Their job is to make money

Waiving the closing costs cuts into their profit. Providing the appraisal cuts into their profit. A small town bank probably doesn’t make enough money to give away perks like that.
Rolling the closing costs INTO the loan means the loan is higher by $2500, which the house won’t support. Regardless of their fees, it sounds like thay can’t give more than about 70% Loan-to-Value(86K is about 68% of 126K). THAT is your deal-killer. I’m in a similar situation, although a bit worse because I’m underwater. My loan is an ARM with a balance of $101,500. I’d love to refi to a fixed rate, but the house is worth less than $80K. So the property won’t support the loan that I need.
In your case, you’d have to find a different bank that would support a higher LTV – you’re looking at about 90%. Problem is, such a loan would have ridiculous interest rates, so you’d essentially be right back where you started, AND be out the appraisal and closing costs…

What is your interest rate now?

Have you run numbers with current interest rates to see if you can drop the payment that much? They won’t refi a student loan into a mortgage. You probably don’t have enough equity to roll all the other debt into your house.

The why, in my refi question, is this…

Why is it so hard to refi and not get screwed?
Here’s the deal we have our mortgage through a small town bank and our car loan through the same bankl and our home equity loan through 5/3. We want to refinance the two home loans and possibly my husbands government student loan…not sure if the car loan could get rolled in there too…
Anyway, he bought the house for 101K and 86k is left on it (including the equity loan) and we’re paying $1080 a month between the two loans. I asked the small town bank about refi-ing and she told me we had to pay for the appraisal and $2500 closing fees and that it would only work if our house appraises for $126K. Which it won’t appraise for the much…maybe $112K.
I’ve got a friend who worked for several banks as a loan officer telling me that the lady at the small town bank is nuts. They can waive the fees if they want and if they can’t they can roll them into the loan so we don’t have to pay anything up front.
Why are the two telling me such completely different things? What can ya’ll tell me about Refinancing the house loans? We need the payment to be closer to $850 a month vs. the current $1080….is it possible?

I have started working on Nov’s budget

Most months it’s just tweaking since not much changes around here. We have given our long-term care insurance agent the go-ahead to pursue the policy we chose. Have to go through the medicals to get approval. He is also checking into a rider for dd. I really don’t think she’ll pass the medical part due to her history but we are going to try it. One thing we found out is that not that many agents/companies sell LT ins here. Maybe it’s different in other places.

It is ironic that this agent has read several of DR’s books but still believes in whole life insurance. We do not have any other insurnace thorugh him other than the long term care are applying for. He seems to like several of DR’s ideas but has not drank the cool-aid yet.

We are working on getting things together for our accountant. Gonna try to have it there by the end of the week. Since we have to pay every year now we are not in a hurry to write that check. 🙁 Our accountant files for an automatic extension for everyone, as most accountants do. Last year it was like October before we actually filed. First time since we bought out my dad taht we ever filed that late. I told dh that I didn’t like filing that late and to ask if we can get bumped back up to the top of the pile.

Yep

$74 a game (at least, out here in California), at the high school level. $120 at the junior college level. Drops to about $40-50 at the PONY or Little League level (PONY hires umpires, Little League has a mix of pay and volunteer–they prefer volunteer.)

Out here, for high school and PONY you pay the assigner $4 a game to hook you up, but that is minor compared to what you can make. When DH was unemployed for a year, baseball season saved us. He brought in about $800 a month for the 4 months of regular season.

Still living in gratitude

DD18 doing better….at least she’s eating, drinking and showering all on her own and sleeping through the night. She has two more DR visits this week….

Can I say how grateful we are for a FFEF? We blew through $1k with DD/family, and GLAD to have done it.

Landlord being a putz. We still have enough money in the MMA to buy up to a $75k house (mortgage loan people said “at worst case” to cover closing etc. we should have 10% in cash). DD18 being ill has made my working outside the home not necessarily viable like it was. But I have $1050 worth of umpiring baseball games over the next 90 days, which I can do without jeopardizing taking care of DD18 (for the most part.)

We talk to the mortgage people again this wednesday. Find out what else they need uploaded in order to make an offer and have it go through. We may end up sending DS19 out there the end of April to take possession of the house and be living on the kindness of strangers for the month of May. I ended up putting a lawyer on retainer (that sounds so much more impressive than it is) with all the stuff that’s going on with landlord, DD18, buying house, etc. Re-upped with LegalShield.

Honestly, they’re not good for much, but at least they can look over a contract, maybe send a letter to get my Landlord to back off if it comes to that etc. (I anticipate since he’s already reneged on giving us to October and changed it to June 1, that he’s going to renege on that too, and give us a 60 day notice, which will mean the last month of school for the kids, we will be scrambling. Yes, he’s that big of a jerk.)

