Money Do you have $400 cash or in the bank? - Page 5

Prison Bitch · 10-04-2016, 03:10 PM

Click here to find out what % of Americans do not:

Spoiler!

**notorious** · 10-04-2016, 04:57 PM

There are $60,000 dollar millionaires everywhere.

Is anyone surprised?

ClevelandBronco · 10-04-2016, 04:57 PM

Quote:

Originally Posted by DaneMcCloud

I've never worked with Mark but I've heard that he's an interesting guy

Let's see. Dude with your credentials tells me someone is "an interesting guy," I'm imagining an agoraphobic genius who fills his socks with Vaseline and keeps pieces of the cousin he had a crush on in his freezer.

**DaneMcCloud** · 10-04-2016, 05:01 PM

Quote:

Originally Posted by ClevelandBronco

Let's see. Dude with your credentials tells me someone is "an interesting guy," I'm imagining an agoraphobic genius who fills his socks with Vaseline and keeps pieces of the cousin he had a crush on in his freezer.

He's a Scientologist

ClevelandBronco · 10-04-2016, 05:09 PM

Quote:

Originally Posted by DaneMcCloud

He's a Scientologist

I saw that in his bio. I've never (as far as I know) had the opportunity to get to speak with one of those folks. After spending a little time on xenu.net, I assume it could be a trip.

**Bugeater** · 10-04-2016, 05:13 PM

It wouldn't surprise me if a lot of young people don't have it. But if you're over 30 and don't you have some serious life problems.

**DaneMcCloud** · 10-04-2016, 05:13 PM

Quote:

Originally Posted by ClevelandBronco

I saw that in his bio. I've never (as far as I know) had the opportunity to get to speak with one of those folks. After spending a little time on xenu.net, I assume it could be a trip.

And he's not just a casual guy, he's really highly involved.

Hey, to each is own. Billy Sheehan's a Scientologist and he's one of the coolest guys, ever.

**Ming the Merciless** · 10-04-2016, 05:18 PM

Quote:

Originally Posted by Renegade

Why do have your property tax included in your mortgage? Are they giving you a discount on the money they are "holding" for you to pay your tax bill?

Its called an impound account.

Its convienient because you pay it monthly...instead of bi annually.

For example, with a regular account you might have to pay 2000$ every 6 months...and save up for that 2000$ (4000 per year)

with an impound account they just add 300$&change per month month or so to your mortgage every month. (4000 per year)

Its just a choice you make at the time you buy, and you can also undo it or do an impound as needed.

I personally like holding onto my money and just paying bi annually but i completely understand the decision to go impound and pay monthly because there are times when I am like "holy shit , property tax is due in 2 months!!!" and freak out

tl/dr

Monthly payment versus 6 month all at once

**Bugeater** · 10-04-2016, 05:18 PM

Oh, and there's a big difference between borrowing or selling something and not being able to come up with money at all. Not sure it's really fair to lump those two groups together.

**DaneMcCloud** · 10-04-2016, 05:25 PM

Quote:

Originally Posted by Pawnmower

Its called an impound account.

Interesting. I never knew about these accounts until today, as I chose to pay out of pocket.

But I just read that Impounds are required on FHA loans, VA loans, and USDA loans. For conventional loans, impounds are generally required if you put less than 20% down.

I've never had any of those types of loans, so I had no idea about the requirements.

**Donger** · 10-04-2016, 05:27 PM

Quote:

Originally Posted by Pawnmower

Its called an impound account.

Its convienient because you pay it monthly...instead of bi annually.

For example, with a regular account you might have to pay 2000$ every 6 months...and save up for that 2000$ (4000 per year)

with an impound account they just add 300$&change per month month or so to your mortgage every month. (4000 per year)

Its just a choice you make at the time you buy, and you can also undo it or do an impound as needed.

I personally like holding onto my money and just paying bi annually but i completely understand the decision to go impound and pay monthly because there are times when I am like "holy shit , property tax is due in 2 months!!!" and freak out

tl/dr

Monthly payment versus 6 month all at once

I think my property tax bill is paid once a year. I think the insurance premium is the same. I should probably pay more attention, but meh.

