Portal Forum General General Discussion Home Ownership

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  • #153688 Quote
    Golden FE RangerGolden FE Ranger
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    When it was time for me to get a new lawn mower a couple years ago, the one requirement I had was a Honda engine. Every Honda engine I have had has been virtually bullet proof. I don’t need anything fancy beyond that. I went with a Husquvarna and it has been everything I need. It mulches and has an easy bagger attachment which I have never used. It is my first self-propelled and that seems to be fine. I did opt for the rear wheel drive as we have some hills which I have heard don’t work well with front propelled models. The great thing is it starts on the first pull 99% of the time.

    #153689 Quote
    dryflydryfly
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    @Neat Hat wrote:

    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.

    The large Deere riding mowers are still made by Deere – been in those plants too. I believe their crappier low budget ones are frequently private label. I know for a fact they don’t make the engines – been in those plants too. Kawasaki, Kohler, B&S. Some better than others. In fairness though they do have pretty good supply chain management – don’t buy ‘blindly’. So not like they buy on price and just fling them out there.

    Honda is about the only truly vertical manufacturer anymore – making most of what they sell top to bottom. But I am sure if we lifted the skirt we’d see they outsource a lot too. [EDIT: I guess Toro some too – not sure about their engines – I know the commercial mowers have lots of outsource].

    Not saying outsourcing is terrible – I sell into the biz – just not as ‘brand loyal’ as I used to be unless I know they actually control who they outsource to. Deere is mostly okay.

    #153690 Quote
    AHABulldogAHABulldog
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    Replacing a sprinkler head… how easy for someone who is an idiot at fixing things? I assume there are some youtube videos I can watch but curious to hear how hard it is. Also can you just pick up a random sprinkler head at a Home Depot/Lowe’s?

    #153691 Quote
    davescharfdavescharf
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    @dryfly wrote:

    @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.

    Yeah I have cleaned out the deck and changed out the blades. It’s also starting the have some mechanical issues as well that I didn’t mention that is starting to cause additional issues.

    #153692 Quote
    dryflydryfly
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    @davescharf wrote:

    @dryfly wrote:

    @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.

    Yeah I have cleaned out the deck and changed out the blades. It’s also starting the have some mechanical issues as well that I didn’t mention that is starting to cause additional issues.

    Makes sense – new one or you rebuild – with mowers that’s not a big money saver unless you like doing that. I sure don’t.

    #153693 Quote
    Golden FE RangerGolden FE Ranger
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    @AHABulldog wrote:

    Replacing a sprinkler head… how easy for someone who is an idiot at fixing things? I assume there are some youtube videos I can watch but curious to hear how hard it is. Also can you just pick up a random sprinkler head at a Home Depot/Lowe’s?

    It is really simple. You can pick up heads at the big box stores, but most sell certain brands. Although most probably would work or you could find a suitable replacement, I have always just replaced bad ones with what was previously in place. Mine are Toro, I think Menard’s sells mostly Rain Bird. I live in the hinterlands so it was easiest to just identify and then order via Amazon. The just screw into place, though it is good to dig out well around them so you don’t end up with dirt in your lines. I have also done some component replacement on the heads, but as a novice it was trial and error.

    #153694 Quote
    AHABulldogAHABulldog
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    @Golden FE Ranger wrote:

    @AHABulldog wrote:

    Replacing a sprinkler head… how easy for someone who is an idiot at fixing things? I assume there are some youtube videos I can watch but curious to hear how hard it is. Also can you just pick up a random sprinkler head at a Home Depot/Lowe’s?

    It is really simple. You can pick up heads at the big box stores, but most sell certain brands. Although most probably would work or you could find a suitable replacement, I have always just replaced bad ones with what was previously in place. Mine are Toro, I think Menard’s sells mostly Rain Bird. I live in the hinterlands so it was easiest to just identify and then order via Amazon. The just screw into place, though it is good to dig out well around them so you don’t end up with dirt in your lines. I have also done some component replacement on the heads, but as a novice it was trial and error.

    That sounds simple enough for me. Just watched a youtube video as well which makes it look real simple… just need to dig out a bit and the rest looks basic.

    #153695 Quote
    Jane FondaJane Fonda
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    @dryfly wrote:

    @Neat Hat wrote:

    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.

    The large Deere riding mowers are still made by Deere – been in those plants too. I believe their crappier low budget ones are frequently private label. I know for a fact they don’t make the engines – been in those plants too. Kawasaki, Kohler, B&S. Some better than others. In fairness though they do have pretty good supply chain management – don’t buy ‘blindly’. So not like they buy on price and just fling them out there.

    Honda is about the only truly vertical manufacturer anymore – making most of what they sell top to bottom. But I am sure if we lifted the skirt we’d see they outsource a lot too. [EDIT: I guess Toro some too – not sure about their engines – I know the commercial mowers have lots of outsource].

    Not saying outsourcing is terrible – I sell into the biz – just not as ‘brand loyal’ as I used to be unless I know they actually control who they outsource to. Deere is mostly okay.

    Got Deere all the way from a 9420T to the smallest mower. Buy the brand because it pays to be loyal, and it isn’t crap even if out sourced. Not as much for me, but for my family, my dad says, “if someone can come in Sunday to get us combine parts, the least we can do is buy a measly $6000 lawn mower”.

    #153696 Quote
    ex_goldyex_goldy
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    I have craftsman riding mower, snowblower, garage door opener, chainsaw, Kenmore appliances, all because they stock parts at their stores for a long time. I tend to fix things myself if they break and finding any part is half the job of fixing it. I recently broke my chain saw. Tree fell on it and wouldn’t let go so I ran away instead of waiting for it to move enough to get it out. The chain bar, chain, and tightening mechanism all broke. New chain with bar was $30, the tightening mechanism was a litle threaded key that broke, 3 for $4. You can go into any Sears parts store and they have a breakout diagram of everything. Longevity wise I can’t complain, my neighbor has a Deere and he has had to trailer it in to get it fixed and mine hasn’t needed to (yet).

    #153697 Quote
    BertogliatBertogliat
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    @AHABulldog wrote:

    Replacing a sprinkler head… how easy for someone who is an idiot at fixing things? I assume there are some youtube videos I can watch but curious to hear how hard it is. Also can you just pick up a random sprinkler head at a Home Depot/Lowe’s?

    You need to know which head to buy. Is it a pop up that sprays 360 degrees or does it need to be adjustable? Or is it a gear drive (sprays a pattern back and forth)?

    Your best bet is to dig it out of the ground, rinse it off, and bring it to the store with you. It is possible that you’ll need a riser (just a short piece of plastic pipe that makes any difference between the sprinkler line and the bottom of the sprinkler head).

    Once you have the correct sprinkler head, it is as simple as screwing it onto the pipe in the ground. Read the instructions because to want to tighten the head so that the spray aligns with water pattern you are looking for, then you adjust the width of the pattern.

    It sounds involved, but it’s really pretty simple once you’ve seen it done (like a brake job on a car). Check YouTube.

    #153698 Quote
    BertogliatBertogliat
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    @ex_goldy wrote:

    I have craftsman riding mower, snowblower, garage door opener, chainsaw, Kenmore appliances, all because they stock parts at their stores for a long time. I tend to fix things myself if they break and finding any part is half the job of fixing it. I recently broke my chain saw. Tree fell on it and wouldn’t let go so I ran away instead of waiting for it to move enough to get it out. The chain bar, chain, and tightening mechanism all broke. New chain with bar was $30, the tightening mechanism was a litle threaded key that broke, 3 for $4. You can go into any Sears parts store and they have a breakout diagram of everything. Longevity wise I can’t complain, my neighbor has a Deere and he has had to trailer it in to get it fixed and mine hasn’t needed to (yet).

