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

eastwest2300 · 03-29-2023, 07:34 AM

happy wednesday err'body

vtec to vvel · 03-29-2023, 07:39 AM

239 Days until Thanksgiving 2023

271 Days until Christmas 2023

278 Days until New Years 2024

∞ Days until EW pays off his BMW

vtec to vvel · 03-29-2023, 11:21 AM

PSA for potential home buyers:

Just got off the phone with a client. First-time home buyer and nervous about the process, but, like anybody else, heavily reading into the media and having her parents in her ear as to why she shouldn’t buy. Without fail, it’s always the same conversation.

I have her get her parents on the line, and as expected, her dad tried to big-dog me, “Son, I’ve bought a home before and I know exactly how this works! I know you can play around with the rate. Give me the best rate or else we walk!” Turns out he’s bought ONE home back in the 70’s, which a lot has changed since in the industry. I do this daily, and close on average 3 loans/week.

1.Take the media with a grain of salt. The media focuses on news that sells, so bad/negativity/etc. news. The rate should be the least of the worries. If a lender can offer a 0% rate, but there are no homes to buy (which we are experiencing a shortage of housing supply), the rate doesn’t benefit the buyer at all. The rate can also be refinanced when they drop.

2.Buying a home is one of the easiest ways to build wealth. It can also help you get out of bad/toxic debt. I had a client refinance their loan from a 2.25% to a 7.5%. It was a cash-out refinance and the client used the funds to pay off high-interest credit cards/loans/etc. So while their monthly mortgage went up by $600, their total monthly outgoing was dropped by nearly $4K. I had another client do the same thing, but used the funds towards a down payment/closing costs for a 2nd home.

3.There is no “magic” rate. Banks/Lenders don’t set the interest rates. As each bank will have cash/currency on hand, they don’t have a printing press in the back room, but rather get the tangible cash from the same source. Same concept with interest rates.

4.There are discount points available to lower the rate, however, depending on how long you plan on living in that particular home, it may or may not benefit you to pay for points. Average break-even period is anywhere from 7 to 10 years. So it makes no sense to buy down the rate if you are only planning on staying in the home for 5 years and upgrading to another home.

5.“It’s cheaper to rent than buy!” Not necessarily and really depends on your financial situation. When buying a home, there are plenty of tax benefits to where you could net on paying less monthly while also building equity/self net worth. Homestead, mortgage interest write-off, etc.

6.“Rate, rate, rate!” Just because rates are high does not mean it’s a bad time to buy, and just because rates are low does not mean it’s a good time to buy. The rate is the rate, and if you buy while rates are higher, you can always refinance when rates drop. Refinancing when rates drop means you would have still built equity from the time of purchase to refi, versus paying 100% interest while renting. If you buy while rates are higher, the benefits to the buyer:
A. No bidding wars.
B. No submitting 40+ offers to maybe get 1 of them accepted.
C. Less likely of paying over asking price (I had a client once pay $80K over asking/appraised value).
D. More likely the sellers will offer incentives for you to buy their home (I have a seller offering my client a seller concession credit to help with the purchase of discount points).

7.If you decide to shop around, which you should, just make sure to do this in the beginning. While the lenders have no control over rates, the cost of rate (ie discount points) is something the lenders can control. If you wait until the 11th hour to shop and switch lenders, keep in mind the sellers may also be on a timeline (their next home purchase may be contingent on the sale of their current home), and there is a good chance the sellers will not extend the closing date to meet their obligations. This can lead to loss of escrow, lawsuits, etc. if you don’t perform as a buyer per the terms of the contract.

I know this is a long post, but I know there are people out there are are on the fence about buying, so hopefully this can provide some guidance.

Mr. EW, this is my "golden rule" compliance for the year.

DaveZ03 · 03-29-2023, 11:40 AM

Quote:

Originally Posted by vtec to vvel

PSA for potential home buyers:

Great post! Lots of good info in here folks!

eastwest2300 · 03-29-2023, 12:23 PM

Quote:

Originally Posted by vtec to vvel

PSA for potential home buyers:

Just got off the phone with a client. First-time home buyer and nervous about the process, but, like anybody else, heavily reading into the media and having her parents in her ear as to why she shouldn’t buy. Without fail, it’s always the same conversation.

I have her get her parents on the line, and as expected, her dad tried to big-dog me, “Son, I’ve bought a home before and I know exactly how this works! I know you can play around with the rate. Give me the best rate or else we walk!” Turns out he’s bought ONE home back in the 70’s, which a lot has changed since in the industry. I do this daily, and close on average 3 loans/week.

