Portal Forum General General Discussion Home Ownership

  • This topic has 996 replies, 83 voices, and was last updated May 26 at 9:30am by gatorgator.
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  • #153593 Quote
    rowshkexrowshkex
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    @gopherguy06 wrote:

    @rowshkex wrote:

    There’s no way we could swing a 15-year at this point. If anything I can just do a 30-year and double my monthly payment later, right? Isn’t the biggest difference between 30-year and shorter terms the difference in interest on the loan?

    Yeah, it is a stretch, but the payment isn’t double what a 30 year payment would be, but definitely more. Sometimes you may get a lower rate too, but overall a better option.

    For example, if you got a 15 year with a 3.85 rate and a 30 year with a 4.0 rate, you would pay $1,464 vs. $955 and over the life of the loan, pay $63,590 vs. $143,739 in interest alone. Even in the first five years, you will be saving $5-6k in interest.

    $500-600/month extra is a lot of money for us where we stand. We’re aiming at a house probably higher up than most people would in our situation since our income will change drastically after a few years, not to mention the potential for kids.

    #153594 Quote
    Don Adam's Wheel of JusticeDon Adam’s Wheel of Justice
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    PM sent.

    #153595 Quote
    fishingmnfishingmn
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    @Orion wrote:

    When buying a house sign the agreement to force arbitration. Not doing this thinking we wanted the right to sue if we found anything is screwing me over. Long story. (If anyone knows a good structural engineer please pm me)

    Just to clarify this. You can’t force the other party to sign the arbitration agreement. While I’d guess that 90% of deals include all parties agreeing to arbitration you can’t force the other side to agree to it as a condition of the sale. In pretty much all dealings with banks they will decline arbitration and force you to sue them if you have an issue after the sale.

    Arbitration is faster to settle and usually less expensive which is why the vast majority agree to it. You can still hire a lawyer to represent you if you want. The ruling of an arbitrator is binding.

    #153596 Quote
    rowshkexrowshkex
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    Let me just say this thread has been awesome! :lol:

    Here’s a question for the crowd: I am currently a student whose living expenses are all on federal loans. In 1-2 years (guaranteed) I will start making a salary. Three years after that my income will jump considerably based on the similar salaries in the industry. Will banks take my FUTURE income and job security into consideration in approving a loan? Will they let me buy a house at all if I’m still on loans in this situation (knowing I won’t be in 1-2 years max)?

    #153597 Quote
    ScoobyDooScoobyDoo
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    They don’t give loans on potential future earnings. The loan industry tightened up after the ’08 debacle.

    #153598 Quote
    fishingmnfishingmn
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    @ScoobyDoo wrote:

    They don’t give loans on potential future earnings. The loan industry tightened up after the ’08 debacle.

    Correct. You need to have income to qualify and there are guidelines/ratios based on your income and other debts that will determine how much you qualify for.

    Think you said spouse was teacher so it’s maybe possible to qualify for a loan on that income.

    #153599 Quote
    Don Adam's Wheel of JusticeDon Adam’s Wheel of Justice
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    I’ve been in this business as a loan officer for a bunch of years. I must say the info I’ve seen given has been pretty accurate so this is an educated bunch. That said, here’s a summary of what’s out there for home buyers.

    Conventional loans:

    My Community 97 – Need 3% down and there are some max income restrictions. I believe it’s $84,000 per year in the metro. You get reduced MI coverage and rates are really good. Around 4%.

    Conventional 95 – Standard 5% down loan with standard MI. MI coverage depends on your credit score. The higher your score, the less you pay.

    Government loans:

    FHA – Need 3.5% down payment and can come from gift funds. A good loan if you have spotty credit or a high DTI (debt to income ratio). No BK’s within the last 2 years, no foreclosures within the past 3 years. MI coverage just got much cheaper so this is a good option.

    VA – If you receive a military disability check, this is a great option. No down payment and no monthly MI coverage.

    Hope this helps and feel free to PM me with any questions.

    #153600 Quote
    rowshkexrowshkex
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    Sounds like buying a home that we would want is out of the question right now given the limitations until I’m actually making money, even if I have a guaranteed income…

    #153601 Quote
    YoungEagleYoungEagle
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    Just wing it dude. :mrgreen:

    #153602 Quote
    Don Adam's Wheel of JusticeDon Adam’s Wheel of Justice
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    @rowshkex wrote:

    Sounds like buying a home that we would want is out of the question right now given the limitations until I’m actually making money, even if I have a guaranteed income…

    Quite possibly. I get this question about once a month from attorneys who’ve just passed the bar and want to buy a $600K house right away. You’re qualified based on your current earnings. Keep in mind too that if you receive bonus or commission at a job, you need a 2 year history before lenders will use it for qualifying purposes. Prior to 2 years, it’s base income only.

    #153603 Quote
    rowshkexrowshkex
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    @Don Adams Wheel of Justice wrote:

    @rowshkex wrote:

    Sounds like buying a home that we would want is out of the question right now given the limitations until I’m actually making money, even if I have a guaranteed income…

    Quite possibly. I get this question about once a month from attorneys who’ve just passed the bar and want to buy a $600K house right away. You’re qualified based on your current earnings. Keep in mind too that if you receive bonus or commission at a job, you need a 2 year history before lenders will use it for qualifying purposes. Prior to 2 years, it’s base income only.