    I have mostly Craftsman power tools too and I agree. Although with Amazon, I can usually find the parts cheaper and get it delivered faster (not all sears have parts). But the parts diagram is super helpful. This spring I found my walk behind a little slow, so I changed out the drive belt and it runs like new. I broke the throttle handle on my snow blower last year. I had a new part in 2 days.

    10 years and counting on my walk behind mower and it is still in great shape.

    When I worked for the City of Ramsey parks department we had some large John Deere diesel riders that took an absolute beating and they kept going. They were easy to work on and if we needed parts, they would send me up to the dealership in Rogers. I’d be back in an hour.

    Both are great to work on and easy to get parts for. John Deere requires a lot more cash on hand though. I’ll stick to craftsman at home. If I had a business, it would be John Deere all the way.

    #153699 Quote
    dryflydryfly
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    @Neat Hat wrote:

    @dryfly wrote:

    @Neat Hat wrote:

    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.

    The large Deere riding mowers are still made by Deere – been in those plants too. I believe their crappier low budget ones are frequently private label. I know for a fact they don’t make the engines – been in those plants too. Kawasaki, Kohler, B&S. Some better than others. In fairness though they do have pretty good supply chain management – don’t buy ‘blindly’. So not like they buy on price and just fling them out there.

    Honda is about the only truly vertical manufacturer anymore – making most of what they sell top to bottom. But I am sure if we lifted the skirt we’d see they outsource a lot too. [EDIT: I guess Toro some too – not sure about their engines – I know the commercial mowers have lots of outsource].

    Not saying outsourcing is terrible – I sell into the biz – just not as ‘brand loyal’ as I used to be unless I know they actually control who they outsource to. Deere is mostly okay.

    Got Deere all the way from a 9420T to the smallest mower. Buy the brand because it pays to be loyal, and it isn’t crap even if out sourced. Not as much for me, but for my family, my dad says, “if someone can come in Sunday to get us combine parts, the least we can do is buy a measly $6000 lawn mower”.

    And actually – that makes sense.

    Full Disclosure – 2/3 of my retirement savings have come from income selling mech components to Deere Ag Group [9000 series tractors mostly] and to the companies that make the engines for their lawn and garden commercial products group [no consumer products though]. Tough demanding account but honest and straightforward. Really like the engineers at the PEC in Waterloo. Don’t move the goal posts. It has been my favorite account going back 30 years – the one I cut my teeth on when transitioning from engineering ops to sales / account mgmt. They broke me in let me tell you. Rode me hard put me up wet.

    #153700 Quote
    Anonymous
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    @Neat Hat wrote:

    @dryfly wrote:

    @Neat Hat wrote:

    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.

    The large Deere riding mowers are still made by Deere – been in those plants too. I believe their crappier low budget ones are frequently private label. I know for a fact they don’t make the engines – been in those plants too. Kawasaki, Kohler, B&S. Some better than others. In fairness though they do have pretty good supply chain management – don’t buy ‘blindly’. So not like they buy on price and just fling them out there.

    Honda is about the only truly vertical manufacturer anymore – making most of what they sell top to bottom. But I am sure if we lifted the skirt we’d see they outsource a lot too. [EDIT: I guess Toro some too – not sure about their engines – I know the commercial mowers have lots of outsource].

    Not saying outsourcing is terrible – I sell into the biz – just not as ‘brand loyal’ as I used to be unless I know they actually control who they outsource to. Deere is mostly okay.

    Got Deere all the way from a 9420T to the smallest mower. Buy the brand because it pays to be loyal, and it isn’t crap even if out sourced. Not as much for me, but for my family, my dad says, “if someone can come in Sunday to get us combine parts, the least we can do is buy a measly $6000 lawn mower”.

    How’s your D7 treating you?

    #153701 Quote
    BladepullerBladepuller
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    D7? Cat?
    I have an old JD110 that my deceased F in L used on the farm for 10 years or so (Rocky brush farm so the only Deere he ever could afford) and I have had since 1991. Still chugs around up at the cabin. B & S engine.
    Use a LX279 Deere around here. I grind as much pulp (sticks) as I cut grass with it. Use big heavy mulching type blade and just chop the chit up. Has a 17 HP Kawi liquid cooled motor. The Deere you buy at the big box stores are Deere only in color.
    I’d think about a Cub Cadet if my Deere was even stolen. I don’t think I can break it.

    #153702 Quote
    CowgirlCowgirl
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    @Bladepuller wrote:

    D7? Cat?
    I have an old JD110 that my deceased F in L used on the farm for 10 years or so (Rocky brush farm so the only Deere he ever could afford) and I have had since 1991. Still chugs around up at the cabin. B & S engine.
    Use a LX279 Deere around here. I grind as much pulp (sticks) as I cut grass with it. Use big heavy mulching type blade and just chop the chit up. Has a 17 HP Kawi liquid cooled motor. The Deere you buy at the big box stores are Deere only in color.
    I’d think about a Cub Cadet if my Deere was even stolen. I don’t think I can break it.

    The D7 has something to do with Fallopian tubes. IIRC.

    #153703 Quote
    Anonymous
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    My god. For the uninitiated. :lol:

    #153704 Quote
    Jane FondaJane Fonda
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    @Cowgirl wrote:

    @Bladepuller wrote:

    D7? Cat?
    I have an old JD110 that my deceased F in L used on the farm for 10 years or so (Rocky brush farm so the only Deere he ever could afford) and I have had since 1991. Still chugs around up at the cabin. B & S engine.
    Use a LX279 Deere around here. I grind as much pulp (sticks) as I cut grass with it. Use big heavy mulching type blade and just chop the chit up. Has a 17 HP Kawi liquid cooled motor. The Deere you buy at the big box stores are Deere only in color.
    I’d think about a Cub Cadet if my Deere was even stolen. I don’t think I can break it.

    The D7 has something to do with Fallopian tubes. IIRC.

    Damn right. :lol:

    #153705 Quote
    Jane FondaJane Fonda
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    In renovating my bathroom, I’m going to be putting in an exhaust fan, there wasn’t one previously. The bathroom is in the basement of a split level. It is going to be a huge pain in the ass. The joists run the wrong direction, so I can’t just run it out the outside wall in the bathroom, I don’t have ductwork (electric heat), so I can’t run it into the air return. My only option, it seems (other than half-assing it and just venting it into the laundry room) is to run it through the ceiling, across the master bedroom, and out the wall on the other side of the house. Also, it is going to be a pain to run the vent line, because in that ceiling, there are bunch of drain pipes, water piping and wiring that are in the way. Not sure if I’ll even be able to get the vent around it all. Gonna suck to get done, but my wife insists on the fan, so I guess I’m going to try to get it figured out.

    #153706 Quote
    MNGophers29MNGophers29
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    @Neat Hat wrote:

    In renovating my bathroom, I’m going to be putting in an exhaust fan, there wasn’t one previously. The bathroom is in the basement of a split level. It is going to be a huge pain in the ass. The joists run the wrong direction, so I can’t just run it out the outside wall in the bathroom, I don’t have ductwork (electric heat), so I can’t run it into the air return. My only option, it seems (other than half-assing it and just venting it into the laundry room) is to run it through the ceiling, across the master bedroom, and out the wall on the other side of the house. Also, it is going to be a pain to run the vent line, because in that ceiling, there are bunch of drain pipes, water piping and wiring that are in the way. Not sure if I’ll even be able to get the vent around it all. Gonna suck to get done, but my wife insists on the fan, so I guess I’m going to try to get it figured out.

    Yeah, what a pain. That is how basement bathrooms end up with suspended ceilings. Mine is suspended for that reason, but instead of ceiling tiles, I made my frame out of wood and put tongue and groove basswood on the ceiling!