1.Take the media with a grain of salt. The media focuses on news that sells, so bad/negativity/etc. news. The rate should be the least of the worries. If a lender can offer a 0% rate, but there are no homes to buy (which we are experiencing a shortage of housing supply), the rate doesn’t benefit the buyer at all. The rate can also be refinanced when they drop.

2.Buying a home is one of the easiest ways to build wealth. It can also help you get out of bad/toxic debt. I had a client refinance their loan from a 2.25% to a 7.5%. It was a cash-out refinance and the client used the funds to pay off high-interest credit cards/loans/etc. So while their monthly mortgage went up by $600, their total monthly outgoing was dropped by nearly $4K. I had another client do the same thing, but used the funds towards a down payment/closing costs for a 2nd home.

3.There is no “magic” rate. Banks/Lenders don’t set the interest rates. As each bank will have cash/currency on hand, they don’t have a printing press in the back room, but rather get the tangible cash from the same source. Same concept with interest rates.

4.There are discount points available to lower the rate, however, depending on how long you plan on living in that particular home, it may or may not benefit you to pay for points. Average break-even period is anywhere from 7 to 10 years. So it makes no sense to buy down the rate if you are only planning on staying in the home for 5 years and upgrading to another home.

5.“It’s cheaper to rent than buy!” Not necessarily and really depends on your financial situation. When buying a home, there are plenty of tax benefits to where you could net on paying less monthly while also building equity/self net worth. Homestead, mortgage interest write-off, etc.

6.“Rate, rate, rate!” Just because rates are high does not mean it’s a bad time to buy, and just because rates are low does not mean it’s a good time to buy. The rate is the rate, and if you buy while rates are higher, you can always refinance when rates drop. Refinancing when rates drop means you would have still built equity from the time of purchase to refi, versus paying 100% interest while renting. If you buy while rates are higher, the benefits to the buyer:
A. No bidding wars.
B. No submitting 40+ offers to maybe get 1 of them accepted.
C. Less likely of paying over asking price (I had a client once pay $80K over asking/appraised value).
D. More likely the sellers will offer incentives for you to buy their home (I have a seller offering my client a seller concession credit to help with the purchase of discount points).

7.If you decide to shop around, which you should, just make sure to do this in the beginning. While the lenders have no control over rates, the cost of rate (ie discount points) is something the lenders can control. If you wait until the 11th hour to shop and switch lenders, keep in mind the sellers may also be on a timeline (their next home purchase may be contingent on the sale of their current home), and there is a good chance the sellers will not extend the closing date to meet their obligations. This can lead to loss of escrow, lawsuits, etc. if you don’t perform as a buyer per the terms of the contract.

I know this is a long post, but I know there are people out there are are on the fence about buying, so hopefully this can provide some guidance.

Mr. EW, this is my "golden rule" compliance for the year.

this is why i have faith in your mr. vtec, even though you dislike spring breakers, you still can be nice too.

danegrey · 03-29-2023, 06:14 PM

Happy Wednesday evening, enjoy a brew...
take a deep breath and relax...
cheers

eastwest2300 · 03-29-2023, 07:35 PM

Quote:

Originally Posted by danegrey

Happy Wednesday evening, enjoy a brew...
take a deep breath and relax...
cheers

amen to that brother..

vtec to vvel · 03-29-2023, 09:40 PM

Quote:

Originally Posted by vtec to vvel

https://www.cnn.com/2023/03/27/us/fl...rida%20Lottery.

"Delaware man wins $5 million lottery while on vacation in Florida"

Spring breakers and snow birds

Can't win if you don't play.

I decided to start a scratch-off lotto pool at work, which the pool is only limited to the people that I work well with and really trust (if I can trust you with a $1 milly loan contract, then I can trust you with lottery winnings). Our commission checks hit on Friday, so we are going to buy 6 "bricks" of 2 games, one game being $10/ticket and the other being $50/ticket. After researching tickets with the most jackpot prizes still remaining, we will see which of the 2 price points yields better results.

eastwest2300 · 03-29-2023, 10:46 PM

if you win, share some with me duuude.

Rusty · 03-30-2023, 03:59 AM

Morning everyone.

God-Speed · 03-30-2023, 06:25 AM

Good Thursday Morning All. 80* for a high today with 30% chance of rain that we still need.

Time to Hit it guys. So hope you all have a good one today.