    This is true even if I have a contract signed for a job 1-2 years in advance, is that correct?

    #153604 Quote
    Don Adam's Wheel of JusticeDon Adam’s Wheel of Justice
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    Correct.

    #153605 Quote
    VikingViking
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    @rowshkex wrote:

    Sounds like buying a home that we would want is out of the question right now given the limitations until I’m actually making money, even if I have a guaranteed income

    Unless you have a trust fund that will be kicking in, you don’t have guaranteed income in the future. A lot of things can happen (out of your control) in a couple years. That’s why future income can’t be factored in.

    #153606 Quote
    rowshkexrowshkex
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    Fair enough. Well, at least that means I can learn about buying a home for the next few years! :lol:

    #153607 Quote
    KelorKelor
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    If I understand you correctly, that’s what my kids district did as well. Once you were in the school, you were in. Regardless of open enrollment changes in the future.

    #153608 Quote
    rowshkexrowshkex
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    @Kelor wrote:

    If I understand you correctly, that’s what my kids district did as well. Once you were in the school, you were in. Regardless of open enrollment changes in the future.

    Yup, that’s apparently the same policy as my wife’s district. You open enroll the first year, then after that you are apparently enrolled as an “in-district student” and no longer do any of the open enrollment paperwork. For that reason we’re not too worried about location, per se, but want to be close anyway.

    #153609 Quote
    MNNavyMNNavy
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    @Don Adams Wheel of Justice wrote:

    VA – If you [strike:3prup1g0]receive a military disability check[/strike:3prup1g0] or your wife are a military veteran, this is a great option. No down payment and no monthly MI coverage.

    FYP
    Unless it has changed in the last 1-2 years, there’s no disability requirement for VA. All you need is proof of honorable service (DD-214 for veterans, military ID for active duty).

    #153610 Quote
    gopherguy06gopherguy06
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    Yeah, they will ask for all sources of current income and that is all that counts. Unless you can verify you can get a loan or something from your family or whateer, they won’t count future earnings. If you are a student, you will get a lot of your taxes back. Rent some where inexpensively and save up. When you graduate and start working, then start looking.

    #153611 Quote
    Don Adam's Wheel of JusticeDon Adam’s Wheel of Justice
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    @MNNavy wrote:

    @Don Adams Wheel of Justice wrote:

    VA – If you [strike:3lqpaiht]receive a military disability check[/strike:3lqpaiht] or your wife are a military veteran, this is a great option. No down payment and no monthly MI coverage.

    FYP
    Unless it has changed in the last 1-2 years, there’s no disability requirement for VA. All you need is proof of honorable service (DD-214 for veterans, military ID for active duty).

    You’re correct. What I poorly attempted to say is that if you receive a military disability check, you won’t even have to pay the up front VA funding fee which makes it an outstanding option. It’s still a very good option for all military personnel and their spouses. Thanks for catching that.

    #153612 Quote
    rowshkexrowshkex
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    It’s not about saving up for us–we have a down payment (albeit not quite 20%). It’s just about not having non-student loan income for the next year or two. The thing is that I get a guaranteed monthly loan for living expenses until I graduate, and already have guaranteed income after that, so EFFECTIVELY I have an income, but it’s just not the typical income… Anyway, if banks are rigid in how they see “income” then the discussion is moot, but that’s why I asked I suppose.

    #153613 Quote
    ZwakZwak
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    I was out for lunch and saw a hand written sign on a stake at a street corner that advertised low interest home loans. Let me know if you are interested and I will go back and get the phone number.

    #hopeeveryoneknowsimjoking

    #153614 Quote
    KelorKelor
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    I heard you can use softball bats as additional collateral.

    #153615 Quote
    MNGophers29MNGophers29
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    @dxmnkd316 wrote:

    @dryfly wrote:

    @MNGophers29 wrote:

    As for the 20% down mentality, while I understand where DX is coming from, I wholeheartedly DISAGREE with that. Its all about debt to income ratio

    ^THIS… the ability to service fixed cost obligations of which a mortgage is most people’s largest obligation trumps all else. That 20% down everyone talks about is a cushion for the bank in case they need to foreclose and resell – covers a lot of their expected costs. Plus people are a lot less likely to ‘mail in the keys’ [lenders call this ‘jingle mail’] when times are difficult if people have some skin in the game [20% is a psychological threshold it seems – below which walkaways are more likely]… but even if they scratch together 20% it really doesn’t mean they can afford the house. Just means the bank is more likely to let them take the chance they can or can’t.

    I never said that 20% down was the only measure. Not sure where you managed to get that idea.

    An FHA mortgage and PMI can be substantially more expensive than a conventional. Not just a few bucks more a month.

    And as I remember it, if you get an FHA loan, you can’t remove pmi just by building equity. You have to make a certain number of payments before you can get it without refinancing.