    #153707 Quote
    fightclub30fightclub30
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    @Neat Hat wrote:

    In renovating my bathroom, I’m going to be putting in an exhaust fan, there wasn’t one previously. The bathroom is in the basement of a split level. It is going to be a huge pain in the ass. The joists run the wrong direction, so I can’t just run it out the outside wall in the bathroom, I don’t have ductwork (electric heat), so I can’t run it into the air return. My only option, it seems (other than half-assing it and just venting it into the laundry room) is to run it through the ceiling, across the master bedroom, and out the wall on the other side of the house. Also, it is going to be a pain to run the vent line, because in that ceiling, there are bunch of drain pipes, water piping and wiring that are in the way. Not sure if I’ll even be able to get the vent around it all. Gonna suck to get done, but my wife insists on the fan, so I guess I’m going to try to get it figured out.

    Depending on your ceiling height, we sometimes drop ceilings in showers to put the fan/light combo right above the shower. We usually do this in homes that have a small separate room with the toilet, then they get 2 fans – a fart fan and a steam fan…

    Please do not vent it into the plenum, air return, or into the laundry room, the point is to remove the humidity from the enclosure, not just move it to a different part. Is running a vent vertically an option? Getting it up to the attic then out a side wall or gable end? Most fans have a 4″ round outlet, get some 4″ flex duct, and transition to a 3″ thick rectangular duct in the cavity and then whatever you fancy in the attic.

    Also, in my case at least, the Panasonic Whisper fans was well worth the extra cost. Put it on a timer as well, not just a switch.

    #153708 Quote
    dryflydryfly
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    @fightclub30 wrote:

    @Neat Hat wrote:

    In renovating my bathroom, I’m going to be putting in an exhaust fan, there wasn’t one previously. The bathroom is in the basement of a split level. It is going to be a huge pain in the ass. The joists run the wrong direction, so I can’t just run it out the outside wall in the bathroom, I don’t have ductwork (electric heat), so I can’t run it into the air return. My only option, it seems (other than half-assing it and just venting it into the laundry room) is to run it through the ceiling, across the master bedroom, and out the wall on the other side of the house. Also, it is going to be a pain to run the vent line, because in that ceiling, there are bunch of drain pipes, water piping and wiring that are in the way. Not sure if I’ll even be able to get the vent around it all. Gonna suck to get done, but my wife insists on the fan, so I guess I’m going to try to get it figured out.

    Depending on your ceiling height, we sometimes drop ceilings in showers to put the fan/light combo right above the shower. We usually do this in homes that have a small separate room with the toilet, then they get 2 fans – a fart fan and a steam fan…

    Please do not vent it into the plenum, air return, or into the laundry room, the point is to remove the humidity from the enclosure, not just move it to a different part. Is running a vent vertically an option? Getting it up to the attic then out a side wall or gable end? Most fans have a 4″ round outlet, get some 4″ flex duct, and transition to a 3″ thick rectangular duct in the cavity and then whatever you fancy in the attic.

    Also, in my case at least, the Panasonic Whisper fans was well worth the extra cost. Put it on a timer as well, not just a switch.

    There are exceptions to this…

    1. if the house isn’t that tight – plenty of turnover – then just moving it from an area of high concentration is enough
    2. do you already humidify like crazy in the winter? If so venting into the house will cut down on that

    On the other hand if you aggressively dehumidify all summer and or you can tell your AC is dumping water like crazy then you definitely want to get that moisture outside and not just pump it around the house. It not only can overload your AC or dehumidifier [mold potential] but is costing you money to condense that water. Energy to condense or boil water is about 1000 BTU/lb. 1 gallon is 8.3 lbs. So for every gallon you dump is about 8,300 Btu equivalent of electricity down the drain. That if at 100% efficiency which it likely is not.

    In my basement bath – getting water out is critical. I dehumidify a lot. Second floor bath not an issue – our house is old and very drafty – not even air conditioned in most rooms. Just open a window. That is NOT the case in most newer homes.

    #153709 Quote
    KarlssonKarlsson
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    Neat Hat doesn’t have central air, so venting into the house probably won’t work out well. During the summer at least. Especially with how he would love to have it at 60 degrees. :mrgreen:

    #153710 Quote
    Jane FondaJane Fonda
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    @fightclub30 wrote:

    @Neat Hat wrote:

    In renovating my bathroom, I’m going to be putting in an exhaust fan, there wasn’t one previously. The bathroom is in the basement of a split level. It is going to be a huge pain in the ass. The joists run the wrong direction, so I can’t just run it out the outside wall in the bathroom, I don’t have ductwork (electric heat), so I can’t run it into the air return. My only option, it seems (other than half-assing it and just venting it into the laundry room) is to run it through the ceiling, across the master bedroom, and out the wall on the other side of the house. Also, it is going to be a pain to run the vent line, because in that ceiling, there are bunch of drain pipes, water piping and wiring that are in the way. Not sure if I’ll even be able to get the vent around it all. Gonna suck to get done, but my wife insists on the fan, so I guess I’m going to try to get it figured out.

    Depending on your ceiling height, we sometimes drop ceilings in showers to put the fan/light combo right above the shower. We usually do this in homes that have a small separate room with the toilet, then they get 2 fans – a fart fan and a steam fan…

    Please do not vent it into the plenum, air return, or into the laundry room, the point is to remove the humidity from the enclosure, not just move it to a different part. Is running a vent vertically an option? Getting it up to the attic then out a side wall or gable end? Most fans have a 4″ round outlet, get some 4″ flex duct, and transition to a 3″ thick rectangular duct in the cavity and then whatever you fancy in the attic.

    Also, in my case at least, the Panasonic Whisper fans was well worth the extra cost. Put it on a timer as well, not just a switch.

    Don’t worry, I’m going to do it right, and if it is impossible I’m going to pass on the fan all together. Ceilings are already too low to do anything there.

    #153711 Quote
    CowgirlCowgirl
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    We have a 1972 home that I gather a previous owner did some “modifications”. I am not electrical savvy but I recall my husband finding too much on certain circuits. There are also numerous light switches in our house that seem to have no discernible function (they don’t run lights or outlets). When he turned in plans for the deck we are building, he was told the footings had to go since they were never inspected previously.

    Which reminds me I’m supposed to be out there helping dig….,

    #153712 Quote
    Jane FondaJane Fonda
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    Got a huge chunk of the electrical work for the bathroom done tonight. Have a few things left to do, but need to run to Menards tomorrow after work to pick up a few things first, specifically, the exhaust fan. Then I get to move on to plumbing, and then in-floor heat. (Yeah, thats technically electrical too…)

    #153713 Quote
    Jane FondaJane Fonda
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    Finished electrical. I have working recessed lights and fan! Also installed the tub, and did a little more plumbing work. Amazing how much work I can get done when I havr everything I need and a few extra hours of time.

    #153714 Quote
    CowgirlCowgirl
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    @Neat Hat wrote:

    Finished electrical. I have working recessed lights and fan! Also installed the tub, and did a little more plumbing work. Amazing how much work I can get done when I havr everything I need and a few extra hours of time.

    If you’re bored I have a couple ceiling fans I need installed…..finding a creative way to get power to them without tearing down the walls or having obvious wires is the catch.

    #153715 Quote
    BertogliatBertogliat
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    Why, in the age of LED lights are light fixtures in closets against code. My house is six years old and most closets have no lights. It’s going to be a bich to pick out kids’ clothes in winter.

    #153716 Quote
    dryflydryfly
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    @Bertogliat wrote:

    Why, in the age of LED lights are light fixtures in closets against code. My house is six years old and most closets have no lights. It’s going to be a bich to pick out kids’ clothes in winter.

    Note to self – one more way in which my house is not to code. There are many.

