Toshi's thread
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I have since found out that this particular kind of self-repayment actually doesn't count against DTI, apparently.
In any case, I just put in a second mortgage pre-approval application via a lender located through Costco Finance.
Seeking pre-approval for $685k as with 20% down against that that'd result in a mortgage of $548k, which nestles nicely just under the Grand County 2021 conforming limit. At/under that limit there's actually good competition for business even for second homes. Bankrate had an outfit offering 2.500% flat (0 pts, 30 years fixed) but they have higher fees, in my experience, plus they are also super annoying about pestering one with phone calls and the like. I put in an application with NASB, advertising $750 or so in fees including appraisal, 2.625% flat at the same terms as above.
I included in the comments that I'd be coming up with $100k of the down payment via loans from my 403(b) and 457(b) plans. Perhaps the underwriters will see that and shoot down my plans for the better. Perhaps it'll fly. 'tis a low risk first step in any case, along with transferring the remainder of the hypothetical down payment from an 82% stock Betterment goal to a 5% stock goal for the moment.
Edit: Also applying with Pennymac directly as they did well by me with this latest/current primary home refi.
Edit 2: Pennymac rates FTW. 29 year fixed (yes, not 30–better rates). 2.500% with $3,137 in points, but that offset by $2,700 (0.5 point) in lender credit. No origination fee since I'm a current customer.
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Found a big fly in the ointment with this plan! They share a common $50k loan limit between them, not a separate limit per account. This is annoying since they have separate contribution limits...
So this pushes my schemes back at least 6 weeks if not more, as I'll have to tap into my taxable account more instead of surfing on this self-loan business.
1) I have sufficiently scratched my skiing itch this season, 14 days logged thus far. For the remainder of the season I will elect to ski if either I'm there for elder kid's Devo program; meeting up to ski with someone in particular; or there's overnight powder of ideally 6" or more. Otherwise I'll skip the driving and get my sweat on via Peloton instead.
2) Just applied for preapproval with Key Bank, the one from the prior page that'll do 90% LTV up to $610k with PMI (ugh) or higher amounts as an 80 + 10% two-loan oddball combo (slightly less ugh as presumably the 80% loan wouldn't have PMI––must confirm). Credit inquiries for the same thing (e.g. mortgages, or auto loans) within two weeks count as one inquiry, iirc.
Edit: approved through KeyBank for their weird two mortgage setup.
2) Just applied for preapproval with Key Bank, the one from the prior page that'll do 90% LTV up to $610k with PMI (ugh) or higher amounts as an 80 + 10% two-loan oddball combo (slightly less ugh as presumably the 80% loan wouldn't have PMI––must confirm). Credit inquiries for the same thing (e.g. mortgages, or auto loans) within two weeks count as one inquiry, iirc.
Edit: approved through KeyBank for their weird two mortgage setup.
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Now *here's* a unique take on why to *not* pay off your mortgage early.
www.cnbc.com
Key quote:
"I stopped aggressively looking for new freelance consulting work. I went from taking on three contracts per month to just one. So instead of working 60 hours, I was only working 20 hours."
Millionaire who bought a home at 26 regrets paying off his mortgage early: 'This is the biggest downside no one tells you'
If you're trying to pay off your mortgage early, good for you. I bought my first home at 26 and did it in 12 years. But here's the biggest downside no one tells you.
www.cnbc.com
Key quote:
"I stopped aggressively looking for new freelance consulting work. I went from taking on three contracts per month to just one. So instead of working 60 hours, I was only working 20 hours."
Guy is a douche.Now *here's* a unique take on why to *not* pay off your mortgage early.
Millionaire who bought a home at 26 regrets paying off his mortgage early: 'This is the biggest downside no one tells you'
If you're trying to pay off your mortgage early, good for you. I bought my first home at 26 and did it in 12 years. But here's the biggest downside no one tells you.
