- Jul 13, 2005
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If you’re buying a house in NY, it better have a full basement
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If you are paying PMI and have more than 20% equity, you probably want to refinance immediately. Call your lender or shop around.
You will probably want to calculate what you are paying in PMI vs. what increased rate would cost.
Thanks for the replies fellas ../\ what he said.
The PMI will 100% be more costly than half a pt though, with very few exceptions
But do y’all use basements like they do in NJ and stuff? Them mf’s got bedrooms, living rooms, all sorts of set ups in their basements.
Man.. best of luck with that to those that gotta deal with it.Yep. Every basement around here has living areas. When it gets unusually hot in the summer, people talk about sleeping in the basement. Nobody has AC here, so you gotta go underground to stay cool.
75k is robbery in broad daylight without a mask or gunI'm spending 75000 to finish my basement
It's gonna look nice though but damn.
75k is robbery in broad daylight without a mask or gun
sump pump?Peace of mind, great reputation, great reviews, safety, and a lifetime warranty is what I'm paying for. This is a new build I don't want shoddy work being done on it.
I'm starting with 40 grand to do everything but the bathroom and a bedroom. Dry wall, carpeting, electrical, the ceiling, covering up random things, storage and lighting will be all done. I'll figure the rest out later.
sump pump?
Head up champ. Dont feel penalized cuz you got a phenomenal initial rate.Thanks for the replies fellas ..
My PMI is about $170/month...
My current rate it 2.875%
After running some rough number through some different lending websites, it estimates that with my current "fair" credit(took a big hit down from 740 after losing income to take care of my sick old man) I'm looking at a 4-4.5%
Might just have to ride the PMI untili can stabilize both my income and credit again... Hopefully rates are lower then...
Sorry my message came off wrong.I dont understand that... you made upgrades to the home, theoretically that should raise the value not lower it. I know wells fargo has a tool you can request cancellation of PMI on the website but they also send you hella reminders when you "should" hit the threshold. I put enough down to not have it but they still send the automated junk.
That’s Lender paid PMI. He gave you a higher interest rate than you actually qualified for. If that’s a 30 year mortgage, you’ll want to refi when the rates drop again because you’re paying more interest than you should. LPMI is good if you’re only going to be in the mortgage short term.Yea the guy at quicken loans said my credit was A1 he was going remove it to help me out with my payment . Ive never paid pmi.
That still doesn’t sound right. Appraisals are done by an independent third party, no? Your mortgage company shouldn’t have any influence on what your home is valued at. The market dictates that period. They do, however, control the refinancing aspect of it and you can definitely look elsewhere.Sorry my message came off wrong.
I thought I could get a new appraisal at the market value and remove PMI.. refinance and yada yada.
WF said no because they would only increase the value of the home if we added things like a pool or additional rooms or something.
This was back in August 2017 in california , i got a 4.125% 30 yr loan. That was pretty normal rate at the time.That’s Lender paid PMI. He gave you a higher interest rate than you actually qualified for. If that’s a 30 year mortgage, you’ll want to refi when the rates drop again because you’re paying more interest than you should. LPMI is good if you’re only going to be in the mortgage short term.
Question, are they doing anything the involves having to break the concrete floors in the basement (ie plumbing and/or digging down and pouring a new floor) and what’s the sq ft of the basement?Peace of mind, great reputation, great reviews, safety, and a lifetime warranty is what I'm paying for. This is a new build I don't want shoddy work being done on it.
I'm starting with 40 grand to do everything but the bathroom and a bedroom. Dry wall, carpeting, electrical, the ceiling, covering up random things, storage and lighting will be all done. I'll figure the rest out later.
Question, are they doing anything the involves having to break the concrete floors in the basement (ie plumbing and/or digging down and pouring a new floor) and what’s the sq ft of the basement?
I got my architect on Fiverr.com for relatively cheap.Yoo i need a legit, knowledgeable, and a negotiable structural engineer who can level out my floor in the tristate area. Im located in westchester county.
Based on youtube, my situation seems quick and simple. Its literally just replacing/reinforcing a terribly placed beam that sticks up on the first floor causing the side of it to still drop down.
I just talked to the basement project company. The carpet they are laying down is water damage resistant. They put extra layers of foam and other materials below it. I was a little concerned about that but like I said I don't live in a flood area.