    This site seems to back that up.
    http://blog.credit.com/2014/10/this-mortgage-cost-is-no-longer-necessary-98077/

    And PMI is not cheap.

    What george said..

    #153616 Quote
    NeelyNeely
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    I also had a couple thoughts on this topic. Being in the building business I see far too many people that stretch themselves to the max to get the house of their dreams. A change order comes through on a house we are building for $200 because they picked slightly nicer tile and and they have a heart attack. And this is from someone buying a $500k house. This is because they have scraped together every cent they have in the world to buy this “trophy” and get to the 20% down. They don’t have another dime to their name. Don’t get me wrong, living in a nice house is a wonderful thing but buy something between what you “want” and what you “need.” Do not become house poor. Also, if you need to wait another year to save up a little extra cash then it’s worth it just to have the safety net.

    Also, with regards to a 15 vs. 30 year mortgage. I tell people unless they are 100% comfortable making the 15 yr pmt, go for the 30 year. Yes, it’s a slightly higher rate but you can still pay at a 15 year clip if you can swing it but if times get tight you can go back to the 30 year payment for a while until your financial situation is more comfortable.

    Last, I will echo DX’s comments about mortgage companies as I have fallen “victim” to the selling of mortgages. And yes, it’s a PITA. Wells Fargo has excellent servicing so if you can get a decent rate from them it’s a great way to go. I, unfortunately, have never gotten a good quote from them so have never been a customer. I also agree with him on buying down the rate. Unless you are 100% sure you aren’t going anywhere for awhile the return on that investment isn’t always the best.

    #153617 Quote
    Don Adam's Wheel of JusticeDon Adam’s Wheel of Justice
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    An FHA mortgage and PMI can be substantially more expensive than a conventional. Not just a few bucks more a month.

    And as I remember it, if you get an FHA loan, you can’t remove pmi just by building equity. You have to make a certain number of payments before you can get it without refinancing.

    This site seems to back that up.
    http://blog.credit.com/2014/10/this-mor … ary-98077/

    And PMI is not cheap.

    Let’s use some real numbers.

    Assume you’re buying a $200,000 house with an FHA loan. Your up front MI is $3,378 and your monthly MI is $136.71. Excluding taxes and insurance, your monthly payment is $1,046. Unless you put 10% down, your monthly MI is permanent. With at least 10% down, it goes away after 11 years.

    A conventional loan with 5% down won’t have the up front MI, monthly MI goes away automatically once you get to 78%, and the monthly MI is around $115 per month.

    FHA is not for the strong borrower with great credit and 5% down. It’s for the iffy credit scores or those who want to buy more house than they can qualify for conventionally.

    #153618 Quote
    MNGophers29MNGophers29
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    @Kelor wrote:

    I heard you can use softball bats as additional collateral.

    If thats the case, Beauner can own 15 homes!

    #153619 Quote
    davescharfdavescharf
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    @Neely wrote:

    I also had a couple thoughts on this topic. Being in the building business I see far too many people that stretch themselves to the max to get the house of their dreams. A change order comes through on a house we are building for $200 because they picked slightly nicer tile and and they have a heart attack. And this is from someone buying a $500k house. This is because they have scraped together every cent they have in the world to buy this “trophy” and get to the 20% down. They don’t have another dime to their name. Don’t get me wrong, living in a nice house is a wonderful thing but buy something between what you “want” and what you “need.” Do not become house poor. Also, if you need to wait another year to save up a little extra cash then it’s worth it just to have the safety net.

    Also, with regards to a 15 vs. 30 year mortgage. I tell people unless they are 100% comfortable making the 15 yr pmt, go for the 30 year. Yes, it’s a slightly higher rate but you can still pay at a 15 year clip if you can swing it but if times get tight you can go back to the 30 year payment for a while until your financial situation is more comfortable.

    Last, I will echo DX’s comments about mortgage companies as I have fallen “victim” to the selling of mortgages. And yes, it’s a PITA. Wells Fargo has excellent servicing so if you can get a decent rate from them it’s a great way to go. I, unfortunately, have never gotten a good quote from them so have never been a customer. I also agree with him on buying down the rate. Unless you are 100% sure you aren’t going anywhere for awhile the return on that investment isn’t always the best.

    It amazes me even after what happened when the housing market blew up that this still happens. I also see a lot of people still trying to use their homes as ATMs again too. Using your primary residence as an investment tool is a really bad idea

    #153620 Quote
    HockeyBumHockeyBum
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    @rowshkex wrote:

    $500-600/month extra is a lot of money for us where we stand. We’re aiming at a house probably higher up than most people would in our situation since our income will change drastically after a few years, not to mention the potential for kids.

    I don’t want to sound preachy, but don’t underestimate how much having kids will add to your future expenses. For some reason, Minnesota has some of the most expensive child care in the nation. If you have 2 kids in full-time daycare, it’s almost like having a second mortgage payment. Suddenly that mortgage payment you used to be able to comfortably afford doesn’t look so affordable anymore.

    I would also be conservative in your future income potential. I don’t know what you are planning on doing for a living, but it’s been my observation that people (especially younger folks) tend to overestimate how much they will be making right out of college. Unless you’ll be a doctor, engineer, or some other highly compensated profession, you probably won’t be making as much money right out of college as you thought you would.