On a more upbeat note, I have cleared out about 1/2 of my food storage crates and repacked stuff, clearing up a bunch of crates. There’s a shocker: our supplies are low, since we went through most of it during DH’s unemployment.

Once I get through the food storage I am going to start packing up the house. One way or the other, we are likely going to be in Texas in 90 days. We will probably just bring enough to get by…and have to save up $3k to move it in a UHaul later. (That was plan B anyway.)

I love your story about buying your car

We no longer finance either, even cars. If we can’t pay cash without it negatively affecting our financial situation, we don’t buy it, no matter what it is. We do not buy new cars. The last car purchase was dd’s car, which she paid for, in cash. It was a 2013 Impala, beautiful condition inside and out, with less than 700 original miles! She bought it this past December. It was so cool to see her do that. Oh, dh and I threw in a little at the end as part of her Christmas, enough to cover tax, title and license. That was minor compared to what she put in. We have a relationship with the sales manager at this dealership, less than 3 miles from our home. We feel very blessed to have found some impressive deals like this with dd’s car and our last one, an Acadia. The sales manager is keeping his eye out for a Suburban-esqe type vehicle for us that is in similar condition to dd’s Impala … low miles, no history of wrecks or engine/transmission trouble, etc. We know the time will be right when the right vehicle comes about. When you’re not in a hurry, like us, you can afford to wait for the right deal.

When the right deal comes along I am not sure what we’ll do w/our current vehicle situation. Dh has said he’ll drive my Acadia and do something with his truck, which is older. Currently we are using it to carry our craft show stuff. Our new vehicle will have to be big enough to handle it or we’ll have to see about renting a trailer as needed or buy one.

Dh will keep his old car, a ’77 Monte Carlo. That is his baby. It won’t sell till dh passes away or he scores a car he falls in love with more than this one. He his fixing up his baby with cash and it is not financed either.

About credit scores and reports. We have not checked ours in a few years. I am not worried about our scores since we bought a home we can spend our retirement years in. Since it is one story we don’t have to worry about negotiating stairs, etc. Big enough but not too big.

I am so thankful that dh and I are on the same page about debt! I am believing this year will be an excellent year financially and that we will be able to write a check within the year to pay off our house. I am having faith!

I think the name should be changed to a debt score

It reports on how well you leverage debt as if that is a good thing. I don’t mind my score being in the toilet at this point considering that I pay for everything – EVERYTHING with cash. There was a long time I fought my former mortgage company to keep my account reported as paid. The last car I financed back in 1990 something, I held on to its payment history as long as I could to keep a “good” score, but I finally let it sink in that having an “in the tank” score was truly financial freedom. People do me a favor thinking that I’m not a good risk.Truth be told, when I went to buy my brand new car almost 5 years ago and the finance manager gave me the loan app and I asked him how much and pulled out a cashier’s check for shockingly close to the amount he said and put the rest on my debit card, the look on his face was…beautiful!

Yes it is all crazy!

My poor sister was hoping to get a mortgage loan this year, and since she has no credit cards, paid her car loan with all on-time payments and saved up about 30% cash for a downpayment she really thought she would be seen as an eligible candidate.

Wrong!

Lenders (several!) have told her she needs to open 3-4 “lines of credit” and use them lol.

Why should a good score be based on the fact that you want spend more money than you have? She’s been responsible on her modest income, caring for 4 children and saving, saving, saving.

She and I talked about it and she’s decided to just continue saving cash for now, because she doesn’t want any credit cards! Maybe in another few years she’ll have enough cash to buy a fixer upper home and then put in some sweat equity.

I just looked on CreditKarma

and discovered that Transunion doesn’t care about utilities accounts, but Equifax does. They’re tracking my electric bill account, so I have a 13 year history. That means they don’t ding me for a short credit history after I closed all my other accounts. Transunion only shows me as having a 10 month history on the Visa I got last April so I could rent a vehicle in Reno. Just something I found interesting…

Credit Bureaus are just so stupid

Been listening to FPU cd’s. Trying to follow Dave and laugh at my ever lessening credit score. Still makes me mad that I have paid my bills on time 95% of the time (with the 5% being last year when DH was unemployed) and that gives me an “F” on creditkarma and a “poor” on Transunion. Sallie Mae finally reported at the year end, that my daughter’s student loan, which I cosigned for, was paid off.

So it went from showing $25,000 on my credit report to $0.

And I’m still an “F” and a “poor” credit risk.

What the…really? They’re just stupid.