Key quote:
"I stopped aggressively looking for new freelance consulting work. I went from taking on three contracts per month to just one. So instead of working 60 hours, I was only working 20 hours."
Now *here's* a unique take on why to *not* pay off your mortgage early.
Millionaire who bought a home at 26 regrets paying off his mortgage early: 'This is the biggest downside no one tells you'
If you're trying to pay off your mortgage early, good for you. I bought my first home at 26 and did it in 12 years. But here's the biggest downside no one tells you.
Key quote:
"I stopped aggressively looking for new freelance consulting work. I went from taking on three contracts per month to just one. So instead of working 60 hours, I was only working 20 hours."
Perhaps if we taxed the shit out of him he would have bootstrapped
"I can't believe having all this money has apparently made me lazy. I'm mad at myself for taking all those vacations instead of continuing to amass wealth."
What the fuck is wrong with this guy?
This is the point, no?
I know when I have no mortgage, hopefully here in a year-ish, the struggle to maintain "Full time employment" is going to be real. That's by design.
Finally got around to reading that—weird pop up ad blocker things were stymying me before.
Agreed that that dude is a douche.
And I assume CNBC paid him by the word to humblebrag about it.
makeitrain.gif
The icing on the cake was charging 56 cents per mile to drive to downtown + $17 to park, of course
El brazo fuerte
Ramp tests are hard. From derived 1 minute peak power (for MAP) this yielded an FTP of 324W, up from 274W on the last adjusted-to-an-hour 20 minute traditional FTP test. I adjusted 324W down by 5% because hopping on the bike with the new zones just seemed kind of loony. I'll live with 308W-level pain for the next month or so and do another ramp test, which is really unpleasant for about the last 3 minutes but otherwise is much more tolerable than a normal FTP test.
324W was using a 75% factor against MAP. The true range is 72-77%--no real way to know. 72% would be 311W, so my adjusted to 308W level is just fine indeed and probably more accurate.
“Oh, cry me a River”Now *here's* a unique take on why to *not* pay off your mortgage early.
Millionaire who bought a home at 26 regrets paying off his mortgage early: 'This is the biggest downside no one tells you'
If you're trying to pay off your mortgage early, good for you. I bought my first home at 26 and did it in 12 years. But here's the biggest downside no one tells you.
Key quote:
"I stopped aggressively looking for new freelance consulting work. I went from taking on three contracts per month to just one. So instead of working 60 hours, I was only working 20 hours."
I finally understand this reference after seeing literally dozens of these signs last weekend.
Not a stunning specimen of humanity.
My first thought after seeing a few of those signs was “OMG, I bet his wife is a piece of work”...
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I once got audited and received a threatening letter from the IRS because a former employer had erroniously filed my business travel reimbursements as un-earned compensation. As I was a starving grad student at the time a very nice accountant in Ballard helped me sort out the problem pro-bono by essentially sending a threatening letter to my employer that he would sick the IRS on their fraudulent asses.
Anyway during the process he explained that the IRS will always bust your ass on unreported income, but there is hardly any over-site on deductions. You know, because the little guy always has a bunch of deductions.
Going to see this place on Friday:
If it's a sane layout then I shall put in an offer, and probably be promptly overbid since I don't plan to escalate.
If it's a sane layout then I shall put in an offer, and probably be promptly overbid since I don't plan to escalate.
Brief video from Copper today. Snow honestly wasn't that great with ~2.5" fresh over some crust. A few good stashes but lots of scratchy backsides of moguls and skiing half-blind in flat light.
I'd just make sure all the doors lock from the outside and airbnb it.
I thought it was mandatory to have a hot tub at such places?
Yeah, wife wanted to lay down the law re that but hot tubs are a minority in the pauper-brackets we're looking at, apparently
AT first I thought you went avant garde and got some artwork that was a mash up of odd shaped nippily breasts.
Then I realized your just having your children climb up some oddly shaped nippily breasts.
They do have a strong breast-vibe in that photo, agreed