**Ming the Merciless** · 10-04-2016, 05:27 PM

Quote:

Originally Posted by DaneMcCloud

Interesting. I never knew about these accounts until today, as I chose to pay out of pocket.

But I just read that Impounds are required on FHA loans, VA loans, and USDA loans. For conventional loans, impounds are generally required if you put less than 20% down.

I've never had any of those types of loans, so I had no idea about the requirements.

yah thats true...

and some of them might impound just for the 1st year..and REQUIRE you have an impound for the 1st year....etc..

An impound isnt bad...

The older I get the less I care about controlling every penny of my money at all times LOL , I actually might use more impounds in the future for convenience and planning sake...especially considering you really cant earn crap with money in the bank anyway these days...so why bother....LOL...

GET OFF MY LAWNN!!!!

**Ming the Merciless** · 10-04-2016, 05:30 PM

Quote:

Originally Posted by Donger

I think my property tax bill is paid once a year. I think the insurance premium is the same. I should probably pay more attention, but meh.

ahh yah then i mean you COULD consider an impound for your needs..especially if:

1) saving up for the big once a year payment is a hassle
2) you arent moving any time soon so you wont need to mess with it
3) you arent going to change insurance providers

you might be stoked on an impound to just do it all monthly instead of saving up over a year...or not...

I guess it all depends on how much of a control freak you are LOL...or how much planning and saving you wanna do...

**DaneMcCloud** · 10-04-2016, 05:32 PM

Quote:

Originally Posted by Pawnmower

GET OFF MY LAWNN!!!!

Yeah, back in the day, 4% interest on short term CD's through Orange were common, so it made more financial sense to pay twice a year for us (our property tax is quite exorbitant).

There's probably not much benefit right now but if the Fed ever raises interest rates again, it'll be an option.

**Ming the Merciless** · 10-04-2016, 05:33 PM

Quote:

Originally Posted by DaneMcCloud

Interesting. I never knew about these accounts until today, as I chose to pay out of pocket.

But I just read that Impounds are required on FHA loans, VA loans, and USDA loans. For conventional loans, impounds are generally required if you put less than 20% down.

I've never had any of those types of loans, so I had no idea about the requirements.

one other thign too is sometimes you can get a discount (or at least not take a hit) if you use an impound.

For example I got a loan once that had a 1/4 or 1/8 point discount for using an impound account...I could've opted out (I was way over 20% principal) but basically they paid me not to. So if you're doing a refi or purchase it might not hurt to ask if there is a discount.

**DaneMcCloud** · 10-04-2016, 05:41 PM

Quote:

Originally Posted by Pawnmower

So if you're doing a refi or purchase it might not hurt to ask if there is a discount.

Thanks! I've got a 3.6% on a jumbo, so I don't know if I'll ever be able to beat that but if so, I'll definitely ask!

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10-04-2016, 03:10 PM
Prison Bitch Rabbi Goldmann Join Date: Nov 2012 Casino cash: $5450159	Do you have $400 cash or in the bank? Click here to find out what % of Americans do not: Spoiler! The Fed asked respondents how they would pay for a $400 emergency. The answer: 47 percent of respondents said that either they would cover the expense by borrowing or selling something, or they would not be able to come up with the $400 at all. Four hundred dollars! Who knew? http://www.theatlantic.com/magazine/...-shame/476415/
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10-04-2016, 04:57 PM	#61
notorious Supporter Join Date: May 2005 Location: Who knows? Casino cash: $-1084116	There are $60,000 dollar millionaires everywhere. Is anyone surprised?
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10-04-2016, 05:13 PM	#65
Bugeater The Maintenance Guy Join Date: Sep 2005 Location: Renovated Bugeater Estate Casino cash: $3992680	It wouldn't surprise me if a lot of young people don't have it. But if you're over 30 and don't you have some serious life problems.
Posts: 70,546

10-04-2016, 05:18 PM	#68
Bugeater The Maintenance Guy Join Date: Sep 2005 Location: Renovated Bugeater Estate Casino cash: $3992680	Oh, and there's a big difference between borrowing or selling something and not being able to come up with money at all. Not sure it's really fair to lump those two groups together.
Posts: 70,546