LOL we took the Jeep down to the Keys one day with the top off. A raincloud came thru and we pulled over to put the top back up. I swear we were immediately attacked. Couldn't decide whether to swat them (needed a baseball bat) or saddle em.
RichC, To find a good financial planner, you'll have to interview several. No one is the right person for everyone. First of all, get someone who does fee-based planning as opposed to someone who only makes his or her income from selling insurance and/or securities. A fee-based planner is one you pay for the advice. Many of the "financial planners" really work for a company, like AMEX or Schwab. While they'll give you advice, they only make money by selling their products. See if they have a certification, like a CFP (Cerified Fiancial Planner), not a designation given by the company they work for (like Financial Consultant). This isn't always necessary, but they have put time into earning this designation. A good web site with info about choosing a financial planner is http://ricedelman.com/planning/chooseadvisor.asp After that, you have to talk to them a little and see if you feel comfortable with them. To whoever said they were going to a financial planner but are glad they didn't because of 9/11 (sorry I can't seem to see the post now)-- if you had chosen a financial planner who diversified you, you would be ahead. It might not seem like it right now, but give it a few years. Better to have a plan.
Sorry--I was rushing through looking for things and couldn't find them. It seems like when I go back to look for a post I can only find it by re-reading everything in detail, and I just didn't have the time. Thanks a million for showing me how to do it!
Re: Re: This is highway robbery!!! Thanks Slavic That's about what I thought. ********** but do require a $350 (or $400?) walk in appraisal if you don't want it based on your tax value *********** That was going to be my next question. We really don't want to do a re-appraisal after building because if they appraise it too high - obviously tax consequences. It will be a while before I'm ready since we haven't even started building yet, but I'll definitely look into that after it's built.
RichC Yep, I used to be a consultant too. I lot of my bonuses were at least in part, stock options. Yeah. A lot of good THOSE did me. After 9/11, not only did I get laid off, but the stock tanked. My stock options were at $27 when they hired me, went quickly up to $29 and I was looking forward to the $30's and maybe even $40's. HAH! Was down to $5 when I sold out. (Luckily, I had bought a bunch at $3 and it came back up just slightly) The only thing that saved my butt was 401K and savings bonds that I had pulled out of my checks. I remember thinking my mom was kind of dumb for pulling all of her investments (mutual funds) and putting them in safer things (bonds and regular savings) but man, was she right. We lost my dad in 98 and I think she pulled everything in 99 or 2000. She's one of the few people I know who DIDN'T lose money. The house was paid off with when my dad died. (his mortgage insurance) plus she got his life insurance. But you know, she still has to work a crappy job to keep health insurance. She couldn't afford the cobra from my dad's job. That sucks. Guess that's another reason I'm a big believer in having a lot of insurance. If he'd had a bigger policy, she wouldn't have to be working now. One of those very unexpected things (aneurism). Anyway, I used to pay $1500 in rent, now it's $650 (and that's splitting with someone, not by myself), so I've cut my rent expense down to 1/5th what it was. I plan on driving my car until it falls apart. I keep the oil changed, etc., and it's around 140K miles right now (but then I used to drive a lot more when I was working) The new mortgage will be only slighter higher than the rent we're paying now (but if you add in our storage costs, it's about even - I have storage for all my garage stuff, and my fiance has storage for boat and Jet Ski) - we really need a garage.
Re: Re: Re: This is highway robbery The lender's appraisal done for the loan has absolutely nothing to do with your county tax appraiser who appraises the house each year for tax purposes unless you take it to him and ask if he can increase your value for tax purpose. For example the appraisal based on the "basis100" electronic appraisal system like the one at BofA I linked previously appraises my house between 125 and 154% of the market value my county tax appraiser established for tax purposes. Another electronic appraisal system (don't know which one) puts it at 183% of tax value according to a lender I contacted. Unless your tax value is correct you're better of going with a lender who will do an electronic appraisal and only actually pay for one if that is going to give you a higher value than the electronic ones used by lenders.
Re: Re: Re: This is highway robbery That's true. An appraisal for sale has nothing to do with a tax appraisal. Your county or city or whoever your tax authority is doesn't get a copy of real estate appraisals. They do their own on some periodic basis. Where I live, we're reappraised every three years. Each year, one third of the county is appraised.
Re: Re: Re: This is highway robbery quote: -------------------------------------------------------------------------------- Originally posted by Hedwig If you had been following my plan, you would have had the funds to fall back on during the times of unemployment. That's the point. 1*You can't get it out of the house then, but you can get it out of your investments. -------------------------------------------------------------------------------- 2**Unless you set up a when you can and leave it untapped for just such a purpose. They are very cheap/free to both set up and maintain. Unless your home value tanks at the same time : Slavic ================== 1*Lets say you need 10000 out of your homes equity. How do you go about getting the 10 grand? 2*So when you tap the HELOC you now have to pay on 2 loans instead of just one. How nice? THE END ** *** ** LB 59 """"```--~~~~~~~~~--```'""'''
Re: Re: Re: This is highway robbery So I can't take the TAX ASSESSMENT to get a loan??? I didn't want to have to pay for an APPRAISAL... NOT EVEN FOR NO MORE THAN 60% INCLUDING CURRENT "FIRST" MORTGAGE???
Re: Re: Re: This is highway robbery 1) You write yourself a check and deposit it in your checking account whenever you need cash. 2) Hedwig was talking about pre tax investments. I'm hardly an expert on the subject, but how exactly did you plan on getting cash out of your 401K without getting retired or paying on a second loan secured by your 401K? What's so nice about trying to get a loan while you're unemployed?
Re: Re: Re: This is highway robbery Who said you can't? I specifically said that PENFED requires an appraisal if you don't want it based on your tax value. I also said: Most will do electronic appraisal such as http://www.bankofamerica.com/loansa...e=hc_home_worth and: Unless your tax value is correct you're better of going with a lender who will do an electronic appraisal and only actually pay for one if that is going to give you a higher value than the electronic ones used by lenders. So if you don't mind the generally lower tax assessed value and you have enough equity to take out as much of a credit line as you want then go for it. Tax or electronic appraisal are obviously the cheapest option them being free.
Re: Re: Re: This is highway robbery If you're only going for 60% of value you probably won't have to pay for an appraisal. If they don't use the electronic system, many lenders will take what they call "comps." They check the recent sales prices on homes in your area, then add and subtract for differences (one has a garage and one doesn't, etc.). Most times an actual appraisal is needed when you're getting high LTV or if you get a guaranteed loan, like an FHA loan. I think they always require appraisals.
Re: Re: Re: This is highway robbery 1*What you don't realize is that putting the money away (over the long haul, the stock market averages 10% or so) will increase your wealth more than those extra payments. First of all, the return is higher. Second, the compounding feature is working for you. Read Bruce's thread on the Rule of 72. 2*You also have the money available to make those payments if you get injured or lose your job. The fact that you've paid extra on the loan won't help you make payments. The money that is invested will. Hedwig ====================== 1*A person should not buy any home that don't make you money instead of costing you money. 2*Ah Ha the equity glitch. THE END ** *** ** LB 59 """"```--~~~~~~~~~--```'""'''