    It’s always a good idea to buy less than you can afford. You can always upgrade in the future as your needs and income change. It’s much harder to downgrade, especially if the housing market takes another nose dive. As someone who bought a house in 2006, at what turned out to be the peak of the market, I can speak from experience. We were fortunate to get out of an underwater mortgage relatively unscathed, but those were a scary few years.

    #153621 Quote
    ScoobyDooScoobyDoo
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    Yes, children are VERY VERY VERY VERY expensive. More expensive then you ever imagined.

    #153622 Quote
    TiggsyTiggsy
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    For me, it was important to pay attention to what the actual payments were on the house. Even based on my salary, I got approved for a loan WAY higher than I was comfortable with.

    Also there is the option to drop PMI once you hit the 20% mark. We currently sit at 18% and it is driving me crazy. Making up the difference out of pocket is unfortunately not an option for us right now. You have to pay for the assessment on your own and there is some additional paperwork with the bank, but do not believe there are any additional costs.

    #153623 Quote
    YoungEagleYoungEagle
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    @ScoobyDoo wrote:

    Yes, children are VERY VERY VERY VERY expensive. More expensive then you ever imagined.

    Especially if they go to STA.

    #153624 Quote
    ZwakZwak
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    @HockeyBum wrote:

    @rowshkex wrote:

    $500-600/month extra is a lot of money for us where we stand. We’re aiming at a house probably higher up than most people would in our situation since our income will change drastically after a few years, not to mention the potential for kids.

    I don’t want to sound preachy, but don’t underestimate how much having kids will add to your future expenses. For some reason, Minnesota has some of the most expensive child care in the nation. If you have 2 kids in full-time daycare, it’s almost like having a second mortgage payment. Suddenly that mortgage payment you used to be able to comfortably afford doesn’t look so affordable anymore.

    I would also be conservative in your future income potential. I don’t know what you are planning on doing for a living, but it’s been my observation that people (especially younger folks) tend to overestimate how much they will be making right out of college. Unless you’ll be a doctor, engineer, or some other highly compensated profession, you probably won’t be making as much money right out of college as you thought you would.

    It’s always a good idea to buy less than you can afford. You can always upgrade in the future as your needs and income change. It’s much harder to downgrade, especially if the housing market takes another nose dive. As someone who bought a house in 2006, at what turned out to be the peak of the market, I can speak from experience. We were fortunate to get out of an underwater mortgage relatively unscathed, but those were a scary few years.

    He’s going to be a doctor. He’s in medical school now

    #153625 Quote
    Steve MNSteve MN
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    @Zwak wrote:

    @HockeyBum wrote:

    I would also be conservative in your future income potential. I don’t know what you are planning on doing for a living, but it’s been my observation that people (especially younger folks) tend to overestimate how much they will be making right out of college. Unless you’ll be a doctor, engineer, or some other highly compensated profession, you probably won’t be making as much money right out of college as you thought you would.

    He’s going to be a doctor. He’s in medical school now

    You beat me to it. His comment earlier is about the fact that he has a job lined up for after his residency, so he already knows what he’s going to be making in 2 years.

    #153626 Quote
    Always LurkingAlways Lurking
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    @YoungEagle wrote:

    @ScoobyDoo wrote:

    Yes, children are VERY VERY VERY VERY expensive. More expensive then you ever imagined.

    Especially if they go to STA.

    And St. John’s (Collegeville)!

    #153627 Quote
    BeaunerBeauner
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    @MNGophers29 wrote:

    @Kelor wrote:

    I heard you can use softball bats as additional collateral.

    If thats the case, Beauner can own 15 homes!

    :lol: :lol:
    If only…

    #153628 Quote
    TiggsyTiggsy
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    @YoungEagle wrote:

    @ScoobyDoo wrote:

    Yes, children are VERY VERY VERY VERY expensive. More expensive then you ever imagined.

    Especially if they go to STA.

    And / or play hockey.

    #153629 Quote
    ScoobyDooScoobyDoo
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    @Tiggsy wrote:

    @YoungEagle wrote:

    @ScoobyDoo wrote:

    Yes, children are VERY VERY VERY VERY expensive. More expensive then you ever imagined.

    Especially if they go to STA.

    And / or play hockey.

    Sports in general are not cheap. Yes, hockey is more but any sport has a high cost associated with it if you’re kid plays at a club level or above.

    #153630 Quote
    dryflydryfly
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    @rowshkex wrote:

    @Composer wrote:

    DX–I read your statement the same way. It reads as a very strong statement of principle–
    “I still stand firmly behind the principle that if you can’t afford 20%, you can’t afford the home.”
    when in fact, the latter part of the statement isn’t even true. To save that much, you essentially have to make a house payment to yourself for years, while also paying rent, now demonstrating that you can afford a HIGHER payment, i.e. a bigger mortgage, than you saved 20% for.

    That’s how I feel about it–I won’t really have 20% down by the time we would likely want to buy, but we’d probably be relatively close. The PMI is only about $75-100 per month, which isn’t terrible, and by the time my income jumps (as expected), it’ll be no problem.

