, however, you can find out what the taxes are on the property from the county website and USAA will be able to give you a ball park guess on the insurance. My insurance is with them.

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