    #153717 Quote
    rowshkexrowshkex
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    So as we plan for buying a home in the next year or so, I’ve been looking at mortgage types, and am curious:

    What are the downsides to starting with a 5/1 ARM or 7/1 ARM then refinancing in 5 or 7 years? If cash flow for the next 3-6 years will be a problem, but then will jump pretty significantly, wouldn’t 5/1 or 7/1 be appropriate for purchasers like us?

    #153718 Quote
    Don Adam's Wheel of JusticeDon Adam’s Wheel of Justice
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    @rowshkex wrote:

    So as we plan for buying a home in the next year or so, I’ve been looking at mortgage types, and am curious:

    What are the downsides to starting with a 5/1 ARM or 7/1 ARM then refinancing in 5 or 7 years? If cash flow for the next 3-6 years will be a problem, but then will jump pretty significantly, wouldn’t 5/1 or 7/1 be appropriate for purchasers like us?

    Fixed rates are at historic lows so there really aren’t any advantages to ARM loans right now. Our company closed over 80 loans last month and zero were ARM loans. PM me if you want more info.

    #153719 Quote
    GO4GO4
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    Anyone have a recommendation for a HVAC guy to look at my a/c system outside? What would be the approximate price just to have some guy come out? It sounds like the condenser turns on but the fan doesn’t spin. I’ve tried the “pencil trick” from a few of the handyman forums to no avail. I’m hoping we don’t have to replace everything. :ddown:

    #153720 Quote
    NeelyNeely
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    @Don Adams Wheel of Justice wrote:

    @rowshkex wrote:

    So as we plan for buying a home in the next year or so, I’ve been looking at mortgage types, and am curious:

    What are the downsides to starting with a 5/1 ARM or 7/1 ARM then refinancing in 5 or 7 years? If cash flow for the next 3-6 years will be a problem, but then will jump pretty significantly, wouldn’t 5/1 or 7/1 be appropriate for purchasers like us?

    Fixed rates are at historic lows so there really aren’t any advantages to ARM loans right now. Our company closed over 80 loans last month and zero were ARM loans. PM me if you want more info.

    Couldn’t agree more with this. With rates at these levels there is zero reason to do an ARM. The little savings you might get in rate is far outweighed but the risk you are taking if in fact you do have to refi. You have no idea what the rates will be in 5 to 7 years or what your financial situation might be.

    #153721 Quote
    rowshkexrowshkex
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    @Neely wrote:

    @Don Adams Wheel of Justice wrote:

    @rowshkex wrote:

    So as we plan for buying a home in the next year or so, I’ve been looking at mortgage types, and am curious:

    What are the downsides to starting with a 5/1 ARM or 7/1 ARM then refinancing in 5 or 7 years? If cash flow for the next 3-6 years will be a problem, but then will jump pretty significantly, wouldn’t 5/1 or 7/1 be appropriate for purchasers like us?

    Fixed rates are at historic lows so there really aren’t any advantages to ARM loans right now. Our company closed over 80 loans last month and zero were ARM loans. PM me if you want more info.

    Couldn’t agree more with this. With rates at these levels there is zero reason to do an ARM. The little savings you might get in rate is far outweighed but the risk you are taking if in fact you do have to refi. You have no idea what the rates will be in 5 to 7 years or what your financial situation might be.

    There aren’t “zero reasons”–just because your situation (or many other peoples’ situations) are different doesn’t make other situations applicable… One’s specific financial situation may be a very good reason. The deciding factor is ultimately whether or not the rate on an ARM is significantly lower than a fixed rate… My financial situation 3-6 years from now will be SIGNIFICANTLY better, and so rates at that time won’t really be all that important to me. The biggest issue I am trying to work around is that our cash flow will be much, much more limited for the next 3-6 years, but after that it won’t be an issue.

    That being said, my understanding is that ARM rates aren’t really all that lower than fixed rates, making the entire discussion moot anyway.

    #153722 Quote
    Steve MNSteve MN
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    @GO4 wrote:

    Anyone have a recommendation for a HVAC guy to look at my a/c system outside? What would be the approximate price just to have some guy come out? It sounds like the condenser turns on but the fan doesn’t spin. I’ve tried the “pencil trick” from a few of the handyman forums to no avail. I’m hoping we don’t have to replace everything. :ddown:

    I had a problem with my exterior AC unit a few weeks ago and had Dean’s out to take a look. Ended up being nothing wrong (still don’t know why it wasn’t working one night) but they got someone out the next afternoon to check it over, didn’t try to screw me on “required” maintenance or anything like that, and the guy explained what he was looking at and a couple possibilities so I’d know what to look for myself in the future.

    All in all, I’d definitely recommend them.

    #153723 Quote
    gatorgator
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    #153724 Quote
    GreyeagleGreyeagle
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    @gator wrote:

    ‘Brady Bunch’s’ Jan gets $3.9M for Malibu home she bought at 11 for $55K

    Pretty good turn on a home owners investment…

    Marsha sold hers for 5X more. ;)

    #153725 Quote
    skiier32skiier32
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    @Steve MN wrote:

    @GO4 wrote:

    Anyone have a recommendation for a HVAC guy to look at my a/c system outside? What would be the approximate price just to have some guy come out? It sounds like the condenser turns on but the fan doesn’t spin. I’ve tried the “pencil trick” from a few of the handyman forums to no avail. I’m hoping we don’t have to replace everything. :ddown:

    I had a problem with my exterior AC unit a few weeks ago and had Dean’s out to take a look. Ended up being nothing wrong (still don’t know why it wasn’t working one night) but they got someone out the next afternoon to check it over, didn’t try to screw me on “required” maintenance or anything like that, and the guy explained what he was looking at and a couple possibilities so I’d know what to look for myself in the future.

    All in all, I’d definitely recommend them.

    A buddy of mine co owns a HVAC company. If you want his info PM me.

    #153726 Quote
    ZwakZwak
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    @gator wrote:

    ‘Brady Bunch’s’ Jan gets $3.9M for Malibu home she bought at 11 for $55K

    Pretty good turn on a home owners investment…

    Dumb question but how does an 11 year old buy a house? (I realize she likely had the money to do so)

    #153727 Quote
    fightclub30fightclub30
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    @Zwak wrote:

    @gator wrote:

    ‘Brady Bunch’s’ Jan gets $3.9M for Malibu home she bought at 11 for $55K

    Pretty good turn on a home owners investment…

    Dumb question but how does an 11 year old buy a house? (I realize she likely had the money to do so)

    Straight cash homie?

    If you pay cash and do not need a mortgage, and can easily pay insurance… what would stop you?

    #153728 Quote
    NeelyNeely
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    @rowshkex wrote:

    @Neely wrote:

    @Don Adams Wheel of Justice wrote:

    @rowshkex wrote:

    So as we plan for buying a home in the next year or so, I’ve been looking at mortgage types, and am curious:

    What are the downsides to starting with a 5/1 ARM or 7/1 ARM then refinancing in 5 or 7 years? If cash flow for the next 3-6 years will be a problem, but then will jump pretty significantly, wouldn’t 5/1 or 7/1 be appropriate for purchasers like us?

    Fixed rates are at historic lows so there really aren’t any advantages to ARM loans right now. Our company closed over 80 loans last month and zero were ARM loans. PM me if you want more info.

    Couldn’t agree more with this. With rates at these levels there is zero reason to do an ARM. The little savings you might get in rate is far outweighed but the risk you are taking if in fact you do have to refi. You have no idea what the rates will be in 5 to 7 years or what your financial situation might be.

    There aren’t “zero reasons”–just because your situation (or many other peoples’ situations) are different doesn’t make other situations applicable… One’s specific financial situation may be a very good reason. The deciding factor is ultimately whether or not the rate on an ARM is significantly lower than a fixed rate… My financial situation 3-6 years from now will be SIGNIFICANTLY better, and so rates at that time won’t really be all that important to me. The biggest issue I am trying to work around is that our cash flow will be much, much more limited for the next 3-6 years, but after that it won’t be an issue.

