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It is currently Sat Jul 30, 2016 6:39 pm



Viewing profile - TCstr8

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TCstr8
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Joined: Sat Jun 06, 2009 11:49 pm
Last visited: Wed Jun 29, 2016 6:33 am
Total posts: 285
[0.32% of all posts / 0.11 posts per day]
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Most active forum: Personal Finance
[ 284 Posts / 99.65% of user’s posts ]
Most active topic: Assistance w/ Retirement (401K, Roth, etc.)
[ 10 Posts / 3.51% of user’s posts ]

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Location: Cincinnati, OH
Age: 39
Occupation: Mortgage Broker
Interests: Feel free to email with any mortgage related questions. I'm only licensed in Ohio, so I won't try selling you on using me for your mortgage (unless of course you are in Ohio :)) tc DOT strait AT gmail.com
Website: http://www.ohiomortgagesolutions.com

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T.C. Strait
Ohio Loan Officer / Manager @ Mortgage Broker
NMLS ID 164070
<a href="http://www.ohiomortgagesolutions.com">Ohio Mortgage Solutions</a>
<a href="http://www.ohiofha.com">Ohio FHA Mortgage</a>

TCstr8 Posts

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 Forum: Personal Finance   Topic: Secured Credit Card - Anyone Recommend a Card?

Posted: Tue Jun 07, 2016 7:23 am 

Replies: 8
Views: 1390


a) bankruptcy is okay. b) $200 to $300 held on deposit & ideally which can be increased to higher amounts over time. Pretty sure most all Secured Credit Cards are going to be OK with previous bankruptcy, and generally starting them out at $200 or $300. As far as the credit line being increased ...

 Forum: Personal Finance   Topic: How to leave a mortgage contract when you're in negative equ

Posted: Tue May 31, 2016 6:38 am 

Replies: 5
Views: 1027


This is my experience in Ohio, different States have different rules. Bankruptcy - sure she could file bankruptcy, and then choose to either surrender the house or reaffirm the debt (keep the house). If she keeps the house, she keeps the debt that goes along with it. Generally, if someone surrenders...

 Forum: Personal Finance   Topic: Numbers on a Different House

Posted: Tue May 24, 2016 5:21 pm 

Replies: 20
Views: 1850


sdrocker wrote:
What's most unknown for me is whether $2341/mo on a $105k salary is too much to spend. hmmm.


Thats almost 27% of your before tax income on the payment. Pesonally, I would never even consider that but to each their own.

 Forum: Personal Finance   Topic: Pay down mortgage (remove MIP), invest, save?

Posted: Tue May 17, 2016 8:31 am 

Replies: 6
Views: 992


gets me out of the mortgage insurance (FHA loan) which is $105/mo When did you take this FHA loan out? Few things to consider: OLD RULES (prior to June 3, 2013): FHA required that you pay the MIP for a minimum of 5 years. No paying the loan down to get out of it. NEW RULES (since June 3, 2013): FHA...

 Forum: Personal Finance   Topic: First time homebuyer- do I really need 20%?

Posted: Mon Feb 01, 2016 7:34 am 

Replies: 10
Views: 11842


Thanks very much for all the thoughtful responses, info, and advice. As some pointed out and as I learned when figuring out the numbers with taxes, common charges, and PMI, $630k was mathematically feasible, but too much. I wanted to question the concept of capping mortgage payments at a certain pe...

 Forum: Personal Finance   Topic: First time homebuyer- do I really need 20%?

Posted: Tue Jan 05, 2016 12:20 pm 

Replies: 10
Views: 11842


In the end, people out there will tell you both that you can afford it (and technically you could), while others will tell you it will cripple you financially (which dependent on your lifestyle and goals it certainly could). That may not necessarily be true. For a conventional loan, generally Fanni...

 Forum: Personal Finance   Topic: First time homebuyer- do I really need 20%?

Posted: Mon Jan 04, 2016 1:12 pm 

Replies: 10
Views: 11842


There are plenty of options for mortgages with less than 20% down. Keep in mind, I do loans in Ohio, so things may be slightly different depending on where you are. Conventional Loans (Fannie Mae/Freddie Mac) can do as little as 5% down. Obviously you will have PMI if less than 20% down payment. Som...

 Forum: Personal Finance   Topic: Need advice

 Post subject: Re: Need advice
Posted: Fri Oct 09, 2015 6:53 am 

Replies: 13
Views: 2540


The refinance fees and realtor commissions take big chunks out of trying to get cash out... Just to clarify, there are no realtor commissions on a refinance. There are no realtors involved. So the only thing you'd be looking at eating into your chunk of cash-out would be the closing costs, which va...

 Forum: Personal Finance   Topic: Need advice

 Post subject: Re: Need advice
Posted: Tue Oct 06, 2015 7:53 am 

Replies: 13
Views: 2540


Bad idea. Like has been mentioned, you will be capped at 80% of the appraised value most likely. That is the Cash-Out restriction. Most banks will not even offer a higher Loan to Value with PMI for Cash-Out. And given your current rate, it is a terrible idea. Worried about becoming homeless, so incr...

 Forum: Personal Finance   Topic: Mortgage payoff strategies?

Posted: Thu Jul 09, 2015 11:00 am 

Replies: 3
Views: 1165


Do not do an ARM right now. The Fed is about to raise rates and it could cripple you if you cannot afford the increased monthly payments. You do understand what an ARM is don't you? A 5 year ARM is FIXED for the first 5 years, then it ADJUSTS based on the Index (usually PRIME) plus the Margin. 7 ye...

 Forum: Personal Finance   Topic: Why isn't my principle lower or nearly paid off?

Posted: Tue May 26, 2015 7:05 am 

Replies: 12
Views: 2544


I'm confident we can refinance at 4-4.5% for 30 years and fork over $400-$600/mo towards principle... I just ran some calculators and we could pay off the home within 10 years by doing this. We've been thinking of refinancing with Quicken Loans... Again based on 30 years refinance, I'm pretty confi...

 Forum: Personal Finance   Topic: Sell off investments to stop paying PMI?

Posted: Mon Apr 27, 2015 12:05 pm 

Replies: 12
Views: 9107


Might want to talk to your CPA regarding the PMI being tax deductible. Just another thing to consider before making your decision. Another option would be possibly taking out a Home Equity Line of Credit (HELOC) to pay 10% to get out of PMI. Generally the repayment terms on the HELOC will be interes...

 Forum: Personal Finance   Topic: Advice needed....how to deal with a collection on CR

Posted: Wed Apr 01, 2015 3:49 pm 

Replies: 6
Views: 5471


As far as mortgages go, you want to stay away from Manual Underwriting, as that opens the door for the individual underwriter to start trying to use common sense. In my experience, a medical collection, regardless of the size (within reason) and if it is paid or not, should not impact mortgage under...

 Forum: Personal Finance   Topic: Just need some overall and refi advice

Posted: Mon Mar 09, 2015 7:10 am 

Replies: 7
Views: 1303


1. Since you have a USDA loan & obviously live in a rural area, the USDA plan is about the only source of cheap rates for a rural homeowner. In other words, most city lenders probably ain't interested. If they are, it's likely to be at a higher rate since you are not their target customer. I wo...
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