    How do you get rid of PMI? Refinance? Can you put a clause in the loan terms that say the PMI goes away after X happens?

    Income relative to payment is really the most important thing to consider. Always has been and always will be. If the payments take a big bite out of your monthly then you can’t afford the house even if you have 50% down. If it’s a piece of cake to pay – who cares what your down payment is? Even the bank doesn’t care much then.

    The next big question you have to ask is how long you plan to live there – if it’s a step up house where you expect to buy something else within five years rethink that strategy or plan accordingly – meaning only buy houses you expect to be able to resell fast, inexpensively. And don’t trust your own judgement on that either – ask others. Professionals and peers both. You might think it’s an awesome property – they might have a different opinion. Not saying you would be wrong but you should at least consider that possibility.

    #153631 Quote
    dryflydryfly
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    @ScoobyDoo wrote:

    @Tiggsy wrote:

    @YoungEagle wrote:

    @ScoobyDoo wrote:

    Yes, children are VERY VERY VERY VERY expensive. More expensive then you ever imagined.

    Especially if they go to STA.

    And / or play hockey.

    Sports in general are not cheap. Yes, hockey is more but any sport has a high cost associated with it if you’re kid plays at a club level or above.

    My kids swam and did hockey. Swimming was worse – more expensive. Understand my kids were house league hockey but elite swimmers … State regional and even national meets. Maybe if my kids were elite hockey players that would have even been worse.

    FTR a really fast swim suit might cost $200-300 and they only wear it a few times.

    #153641 Quote
    NYC Gopher fanNYC Gopher fan
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    The installers that best buy contracted to install my gas range and dishwasher came this am. The guys called me outside and I knew something t was wrong. Yup, my $900 Bosch dishwasher has three dents in the front door. Very visible. Guys called BB and they offered me a new one or compensation.
    I asked what compensation was – a $150 BB gift card. I laughed at the lady. I’d consider that if the dents weren’t on the part that’s visible.
    And now I have to be home yet another day this week so I can get the dishwasher installed. Hope the next one isn’t damaged.

    #153642 Quote
    MNGophers29MNGophers29
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    @NYC Gopher fan wrote:

    The installers that best buy contracted to install my gas range and dishwasher came this am. The guys called me outside and I knew something t was wrong. Yup, my $900 Bosch dishwasher has three dents in the front door. Very visible. Guys called BB and they offered me a new one or compensation.
    I asked what compensation was – a $150 BB gift card. I laughed at the lady. I’d consider that if the dents weren’t on the part that’s visible.
    And now I have to be home yet another day this week so I can get the dishwasher installed. Hope the next one isn’t damaged.

    You would be surprised to know that a large percentage of appliances are damaged when the boxes are opened. I have always sworn that the manufacturers laugh every time they wrapped a damaged appliance for a big box because they know they don’t have enough time to inspect them all.

    Our delivery service inspects them before they are picked up from the delivery hub the day before so they can at least let you know if there is damage ahead of time and in most cases the consumer never knows, they just replace it without them knowing.

    #153643 Quote
    dryflydryfly
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    @MNGophers29 wrote:

    @NYC Gopher fan wrote:

    The installers that best buy contracted to install my gas range and dishwasher came this am. The guys called me outside and I knew something t was wrong. Yup, my $900 Bosch dishwasher has three dents in the front door. Very visible. Guys called BB and they offered me a new one or compensation.
    I asked what compensation was – a $150 BB gift card. I laughed at the lady. I’d consider that if the dents weren’t on the part that’s visible.
    And now I have to be home yet another day this week so I can get the dishwasher installed. Hope the next one isn’t damaged.

    You would be surprised to know that a large percentage of appliances are damaged when the boxes are opened. I have always sworn that the manufacturers laugh every time they wrapped a damaged appliance for a big box because they know they don’t have enough time to inspect them all.

    Our delivery service inspects them before they are picked up from the delivery hub the day before so they can at least let you know if there is damage ahead of time and in most cases the consumer never knows, they just replace it without them knowing.

    I have been in a lot of appliance plants – Whirlpool [and Maytag before bought by Whirlpool], Electrolux/Frigidaire, etc. I am amazed any of the things come out without dents, dings and scratches. Worse than automotive or farm machinery plants by a long shot.

    #153644 Quote
    skiier32skiier32
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    Another thing to consider is the insurance claim history of the home. There are some carriers out there right now who will hold the previous owners claims against you and even maybe not insure the home. Make sure you talk to an Independent Agent when looking for insurance. A client of mine is buying a home and there were three claims by the previous owner, his current company said no. I found him better coverage and the claims were not an issue with my carriers.