    That being said, my understanding is that ARM rates aren’t really all that lower than fixed rates, making the entire discussion moot anyway.

    You are correct. Everyone’s situation is different. I should not have said zero reasons. My point was that (for me) the savings of doing an ARM would need to be quite significant given the potential downside of a large rise in rates and being in a tough spot in 5-7 years. With fixed mortgages being at all time lows the savings of doing an ARM vs. a fixed (again, for me) would not be worth the risk given today’s interest rate environment.

    I would just be very clear on what the terms of the ARM would be (how much the rate can rise, the basis for the rate, etc.). If you are fully informed and doing the ARM makes the most sense then go for it. They exist for a reason and I believe there are stats that show people tend to move every 5-7 years.

    #153729 Quote
    MaizeMaize
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    @GO4 wrote:

    Anyone have a recommendation for a HVAC guy to look at my a/c system outside? What would be the approximate price just to have some guy come out? It sounds like the condenser turns on but the fan doesn’t spin. I’ve tried the “pencil trick” from a few of the handyman forums to no avail. I’m hoping we don’t have to replace everything. :ddown:

    FWIW, I had a similar issue 5-6 years ago–long enough that I can’t recall what the specific problem was–but I do remember it ended up not being that expensive to fix. It came out to about $200 total and half of that was just getting the guy to come out.

    #153730 Quote
    VikingViking
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    @fightclub30 wrote:

    @Zwak wrote:

    @gator wrote:

    ‘Brady Bunch’s’ Jan gets $3.9M for Malibu home she bought at 11 for $55K

    Pretty good turn on a home owners investment…

    Dumb question but how does an 11 year old buy a house? (I realize she likely had the money to do so)

    Straight cash homie?

    If you pay cash and do not need a mortgage, and can easily pay insurance… what would stop you?

    Not old enough to legally sign a contract?

    #153731 Quote
    BertogliatBertogliat
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    Old enough to sign the contract to be in The Brady Bunch. My guess is mom and dad were involved but it was her money and ultimately her house, even if the title wasn’t transferred until she was 18.

    I mean, why would an 11 year old even want to buy a house? My guess is mom and dad used her money to move closer to “Jan’s” job.

    My coworker had a kid who was on Sesame Street as a baby (through 10 or so). They had to take the kid into the studio every so often for filming/practice. Fortunately they lived close enough to NYC so it wasn’t that bad. But I could see needing an apartment if they lived far enough away where it wasn’t convenient to travel back and forth.

    #153732 Quote
    The RubeThe Rube
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    @Bertogliat wrote:

    Old enough to sign the contract to be in The Brady Bunch. My guess is mom and dad were involved but it was her money and ultimately her house, even if the title wasn’t transferred until she was 18.

    I mean, why would an 11 year old even want to buy a house? My guess is mom and dad used her money to move closer to “Jan’s” job.

    My coworker had a kid who was on Sesame Street as a baby (through 10 or so). They had to take the kid into the studio every so often for filming/practice. Fortunately they lived close enough to NYC so it wasn’t that bad. But I could see needing an apartment if they lived far enough away where it wasn’t convenient to travel back and forth.

    And also, if you follow the paths of many a child star and blow all your money, at least you have a house to live in.

    #153733 Quote
    mjarz02mjarz02
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    Here is my biggest issue with buying a home. Mortgage insurance… This has to be one of the biggest scams around. You are charged a monthly fee because they aren’t confident that you will be able to pay your loan in full. Isn’t that the whole point of interest and having interest be the majority of your payments during the first 15 years? I don’t trust you to pay me 1000 dollars a month, so pay me 1250 dollars instead.

    The market isn’t determined by what a person can purchase, but rather what someone can borrow.

    #153734 Quote
    Jane FondaJane Fonda
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    @mjarz02 wrote:

    Here is my biggest issue with buying a home. Mortgage insurance… This has to be one of the biggest scams around. You are charged a monthly fee because they aren’t confident that you will be able to pay your loan in full. Isn’t that the whole point of interest and having interest be the majority of your payments during the first 15 years? I don’t trust you to pay me 1000 dollars a month, so pay me 1250 dollars instead.

    The market isn’t determined by what a person can purchase, but rather what someone can borrow.

    Yeah, mortgage insurance is BS. I was forced into a FHA loan, because there were no comparables for my house. I had multiple agents and mortgage people look into it for a year or so, and FHA was my only option. The bullshit part is, FHA requires mortgage insurance for 10 years, regardless of how much equity I have. It is fucking bullshit, and it pisses me the fuck off. :chainsaw:

    #153735 Quote
    MNGophers29MNGophers29
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    @Neat Hat wrote:

    @mjarz02 wrote:

    Here is my biggest issue with buying a home. Mortgage insurance… This has to be one of the biggest scams around. You are charged a monthly fee because they aren’t confident that you will be able to pay your loan in full. Isn’t that the whole point of interest and having interest be the majority of your payments during the first 15 years? I don’t trust you to pay me 1000 dollars a month, so pay me 1250 dollars instead.

    The market isn’t determined by what a person can purchase, but rather what someone can borrow.

    Yeah, mortgage insurance is BS. I was forced into a FHA loan, because there were no comparables for my house. I had multiple agents and mortgage people look into it for a year or so, and FHA was my only option. The BS part is, FHA requires mortgage insurance for 10 years, regardless of how much equity I have. It is F’n BS, and it pisses me the f*** off. :chainsaw:

    Back before the housing industry collapsed, you could borrow 100% of the value of your home, meaning your mortgage could be 80% of the value and you could do a home equity loan for the last 20%, eliminating mortgage insurance. It was either that or put a 20% down payment. It was easier to do when you could buy a house for under $100k, but nowadays, not many people have $40k-$50k laying around.

    My financial advisor also says it is a joke and I was lucky enough to increase the value of my home enough where I paid $400 for an appraisal and eliminated my mortgage insurance. Saved me $80 a month, which paid for the appraisal in 5 months.

    I own my 7th home right now and I am very lucky to not to have ever had a FHA loan. I sold 2 houses to people with those and it was a pain in the ass.

    #153736 Quote
    Golden FE RangerGolden FE Ranger
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    @Neat Hat wrote:

    @mjarz02 wrote:

    Here is my biggest issue with buying a home. Mortgage insurance… This has to be one of the biggest scams around. You are charged a monthly fee because they aren’t confident that you will be able to pay your loan in full. Isn’t that the whole point of interest and having interest be the majority of your payments during the first 15 years? I don’t trust you to pay me 1000 dollars a month, so pay me 1250 dollars instead.

    The market isn’t determined by what a person can purchase, but rather what someone can borrow.

    Yeah, mortgage insurance is BS. I was forced into a FHA loan, because there were no comparables for my house. I had multiple agents and mortgage people look into it for a year or so, and FHA was my only option. The BS part is, FHA requires mortgage insurance for 10 years, regardless of how much equity I have. It is F’n BS, and it pisses me the f*** off. :chainsaw:

    That sucks. I can’t imagine being in that situation. I am such a cheap :censored: , I could not deal with it. The thought of paying insurance for another’s risk just baffles me. Though when I think about it, it may be a good thing. I would guess that if it were not for mortgage insurance, the banks would just tweak rates up to make up the difference. Parise knows the banks aren’t going to loss a penny. Those that don’t need the insurance may somehow benefit in the rates or fees by the banks getting a little more skin out of those that do.

    #153737 Quote
    Jane FondaJane Fonda
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    @Golden FE Ranger wrote:

    @Neat Hat wrote:

    @mjarz02 wrote:

    Here is my biggest issue with buying a home. Mortgage insurance… This has to be one of the biggest scams around. You are charged a monthly fee because they aren’t confident that you will be able to pay your loan in full. Isn’t that the whole point of interest and having interest be the majority of your payments during the first 15 years? I don’t trust you to pay me 1000 dollars a month, so pay me 1250 dollars instead.