Stay Safe, Stay Positive and Keep Moving Forward.

Remember: "Every Time I Step On The Field, I'm Going To Give My Whole Heart Regardless The Score." Tim Tebow

eastwest2300 · 03-30-2023, 06:59 AM

morning boys and girls, the weekend is almost here.. do something great today!

vtec to vvel · 03-30-2023, 07:40 AM

238 Days until Thanksgiving 2023

270 Days until Christmas 2023

277 Days until New Years 2024

∞ Days until EW pays off his BMW

vtec to vvel · 03-30-2023, 07:41 AM

Happy Friday's Eve!

danegrey · 03-30-2023, 08:25 AM

Yes, its almost the weekend
Enjoy the day
Cheers

03-29-2023, 07:34 AM	#9751 (permalink)
eastwest2300 A True Z Fanatic Join Date: May 2010 Location: South FL Posts: 90,817 Drives: '16QX70/'21 Supra3.0 Rep Power: 2684549	happy wednesday err'body danegrey and vtec to vvel like this. __________________ Infiniti QX70 & Toyota Supra 3.0 Premium

03-29-2023, 07:39 AM	#9752 (permalink)
vtec to vvel A True Z Fanatic Join Date: Feb 2015 Location: 813 Posts: 3,903 Drives: 13 Z Rep Power: 499553	239 Days until Thanksgiving 2023 271 Days until Christmas 2023 278 Days until New Years 2024 ∞ Days until EW pays off his BMW eastwest2300 and Rusty like this. __________________ Don't like what I post? Too bad. I really don't give a sh!t

03-29-2023, 11:21 AM	#9753 (permalink)
vtec to vvel A True Z Fanatic Join Date: Feb 2015 Location: 813 Posts: 3,903 Drives: 13 Z Rep Power: 499553	PSA for potential home buyers: Just got off the phone with a client. First-time home buyer and nervous about the process, but, like anybody else, heavily reading into the media and having her parents in her ear as to why she shouldn’t buy. Without fail, it’s always the same conversation. I have her get her parents on the line, and as expected, her dad tried to big-dog me, “Son, I’ve bought a home before and I know exactly how this works! I know you can play around with the rate. Give me the best rate or else we walk!” Turns out he’s bought ONE home back in the 70’s, which a lot has changed since in the industry. I do this daily, and close on average 3 loans/week. 1.Take the media with a grain of salt. The media focuses on news that sells, so bad/negativity/etc. news. The rate should be the least of the worries. If a lender can offer a 0% rate, but there are no homes to buy (which we are experiencing a shortage of housing supply), the rate doesn’t benefit the buyer at all. The rate can also be refinanced when they drop. 2.Buying a home is one of the easiest ways to build wealth. It can also help you get out of bad/toxic debt. I had a client refinance their loan from a 2.25% to a 7.5%. It was a cash-out refinance and the client used the funds to pay off high-interest credit cards/loans/etc. So while their monthly mortgage went up by $600, their total monthly outgoing was dropped by nearly $4K. I had another client do the same thing, but used the funds towards a down payment/closing costs for a 2nd home. 3.There is no “magic” rate. Banks/Lenders don’t set the interest rates. As each bank will have cash/currency on hand, they don’t have a printing press in the back room, but rather get the tangible cash from the same source. Same concept with interest rates. 4.There are discount points available to lower the rate, however, depending on how long you plan on living in that particular home, it may or may not benefit you to pay for points. Average break-even period is anywhere from 7 to 10 years. So it makes no sense to buy down the rate if you are only planning on staying in the home for 5 years and upgrading to another home. 5.“It’s cheaper to rent than buy!” Not necessarily and really depends on your financial situation. When buying a home, there are plenty of tax benefits to where you could net on paying less monthly while also building equity/self net worth. Homestead, mortgage interest write-off, etc. 6.“Rate, rate, rate!” Just because rates are high does not mean it’s a bad time to buy, and just because rates are low does not mean it’s a good time to buy. The rate is the rate, and if you buy while rates are higher, you can always refinance when rates drop. Refinancing when rates drop means you would have still built equity from the time of purchase to refi, versus paying 100% interest while renting. If you buy while rates are higher, the benefits to the buyer: A. No bidding wars. B. No submitting 40+ offers to maybe get 1 of them accepted. C. Less likely of paying over asking price (I had a client once pay $80K over asking/appraised value). D. More likely the sellers will offer incentives for you to buy their home (I have a seller offering my client a seller concession credit to help with the purchase of discount points). 7.If you decide to shop around, which you should, just make sure to do this in the beginning. While the lenders have no control over rates, the cost of rate (ie discount points) is something the lenders can control. If you wait until the 11th hour to shop and switch lenders, keep in mind the sellers may also be on a timeline (their next home purchase may be contingent on the sale of their current home), and there is a good chance the sellers will not extend the closing date to meet their obligations. This can lead to loss of escrow, lawsuits, etc. if you don’t perform as a buyer per the terms of the contract. I know this is a long post, but I know there are people out there are are on the fence about buying, so hopefully this can provide some guidance. Mr. EW, this is my "golden rule" compliance for the year. FL 4Motion, eastwest2300, God-Speed and 5 others like this. __________________ Don't like what I post? Too bad. I really don't give a sh!t