    #153645 Quote
    NYC Gopher fanNYC Gopher fan
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    Home Depot came out this am to measure me for a new front door. In the week that has passed since I made the appointment, I found a beautiful door on Craigslist that’s a fourth of what a new Home Depot door will cost. So I was hoping to get the measurements from them to insure door will fit before I buy and then see if Home Depot could install it.
    Well, guy comes over. Won’t give me measurements- says Home Depot will have then but he’s not sure if they’ll give them to me as they want to use them for when I buy their door. I kind of think if I paid $30 for measurements I should get the numbers.
    Oh, and he also warned me I need a permit for the new front door. And that when they install they check for smoke and carbon monoxide detectors in each bedroom.
    WTF

    #153640 Quote
    ZwakZwak
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    @NYC Gopher fan wrote:

    Home Depot came out this am to measure me for a new front door. In the week that has passed since I made the appointment, I found a beautiful door on Craigslist that’s a fourth of what a new Home Depot door will cost. So I was hoping to get the measurements from them to insure door will fit before I buy and then see if Home Depot could install it.
    Well, guy comes over. Won’t give me measurements- says Home Depot will have then but he’s not sure if they’ll give them to me as they want to use them for when I buy their door. I kind of think if I paid $30 for measurements I should get the numbers.
    Oh, and he also warned me I need a permit for the new front door. And that when they install they check for smoke and carbon monoxide detectors in each bedroom.
    WTF

    When we had new windows put in, the inspector checked for smoke detectors in every bedroom. We had a CO detector in one bedroom which was sufficient. It’s not a huge deal but all the bedrooms in our house are very close together so every smoke detector is no more than 6 feet away from another. Plus we had one in the common hallway. Seemed like overkill.

    #153639 Quote
    Anonymous
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    For a front friggin door? That’s out of line unless you’re talking framing modifications.

    #153638 Quote
    Anonymous
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    That permitting requirement and checking for detectors is very much overkill.

    We’ve had to replace our dishwasher, washing machine, dryer, water heater and two of the exterior doors since we’ve moved into our house. We’ve never paid a city fee for the installation (although we have had to pay a disposal fee a few times). The installers have NEVER inspected for or done any work on something other than the thing they were there to do.

    #153637 Quote
    g-manpuckg-manpuck
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    I’m not surprised about having to get a permit for a entry door at all, in fact I passed a house this morning that was having a new one put in here in Mankato and I saw a permit posted. The city is just getting their money to stick their nose into what you are doing on your house. The smoke detector/CO detector thing seems weird since they aren’t there to do a home inspection though. Benefit for me is that I can do any installation in my house so I won’t go get a permit unless the city busts me while I’m doing the project. Like last summer I built my deck with no permit in 4 weekends.

    #153636 Quote
    Anonymous
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    “Oh, I see you have some lumber and you’re doing some cutting in the garage…”

    “Back off asshole, I’m building shelves.”

    I don’t like the city coming in my house. I don’t know why and it’s somewhat irrational. I just think that for every inch they pass over the door threshold the more it’s going to cost me.

    #153635 Quote
    MNGophers29MNGophers29
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    The smoke detectors are a requirement of closing the permit and permits for entry doors are a new requirement of the metro area as the first of the year. It’s not a Home Depot thing.

    As for your measurements, if you PM me your info, I can get you your measurements. The measure techs aren’t supposed to give them out b cause they are not aware of the discussions that happen in the store. The $30 isn’t paying for you measure as its a deposit on the installation and you get it applied to your order.

    Side note: we wouldn’t be able to install the door you are looking at. If you want to PM me, I can let you know how to measure your door to see if that other one will fit, basically you measure the inside of the frame, side to side and top to bottom and add 1 1/2″ to the side measurement and 2″ to the top and bottom one to allow for the frame thickness.

    #153634 Quote
    MATTMATT
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    @MNGophers29 wrote:

    If you want to PM me, I can let you know how to measure your door to see if that other one will fit, basically you measure the inside of the frame, side to side and top to bottom and add 1 1/2″ to the side measurement and 2″ to the top and bottom one to allow for the frame thickness.

    You’re confused, they’re measuring NYC Gopher, not the door frame. :wink:
    @NYC Gopher fan wrote:

    Home Depot came out this am to measure me for a new front door.

    #153633 Quote
    NYC Gopher fanNYC Gopher fan
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    Haha!
    I know the permit is a city thing, just seems a tad excessive. And it’s not just minneapolis that does this.
    I will Pm you later- thanks!

    #153632 Quote
    MNGophers29MNGophers29
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    @NYC Gopher fan wrote:

    Haha!
    I know the permit is a city thing, just seems a tad excessive. And it’s not just minneapolis that does this.
    I will Pm you later- thanks!

    Trust me, I agree. It makes our life hell.

    I know it isn’t just Minneapolis, but it isnt a State thing either because it isn’t required of my northern MN stores.

    #153646 Quote
    NYC Gopher fanNYC Gopher fan
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    Dishwasher installation try #2 failed :(
    Old dishwasher had open bottom, new one does not. The way the electrical wire sits the new one won’t fit. So now I need an electrician to get this done.
    Screw this, I had them leave the new one here and I’m going to find a handyman to do electrical and hookup

    #153647 Quote
    Anonymous
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    @NYC Gopher fan wrote:

    Dishwasher installation try #2 failed :(
    Old dishwasher had open bottom, new one does not. The way the electrical wire sits the new one won’t fit. So now I need an electrician to get this done.
    Screw this, I had them leave the new one here and I’m going to find a handyman to do electrical and hookup

    :idea: :lol: :lol: :lol: :lol:

    #153648 Quote
    Anonymous
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    @dxmnkd316 wrote:

    I don’t like the city coming in my house. I don’t know why and it’s somewhat irrational. I just think that for every inch they pass over the door threshold the more it’s going to cost me.