    The market isn’t determined by what a person can purchase, but rather what someone can borrow.

    Yeah, mortgage insurance is BS. I was forced into a FHA loan, because there were no comparables for my house. I had multiple agents and mortgage people look into it for a year or so, and FHA was my only option. The BS part is, FHA requires mortgage insurance for 10 years, regardless of how much equity I have. It is F’n BS, and it pisses me the f*** off. :chainsaw:

    That sucks. I can’t imagine being in that situation. I am such a cheap :censored: , I could not deal with it. The thought of paying insurance for another’s risk just baffles me. Though when I think about it, it may be a good thing. I would guess that if it were not for mortgage insurance, the banks would just tweak rates up to make up the difference. Parise knows the banks aren’t going to loss a penny. Those that don’t need the insurance may somehow benefit in the rates or fees by the banks getting a little more skin out of those that do.

    I just try to put it out of my mind, because it bugs me so much. It is idiotic for me to pay FMI when I am at 30% equity. :evil:

    Then, they rub it in. About once a year I get a “congratulations!” email because they’ve reduced the amount of FMI I have to pay, which usually amounts to about $4 per month reduction.

    #153738 Quote
    MaizeMaize
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    @mjarz02 wrote:

    Isn’t that the whole point of interest and having interest be the majority of your payments during the first 15 years?

    …no?

    #153739 Quote
    mjarz02mjarz02
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    @Golden FE Ranger wrote:

    @Neat Hat wrote:

    @mjarz02 wrote:

    Here is my biggest issue with buying a home. Mortgage insurance… This has to be one of the biggest scams around. You are charged a monthly fee because they aren’t confident that you will be able to pay your loan in full. Isn’t that the whole point of interest and having interest be the majority of your payments during the first 15 years? I don’t trust you to pay me 1000 dollars a month, so pay me 1250 dollars instead.

    The market isn’t determined by what a person can purchase, but rather what someone can borrow.

    Yeah, mortgage insurance is BS. I was forced into a FHA loan, because there were no comparables for my house. I had multiple agents and mortgage people look into it for a year or so, and FHA was my only option. The BS part is, FHA requires mortgage insurance for 10 years, regardless of how much equity I have. It is F’n BS, and it pisses me the f*** off. :chainsaw:

    That sucks. I can’t imagine being in that situation. I am such a cheap :censored: , I could not deal with it. The thought of paying insurance for another’s risk just baffles me. Though when I think about it, it may be a good thing. I would guess that if it were not for mortgage insurance, the banks would just tweak rates up to make up the difference. Parise knows the banks aren’t going to loss a penny. Those that don’t need the insurance may somehow benefit in the rates or fees by the banks getting a little more skin out of those that do.

    I was able to find a loan through Minnesota Housing that eliminated Mortgage insurance, my interest rate was a touch higher with this loan, but the difference was a savings of 100$ per month. We mentioned to our mortgage guy that if we put down 20%, would that remove mortgage insurance and he said “no, you pay mortgage insurance until 80% of the home is paid off”. Well when the vast majority of your payment is going towards the interest, that 80% is a longtime.

    IMO, the banks used the housing crisis to justify mortgage insurance. However, they don’t need it to turn a profit, only to increase their profits. That’s why they have the biggest buildings and can purchase naming rights to the biggest stadiums.

    I really don’t “own” my home, just renting it until I’m 60 years old and have paid the bank almost double what its worth :dance:

    #153740 Quote
    Anonymous
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    @mjarz02 wrote:

    @Golden FE Ranger wrote:

    @Neat Hat wrote:

    @mjarz02 wrote:

    Here is my biggest issue with buying a home. Mortgage insurance… This has to be one of the biggest scams around. You are charged a monthly fee because they aren’t confident that you will be able to pay your loan in full. Isn’t that the whole point of interest and having interest be the majority of your payments during the first 15 years? I don’t trust you to pay me 1000 dollars a month, so pay me 1250 dollars instead.

    The market isn’t determined by what a person can purchase, but rather what someone can borrow.

    Yeah, mortgage insurance is BS. I was forced into a FHA loan, because there were no comparables for my house. I had multiple agents and mortgage people look into it for a year or so, and FHA was my only option. The BS part is, FHA requires mortgage insurance for 10 years, regardless of how much equity I have. It is F’n BS, and it pisses me the f*** off. :chainsaw:

    That sucks. I can’t imagine being in that situation. I am such a cheap :censored: , I could not deal with it. The thought of paying insurance for another’s risk just baffles me. Though when I think about it, it may be a good thing. I would guess that if it were not for mortgage insurance, the banks would just tweak rates up to make up the difference. Parise knows the banks aren’t going to loss a penny. Those that don’t need the insurance may somehow benefit in the rates or fees by the banks getting a little more skin out of those that do.

    I was able to find a loan through Minnesota Housing that eliminated Mortgage insurance, my interest rate was a touch higher with this loan, but the difference was a savings of 100$ per month. We mentioned to our mortgage guy that if we put down 20%, would that remove mortgage insurance and he said “no, you pay mortgage insurance until 80% of the home is paid off”. Well when the vast majority of your payment is going towards the interest, that 80% is a longtime.

    IMO, the banks used the housing crisis to justify mortgage insurance. However, they don’t need it to turn a profit, only to increase their profits. That’s why they have the biggest buildings and can purchase naming rights to the biggest stadiums.

    I really don’t “own” my home, just renting it until I’m 60 years old and have paid the bank almost double what its worth :dance:

    You won’t “own” it at 60 either, try not paying your property taxes!

    #153741 Quote
    Golden FE RangerGolden FE Ranger
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    @mjarz02 wrote:

    I was able to find a loan through Minnesota Housing that eliminated Mortgage insurance, my interest rate was a touch higher with this loan, but the difference was a savings of 100$ per month. We mentioned to our mortgage guy that if we put down 20%, would that remove mortgage insurance and he said “no, you pay mortgage insurance until 80% of the home is paid off”. Well when the vast majority of your payment is going towards the interest, that 80% is a longtime.

    IMO, the banks used the housing crisis to justify mortgage insurance. However, they don’t need it to turn a profit, only to increase their profits. That’s why they have the biggest buildings and can purchase naming rights to the biggest stadiums.

    I really don’t “own” my home, just renting it until I’m 60 years old and have paid the bank almost double what its worth :dance:

    That seems strange, though I am certainly far from well informed when it comes to loans. We put down just over 20% when we bought our most recent home 5 years ago and pay no MI. We just went with WF and when we told the banker we planned to put down the 20%, he was about ready to give us the bag of cash on the spot.

    #153742 Quote
    davescharfdavescharf
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    That 80% is blatantly false

    #153743 Quote
    HockeyBumHockeyBum
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    @mjarz02 wrote:

    We mentioned to our mortgage guy that if we put down 20%, would that remove mortgage insurance and he said “no, you pay mortgage insurance until 80% of the home is paid off”. Well when the vast majority of your payment is going towards the interest, that 80% is a longtime.

    @davescharf wrote:

    That 80% is blatantly false

    davescharf is correct. PMI is supposed to drop off at 20%, not 80%. Our PMI should be dropping off in the next month or two, as we’re getting really close to that 20% mark. What I don’t understand is that I thought you had to have 20% equity to have the payment dropped. With the appreciation in home values in my area over the last few years, we should have passed the 20% equity mark a long time ago. We’ve called the bank several times asking to have the PMI dropped, but they have refused. They won’t do it until 20% of the loan balance has been paid. :confused2:

    #153744 Quote
    GO4GO4
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    Just wanted to thank everyone for the help above.