03-29-2023, 06:14 PM	#9756 (permalink)
danegrey A True Z Fanatic Join Date: Oct 2011 Location: Knoxville Age: 71 Posts: 3,081 Drives: 12 370Z BK Cherry M6 Rep Power: 558939	Happy Wednesday evening, enjoy a brew... take a deep breath and relax... cheers eastwest2300, Rusty, sx moneypit and 2 others like this. __________________ Lots of Changes the Z needs to be driven and driven hard for the car lives for it

03-29-2023, 10:46 PM	#9759 (permalink)
eastwest2300 A True Z Fanatic Join Date: May 2010 Location: South FL Posts: 90,817 Drives: '16QX70/'21 Supra3.0 Rep Power: 2684549	if you win, share some with me duuude. __________________ Infiniti QX70 & Toyota Supra 3.0 Premium

03-30-2023, 03:59 AM	#9760 (permalink)
Rusty Ronin Samurai - Assassin Join Date: Dec 2011 Location: Fayettenam,Pennsyltucky Age: 68 Posts: 34,863 Drives: 2011 Nismo GM 6M Rep Power: 2684436	Morning everyone. God-Speed, danegrey, sx moneypit and 1 others like this. __________________ 浪人 - 殺し屋 "The Difficult Anytime, The Impossible By Appointment Only" http://www.the370z.com/members-370z-...o-journal.html

03-30-2023, 06:25 AM	#9761 (permalink)
God-Speed A True Z Fanatic Join Date: Sep 2010 Location: Austin, Tx. Posts: 4,352 Drives: Prototype Rep Power: 2684376	Good Thursday Morning All. 80* for a high today with 30% chance of rain that we still need. Time to Hit it guys. So hope you all have a good one today. Stay Safe, Stay Positive and Keep Moving Forward. Remember: "Every Time I Step On The Field, I'm Going To Give My Whole Heart Regardless The Score." Tim Tebow danegrey, sx moneypit and vtec to vvel like this.

03-30-2023, 06:59 AM	#9762 (permalink)
eastwest2300 A True Z Fanatic Join Date: May 2010 Location: South FL Posts: 90,817 Drives: '16QX70/'21 Supra3.0 Rep Power: 2684549	morning boys and girls, the weekend is almost here.. do something great today! danegrey and vtec to vvel like this. __________________ Infiniti QX70 & Toyota Supra 3.0 Premium

03-30-2023, 07:40 AM	#9763 (permalink)
vtec to vvel A True Z Fanatic Join Date: Feb 2015 Location: 813 Posts: 3,903 Drives: 13 Z Rep Power: 499553	238 Days until Thanksgiving 2023 270 Days until Christmas 2023 277 Days until New Years 2024 ∞ Days until EW pays off his BMW eastwest2300 and danegrey like this. __________________ Don't like what I post? Too bad. I really don't give a sh!t

03-30-2023, 07:41 AM	#9764 (permalink)
vtec to vvel A True Z Fanatic Join Date: Feb 2015 Location: 813 Posts: 3,903 Drives: 13 Z Rep Power: 499553	Happy Friday's Eve! eastwest2300, God-Speed, danegrey and 1 others like this. __________________ Don't like what I post? Too bad. I really don't give a sh!t

03-30-2023, 08:25 AM	#9765 (permalink)
danegrey A True Z Fanatic Join Date: Oct 2011 Location: Knoxville Age: 71 Posts: 3,081 Drives: 12 370Z BK Cherry M6 Rep Power: 558939	Yes, its almost the weekend Enjoy the day Cheers eastwest2300 and God-Speed like this. __________________ Lots of Changes the Z needs to be driven and driven hard for the car lives for it

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