    It’s not irrational at all. A city employee has no right to come into your house just to see if you have the requisite number of smoke detectors.

    One of the things I respect most about my adopted home state is the widespread respect for private property rights we have here.

    #153649 Quote
    NYC Gopher fanNYC Gopher fan
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    @SouthTexGopher wrote:

    @dxmnkd316 wrote:

    I don’t like the city coming in my house. I don’t know why and it’s somewhat irrational. I just think that for every inch they pass over the door threshold the more it’s going to cost me.

    It’s not irrational at all. A city employee has no right to come into your house just to see if you have the requisite number of smoke detectors.

    One of the things I respect most about my adopted home state is the widespread respect for private property rights we have here.

    I’m a pretty liberal person but I couldn’t agree more here. Esp if you saw what I pay in property taxes already here in the city.
    Screw it, I’m getting my install feed back and doing this illegally by someone on Angie’s list.

    #153650 Quote
    rowshkexrowshkex
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    :popcorn:

    Don’t get my thread shut down!

    #153651 Quote
    NYC Gopher fanNYC Gopher fan
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    Hey, not trying to, just saying I’m quite exasperated this week after all my permit and instal issues

    #153652 Quote
    Anonymous
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    @NYC Gopher fan wrote:

    I’m a pretty liberal person but I couldn’t agree more here. Esp if you saw what I pay in property taxes already here in the city.
    Screw it, I’m getting my install feed back and doing this illegally by someone on Angie’s list.

    Property taxes are a bit of a hot button issue here in Texas. I pay about 4x more here than I did on a similarly valued home in North Carolina.

    Dislike of overreaching municipalities and HOAs is a bipartisan thing.

    #153653 Quote
    dryflydryfly
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    I can see why densely packed cities have tighter regs and inspections than boondocks… If you live in row houses, high rises, etc. its a good idea to make sure people in one unit don’t burn down the building everyone else lives in… Especially if multi floor multi family. But in spread out exurban single family it’s harder to make the case.

    #153654 Quote
    BertogliatBertogliat
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    I don’t know, there are a lot of people who think they can do this stuff themselves and end up F’ing things so badly.

    I rebuilt my deck 3 years ago because it was rotting. I didn’t know until I was taking the old one down that the original had joists that went through the sheathing of my house and tied into the floor joists of my house…using untreated lumber. OMFG. The joists were mush AND tied into my home. The deck was also highly cantilevered so had a joist snapped the whole deck could have flipped over.

    Now that I know the codes for building a deck and I see how some people’s deck railings are installed, I am surprised people don’t get hurt more often.

    I also had a microwave that needed 2 circuit breakers flipped to shut off the electricity. Learned that the hard way.

    #153655 Quote
    hrbekroenickhrbekroenick
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    @Beauner wrote:

    @MNGophers29 wrote:

    @Kelor wrote:

    I heard you can use softball bats as additional collateral.

    If thats the case, Beauner can own 15 homes!

    :lol: :lol:
    If only…

    Call it hockey sticks and Beauner and I will be neighbours in North Oaks!

    #153656 Quote
    dryflydryfly
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    @Bertogliat wrote:

    I don’t know, there are a lot of people who think they can do this stuff themselves and end up F’ing things so badly.

    I rebuilt my deck 3 years ago because it was rotting. I didn’t know until I was taking the old one down that the original had joists that went through the sheathing of my house and tied into the floor joists of my house…using untreated lumber. OMFG. The joists were mush AND tied into my home. The deck was also highly cantilevered so had a joist snapped the whole deck could have flipped over.

    Now that I know the codes for building a deck and I see how some people’s deck railings are installed, I am surprised people don’t get hurt more often.

    I also had a microwave that needed 2 circuit breakers flipped to shut off the electricity. Learned that the hard way.

    I am amazed my 100 y/o house didn’t burn down ten or fifteen times over the last century. I found the last of the single node electrical circuits some time around… 1995. Anyway I assume that’s the last of them. Haven’t found any more. But when we moved in around 1985 they were all single node.

    #153657 Quote
    hrbekroenickhrbekroenick
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    Anyone recommend a good duct cleaning company? I think there is a local Blaine outfit I saw next door.

    #153658 Quote
    BertogliatBertogliat
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    My wife and I are talking about moving next year. She started looking on line to find places we may what to look and houses in our expected price range. The problem is she may have found, The One. Hmm. That wasn’t supposed to happen. :confused2: :shock: :anger: :ahhh: :crazy:

    #153659 Quote
    fightclub30fightclub30
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    @Don Adams Wheel of Justice wrote:

    An FHA mortgage and PMI can be substantially more expensive than a conventional. Not just a few bucks more a month.