    #153745 Quote
    davescharfdavescharf
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    @HockeyBum wrote:

    @mjarz02 wrote:

    We mentioned to our mortgage guy that if we put down 20%, would that remove mortgage insurance and he said “no, you pay mortgage insurance until 80% of the home is paid off”. Well when the vast majority of your payment is going towards the interest, that 80% is a longtime.

    @davescharf wrote:

    That 80% is blatantly false

    davescharf is correct. PMI is supposed to drop off at 20%, not 80%. Our PMI should be dropping off in the next month or two, as we’re getting really close to that 20% mark. What I don’t understand is that I thought you had to have 20% equity to have the payment dropped. With the appreciation in home values in my area over the last few years, we should have passed the 20% equity mark a long time ago. We’ve called the bank several times asking to have the PMI dropped, but they have refused. They won’t do it until 20% of the loan balance has been paid. :confused2:

    It’s supposed to be 80% loan to value. They will use their amortization chart to calculate this rate unless you agree to pay for an appraisal to show it should be different.

    Our new mortgage servicer told us once it goes below that 80% it will continue for 6 more months unless I specifically call and end to terminate it before then. We only pay like $30 or $40 a month in it and this is e first time we’ve ever had PMI but it was worth taking it on with our last refinance because we dropped 3 years off our term and still pay less than before the refi

    #153746 Quote
    mjarz02mjarz02
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    @HockeyBum wrote:

    @mjarz02 wrote:

    We mentioned to our mortgage guy that if we put down 20%, would that remove mortgage insurance and he said “no, you pay mortgage insurance until 80% of the home is paid off”. Well when the vast majority of your payment is going towards the interest, that 80% is a longtime.

    @davescharf wrote:

    That 80% is blatantly false

    davescharf is correct. PMI is supposed to drop off at 20%, not 80%. Our PMI should be dropping off in the next month or two, as we’re getting really close to that 20% mark. What I don’t understand is that I thought you had to have 20% equity to have the payment dropped. With the appreciation in home values in my area over the last few years, we should have passed the 20% equity mark a long time ago. We’ve called the bank several times asking to have the PMI dropped, but they have refused. They won’t do it until 20% of the loan balance has been paid. :confused2:

    Well, I’m glad my wife handles the finances. She was quick to deny my claims as false as well, and went on a sidebar about my listening skills. It most definitely is 20% equity. The 80% I heard that is needed to get rid of PMI is LTV (loan to value)

    #153747 Quote
    BertogliatBertogliat
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    @davescharf wrote:

    @HockeyBum wrote:

    @mjarz02 wrote:

    We mentioned to our mortgage guy that if we put down 20%, would that remove mortgage insurance and he said “no, you pay mortgage insurance until 80% of the home is paid off”. Well when the vast majority of your payment is going towards the interest, that 80% is a longtime.

    @davescharf wrote:

    That 80% is blatantly false

    davescharf is correct. PMI is supposed to drop off at 20%, not 80%. Our PMI should be dropping off in the next month or two, as we’re getting really close to that 20% mark. What I don’t understand is that I thought you had to have 20% equity to have the payment dropped. With the appreciation in home values in my area over the last few years, we should have passed the 20% equity mark a long time ago. We’ve called the bank several times asking to have the PMI dropped, but they have refused. They won’t do it until 20% of the loan balance has been paid. :confused2:

    It’s supposed to be 80% loan to value. They will use their amortization chart to calculate this rate unless you agree to pay for an appraisal to show it should be different.

    Our new mortgage servicer told us once it goes below that 80% it will continue for 6 more months unless I specifically call and end to terminate it before then. We only pay like $30 or $40 a month in it and this is e first time we’ve ever had PMI but it was worth taking it on with our last refinance because we dropped 3 years off our term and still pay less than before the refi

    This is correct. Bank calculates when you have paid 20% of the loan plus 6 months. You can request an appraisal to end the PMI early if you believe your property has apprieviates enough. If your bank refuses (it won’t) you always have the option to refi which will come with an appraisal. If your under 80% LTV you won’t pay PMI.

    #153748 Quote
    MNNavyMNNavy
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    @mjarz02 wrote:

    IMO, the banks used the housing crisis to justify mortgage insurance.

    That statement couldn’t be more wrong. I bought my first house in 1995 – well before the housing bubble/collapse. If I hadn’t borrowed on a VA loan, I would have been required to purchase PMI. My brother and his wife bought their first house in ’94, and they were required to purchase PMI, because they couldn’t afford to pay 20% down.

    #153749 Quote
    ThompsThomps
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    @GO4 wrote:

    Anyone have a recommendation for a HVAC guy to look at my a/c system outside? What would be the approximate price just to have some guy come out? It sounds like the condenser turns on but the fan doesn’t spin. I’ve tried the “pencil trick” from a few of the handyman forums to no avail. I’m hoping we don’t have to replace everything. :ddown:

    You could just have a bad fan motor. If the compressor is turning on, that means the capacitor should be fine. If the comp runs, and the fan does not, it might just be as simple as a fan motor. I have a guy who I have referred to numerous people, and they all love him. His pricing is fair, and he usually comes out in a hurry, even on the hottest days of the year. He normally works in the commercial HVAC industry, but does residential on the side. When I worked in commercial HVAC, I never heard a bad word about him. Let me know if you want his contact info.

    #153750 Quote
    ThompsThomps
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    @MNNavy wrote:

    @mjarz02 wrote:

    IMO, the banks used the housing crisis to justify mortgage insurance.

    That statement couldn’t be more wrong. I bought my first house in 1995 – well before the housing bubble/collapse. If I hadn’t borrowed on a VA loan, I would have been required to purchase PMI. My brother and his wife bought their first house in ’94, and they were required to purchase PMI, because they couldn’t afford to pay 20% down.

    Agreed, mortgage insurance was around well before the crisis. It is used to protect the banks against a person defaulting when they didn’t have 20% down. Not having 20% down used to mean you were a higher risk candidate.

    #153751 Quote
    OrionOrion
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    @Neat Hat wrote:

    @Golden FE Ranger wrote:

    @Neat Hat wrote:

    @mjarz02 wrote:

    Here is my biggest issue with buying a home. Mortgage insurance… This has to be one of the biggest scams around. You are charged a monthly fee because they aren’t confident that you will be able to pay your loan in full. Isn’t that the whole point of interest and having interest be the majority of your payments during the first 15 years? I don’t trust you to pay me 1000 dollars a month, so pay me 1250 dollars instead.

    The market isn’t determined by what a person can purchase, but rather what someone can borrow.

    Yeah, mortgage insurance is BS. I was forced into a FHA loan, because there were no comparables for my house. I had multiple agents and mortgage people look into it for a year or so, and FHA was my only option. The BS part is, FHA requires mortgage insurance for 10 years, regardless of how much equity I have. It is F’n BS, and it pisses me the f*** off. :chainsaw:

    That sucks. I can’t imagine being in that situation. I am such a cheap :censored: , I could not deal with it. The thought of paying insurance for another’s risk just baffles me. Though when I think about it, it may be a good thing. I would guess that if it were not for mortgage insurance, the banks would just tweak rates up to make up the difference. Parise knows the banks aren’t going to loss a penny. Those that don’t need the insurance may somehow benefit in the rates or fees by the banks getting a little more skin out of those that do.

    I just try to put it out of my mind, because it bugs me so much. It is idiotic for me to pay FMI when I am at 30% equity. :evil:

    Then, they rub it in. About once a year I get a “congratulations!” email because they’ve reduced the amount of FMI I have to pay, which usually amounts to about $4 per month reduction.

    So then why don’t you just refi?

    #153752 Quote
    mjarz02mjarz02
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    @Thomps wrote:

    @MNNavy wrote:

    @mjarz02 wrote:

    IMO, the banks used the housing crisis to justify mortgage insurance.

    That statement couldn’t be more wrong. I bought my first house in 1995 – well before the housing bubble/collapse. If I hadn’t borrowed on a VA loan, I would have been required to purchase PMI. My brother and his wife bought their first house in ’94, and they were required to purchase PMI, because they couldn’t afford to pay 20% down.

    Agreed, mortgage insurance was around well before the crisis. It is used to protect the banks against a person defaulting when they didn’t have 20% down. Not having 20% down used to mean you were a higher risk candidate.

    Yeah, I realize that PMI was around before the housing crisis. My comment should of been, the banks use the housing crisis to further justify PMI.

    You make a person pay interest and you structure payments so interest is the majority of the payment initially. You also have an interest rate, which is based on a person’s credit. This is all done to protect banks and foster profit.

    What is the need for PMI besides greed?

    #153753 Quote
    Jane FondaJane Fonda
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    @Orion wrote:

    @Neat Hat wrote:

    @Golden FE Ranger wrote:

    @Neat Hat wrote:

    @mjarz02 wrote:

    Here is my biggest issue with buying a home. Mortgage insurance… This has to be one of the biggest scams around. You are charged a monthly fee because they aren’t confident that you will be able to pay your loan in full. Isn’t that the whole point of interest and having interest be the majority of your payments during the first 15 years? I don’t trust you to pay me 1000 dollars a month, so pay me 1250 dollars instead.

    The market isn’t determined by what a person can purchase, but rather what someone can borrow.

    Yeah, mortgage insurance is BS. I was forced into a FHA loan, because there were no comparables for my house. I had multiple agents and mortgage people look into it for a year or so, and FHA was my only option. The BS part is, FHA requires mortgage insurance for 10 years, regardless of how much equity I have. It is F’n BS, and it pisses me the f*** off. :chainsaw:

    That sucks. I can’t imagine being in that situation. I am such a cheap :censored: , I could not deal with it. The thought of paying insurance for another’s risk just baffles me. Though when I think about it, it may be a good thing. I would guess that if it were not for mortgage insurance, the banks would just tweak rates up to make up the difference. Parise knows the banks aren’t going to loss a penny. Those that don’t need the insurance may somehow benefit in the rates or fees by the banks getting a little more skin out of those that do.

    I just try to put it out of my mind, because it bugs me so much. It is idiotic for me to pay FMI when I am at 30% equity. :evil:

    Then, they rub it in. About once a year I get a “congratulations!” email because they’ve reduced the amount of FMI I have to pay, which usually amounts to about $4 per month reduction.

    So then why don’t you just refi?

    Because it doesn’t matter if I refinance, as long as there are no comparables. With no comparables I’ll only be able to refinance into another FHA mortgage and I wouldn’t get anywhere.

    #153754 Quote
    dryflydryfly
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    Near Hat – have you talked to an appraiser? Not the bank supplied one but somebody you select on your behalf? Ask him to see if there is anything they can piece together to build a string of transactions that produces a ‘comparable’?

    #153755 Quote
    Jane FondaJane Fonda
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    @dryfly wrote:

    Near Hat – have you talked to an appraiser? Not the bank supplied one but somebody you select on your behalf? Ask him to see if there is anything they can piece together to build a string of transactions that produces a ‘comparable’?

    Yep, did that. The problem is that all of my bedrooms (all are legal with egress windows) are below grade according to the bank and mortgage companies, every one I talked to, they don’t count as bedrooms when looking at comparables. So, I have a 0 bedroom house, when looking for comparables. The whole thing is idiotic, because obviously they count for the actual appraisal, because the appraiser bases the value on having 3 bedrooms. I fought it for years, and gave in, and now deal with mortgage insurance.

    #153756 Quote
    MaizeMaize
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    @mjarz02 wrote:

    What is the need for PMI besides greed?

    It’s not like the mortgage company is making any extra money off of it. The extra fee on your mortgage payment for PMI is the premium on a separate insurance policy the mortgage company takes out in case you default on the loan. You’re asking the mortgage company to take on additional risk by not putting 20% down. It doesn’t seem unreasonable that they’d want the buyer to assume the costs of that risk rather than paying it out of the goodness of their heart.

    #153757 Quote
    MNGophers29MNGophers29
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    @HockeyBum wrote:

    @mjarz02 wrote:

    We mentioned to our mortgage guy that if we put down 20%, would that remove mortgage insurance and he said “no, you pay mortgage insurance until 80% of the home is paid off”. Well when the vast majority of your payment is going towards the interest, that 80% is a longtime.

    @davescharf wrote:

    That 80% is blatantly false

    davescharf is correct. PMI is supposed to drop off at 20%, not 80%. Our PMI should be dropping off in the next month or two, as we’re getting really close to that 20% mark. What I don’t understand is that I thought you had to have 20% equity to have the payment dropped. With the appreciation in home values in my area over the last few years, we should have passed the 20% equity mark a long time ago. We’ve called the bank several times asking to have the PMI dropped, but they have refused. They won’t do it until 20% of the loan balance has been paid. :confused2:

    I went through this with Wells Fargo too. I had the same argument about home values and their response is that it is a policy to protect the bank. When I questioned the loan balance like you did, I was told that who was to say I didn’t trash my house and the value went down. Fair enough, order me an appraisal and you can shove that up your ass along with your PMI!! I was so pissed. I hate Wells Fargo, went away from them many years ago and then my mortgage was sold to them. :chainsaw:

    #153758 Quote
    BeaunerBeauner
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    All this talk is making me really dread trying to buy my own house here in a few months (hopefully).

    #153759 Quote
    The RubeThe Rube
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    @Beauner wrote:

    All this talk is making me really dread trying to buy my own house here in a few months (hopefully).

    I’m a content apt renter. And right now the policy is 10-year resident? Rent is frozen. Just got that deal sealed. :) Yes, they COULD change the policy, but it hasn’t changed in 10 years that I’ve been here, so I’m not too worried. Paying about $1.25/sq foot in Minnetonka, vaulted ceilings, W/D in unit, nice patio, really quiet complex….can’t complain.

    #153760 Quote
    MaizeMaize
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    @Beauner wrote:

    All this talk is making me really dread trying to buy my own house here in a few months (hopefully).

    It’s actually not that bad. It seems daunting at first, but if you find a good realtor that can take you through all the steps, it ended up being way easier than I expected.

    #153761 Quote
    KarlssonKarlsson
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    @Beauner wrote:

    All this talk is making me really dread trying to buy my own house here in a few months (hopefully).

    Didn’t fret. Vera and I had no way of putting enough down to offset mortgage insurance. We did the math, we were still set to not pay more than we were when we were renting a house.

    No arbitrary increases, no sharing a yard (we have dogs), we can do what we effing want with the joint, and oh yeah, building equity. No-brainer for us. Of course, we did not buy/build an expensive place.

    #153762 Quote
    MNGophers29MNGophers29
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    @Maize wrote:

    @Beauner wrote:

    All this talk is making me really dread trying to buy my own house here in a few months (hopefully).

    It’s actually not that bad. It seems daunting at first, but if you find a good realtor that can take you through all the steps, it ended up being way easier than I expected.

    It isn’t that bad. It’s just bad when you can only qualify for certain loans and you ha e to jump through hoops. If you can do conventional, it is pretty cut and dry.

    As said above, find a good realtor who doesn’t just want to sell a house and isn’t lazy and you will get off on the right foot. Then find an experienced mortgage banker/broker, it’s easier at smaller, hometown type banks and they will take the time to explain everything to you. When I swore off Wells Fargo, I got a mortgage guy who had been doing it for 2 years. I knew more than he did about the process and was constantly calling him checking to ensure things were moving properly.

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