    And as I remember it, if you get an FHA loan, you can’t remove pmi just by building equity. You have to make a certain number of payments before you can get it without refinancing.

    This site seems to back that up.
    http://blog.credit.com/2014/10/this-mor … ary-98077/

    And PMI is not cheap.

    Let’s use some real numbers.

    Assume you’re buying a $200,000 house with an FHA loan. Your up front MI is $3,378 and your monthly MI is $136.71. Excluding taxes and insurance, your monthly payment is $1,046. Unless you put 10% down, your monthly MI is permanent. With at least 10% down, it goes away after 11 years.

    A conventional loan with 5% down won’t have the up front MI, monthly MI goes away automatically once you get to 78%, and the monthly MI is around $115 per month.

    FHA is not for the strong borrower with great credit and 5% down. It’s for the iffy credit scores or those who want to buy more house than they can qualify for conventionally.

    We had an interesting situation. We bought near the bottom of the market for our area in Late 2011. We were looking at houses around half what we were pre-approved for (which was an outrageous number we could never have afforded, not sure where the bank got that number from) and could afford to put 15% down, but weren’t comfortable doing 20% (didn’t like the lack of cushion left in savings).

    We were told we would get better rates putting 10% down versus 5%, but there was no benefit to put 15% down compared to 10%, except a lower monthly payment. What our lender suggested was to use that 5% and pay our PMI up front. They said we would be paying for at least 2 years PMI, before we could get an appraisal to judge if we were at 80% loan-to-value, and if we weren’t there, it would be at least another 2 years before we could get another appraisal. On top of that the break even point they told us, for our situation, was 22 months. So by paying upfront we paid 22 months of PMI, instead of paying smaller amounts for at least 24 months if not many more. So we haven’t paid any PMI since closing… Is this common? This seems a whole lot different than the 11 years you are talking about above (is that just an FHA thing? we did a conventional 30 year).

    #153660 Quote
    Don Adam's Wheel of JusticeDon Adam’s Wheel of Justice
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    There are 2 types of mortgage insurance (MI), lender paid and borrower paid. What you most likely have is lender paid MI in which the lender pays the MI in exchange for you taking a slightly higher interest rate. I’ve done it both ways and it sounds like your mortgage person ran both scenarios and determined that it make more sense for you to choose lender paid.

    The 11 year number is unique to FHA. Prior to last year, monthly MI on FHA loans went away at 78% just like conventional loans. Now, FHA monthly MI is permanent unless you put at least 10% down which makes the MI drop off in 132 months.

    #153661 Quote
    gsmickegsmicke
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    Anyone have any idea on what it would cost in Minneapolis-St. Paul area to outsource year-round lawn care and snow removal?

    Think generic, suburban, new build home with 3 car garage with lot size about 3/4 acre. Thanks.

    #153682 Quote
    Anonymous
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    So a mouse got after the weather stripping on the bottom of the garage door. Is this difficult to replace? Is it worth it?

    #153683 Quote
    MNGophers29MNGophers29
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    @dxmnkd316 wrote:

    So a mouse got after the weather stripping on the bottom of the garage door. Is this difficult to replace? Is it worth it?

    Very easy to replace. They are universal seals, but it is best if you know the brand then you can order the correct seal.

    Either the seal screws to the bottom of the door or there is a couple channels that the rubber slides into under it.

    If you can pull fence posts, you can certainly replace your garage door seal! :wink:

    #153684 Quote
    davescharfdavescharf
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    I’m looking at replacing my nearly 15 year old lawnmower later this year. Biggest challenge I have with my current Toro mower is that the hint of tall or wet grass just chokes it up and it’s not mulching as well as it used to.

    Is there anything I should or shouldn’t be considering when I get out and look at them in earnest? What am I getting in the $500-$600 price point that I wouldn’t get in the $250-$300 one?

    #153685 Quote
    Anonymous
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    I like my toro recycler. Doesn’t have too much issue with tall grass and mulches very well. I also love that I can leave it running and don’t have to have the blade engaged.

    Tall wet grass is going to give almost all push mowers fits.

    #153686 Quote
    dryflydryfly
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    @davescharf wrote:

    I’m looking at replacing my nearly 15 year old lawnmower later this year. Biggest challenge I have with my current Toro mower is that the hint of tall or wet grass just chokes it up and it’s not mulching as well as it used to.

    Is there anything I should or shouldn’t be considering when I get out and look at them in earnest? What am I getting in the $500-$600 price point that I wouldn’t get in the $250-$300 one?

    Not to be obvious but have you changed out the blades and cleaned the bottom deck? I can understand replacing a lawn mower when engine or drive fails but not mulching is usually just a minor maintenance issue.

    Personally – I always go with a Honda that easily changes from rear discharge, discharge to bag or mulch. If grass really long I bag. If short I mulch. I between I go with regular discharge. I have had three of them over about thirty years – hold up well to a really abusive situation. Rocks, small tree stumps in the yard, etc. I don’t think Toro would do as well. YMMV.

    #153687 Quote
    Jane FondaJane Fonda
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    I won’t buy anything but Deere. I got the crappiest one they make, and it is better than a huge chunk of mowers out there.

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