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The Marty Lounge>Investing megathread extravaganza
DaFace 11:23 AM 06-27-2016
A place to talk about investing stuff.
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lewdog 03:15 PM 07-21-2016
Someone explain the difference between a mortgage refinance and a mortgage modify.

I just want a lower interest rate without having to pay the $4k needed in closing costs and go through the whole appraisal process. I am pretty sure the modify part doesn't fit my scenarios or more people would just do that instead of refinancing to an entirely new mortgage.

Someone fill in the blanks for me.
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Nightfyre 04:15 PM 07-21-2016
Originally Posted by lewdog:
Someone explain the difference between a mortgage refinance and a mortgage modify.

I just want a lower interest rate without having to pay the $4k needed in closing costs and go through the whole appraisal process. I am pretty sure the modify part doesn't fit my scenarios or more people would just do that instead of refinancing to an entirely new mortgage.

Someone fill in the blanks for me.
Modifying the existing loan occurs when you call the current mortgage holder and they agree to lower your rate, probably for a fee. However, they have very little incentive to do so since they know the costs of refinancing are high.

Refinancing requires that you originate a loan from the beginning with a new lender, which will require an appraisal, an inspection, a new mortgage document (to be recorded) and new title insurance. You will also pay an origination fee. But at least you won't have to pay a real estate broker.
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lewdog 04:38 PM 07-21-2016
Originally Posted by Nightfyre:
Modifying the existing loan occurs when you call the current mortgage holder and they agree to lower your rate, probably for a fee. However, they have very little incentive to do so since they know the costs of refinancing are high.

Refinancing requires that you originate a loan from the beginning with a new lender, which will require an appraisal, an inspection, a new mortgage document (to be recorded) and new title insurance. You will also pay an origination fee. But at least you won't have to pay a real estate broker.
Thanks. Makes sense. I figured it wasn't that easy.

Not that we can't pay the $4k needed to refinance, I just don't want to for a rate that's likely less than 1% different from our current rate.
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lewdog 07:02 PM 07-21-2016
Recent article I was reading about hitting the $1M mark by retirement age.


For our example I’ve made a few assumptions to keep the calculations as simple as possible. Using Bankrate’s investment calculator I’ve assumed $0 initial investment, a 7% rate of return, a contribution frequency of once a year, and a compound frequency of once-yearly. We’re also assuming that all taxes will be deferred, so keep in mind that tax implications aren’t reflected in the eventual $1 million.



With these criteria in mind, here’s how much you’d have to save annually to reach $1 million by age 65.

Age 20: $3,500 annually
Age 25: $5,010 annually
Age 30: $7,234 annually
Age 35: $10,587 annually
Age 40: $15,811 annually
Age 45: $24,394 annually
Age 50: $39,795 annually
Age 55: $72,378 annually
Age 60: $173,891 annually


As is always told, it pays to start early.
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Demonpenz 02:10 AM 07-22-2016
I've never met a male that made it to fetch their retirement or 401k plenty of woman tho.
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scho63 04:13 AM 07-22-2016
I've made a recent long term radical money saving change in my life that started on June 15th that lowered my monthly expenses by over $2600 a month. I also upped my 401K from 10% to 15% with having a lot more money available to spend.

I've decided to get deadly serious about socking away a lot of money in the next 5 years and having NO bills or payments at the end of this year expect my car insurance and food.

Additionally I've also begun losing weight and by early next year I'm going to be in both much better physical and financial health. Want to be much more active in many areas. Had slowly become a slug!

Got tired of pissing away so much money and so much time waiting for something to happen rather than making it happen.
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DaKCMan AP 06:29 AM 07-22-2016
Originally Posted by scho63:
I've made a recent long term radical money saving change in my life that started on June 15th that lowered my monthly expenses by over $2600 a month. I also upped my 401K from 10% to 15% with having a lot more money available to spend.

I've decided to get deadly serious about socking away a lot of money in the next 5 years and having NO bills or payments at the end of this year expect my car insurance and food.

Additionally I've also begun losing weight and by early next year I'm going to be in both much better physical and financial health. Want to be much more active in many areas. Had slowly become a slug!

Got tired of pissing away so much money and so much time waiting for something to happen rather than making it happen.

Good on you, but what changes did you make? I'm also curious - after the end of this year you no longer have to pay property taxes, insurance, electric, utilities, etc?

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Amnorix 06:53 AM 07-22-2016
Originally Posted by lewdog:
Thanks. Makes sense. I figured it wasn't that easy.

Not that we can't pay the $4k needed to refinance, I just don't want to for a rate that's likely less than 1% different from our current rate.

It is very difficult to modify a mortgage, generally speaking. People think it is unfair, but if rates go up, and the bank calls you to modify the rate upward, what would you say?
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Hog's Gone Fishin 07:54 AM 07-22-2016
Originally Posted by lewdog:
Recent article I was reading about hitting the $1M mark by retirement age.


For our example Iíve made a few assumptions to keep the calculations as simple as possible. Using Bankrateís investment calculator Iíve assumed $0 initial investment, a 7% rate of return, a contribution frequency of once a year, and a compound frequency of once-yearly. Weíre also assuming that all taxes will be deferred, so keep in mind that tax implications arenít reflected in the eventual $1 million.



With these criteria in mind, hereís how much youíd have to save annually to reach $1 million by age 65.

Age 20: $3,500 annually
Age 25: $5,010 annually
Age 30: $7,234 annually
Age 35: $10,587 annually
Age 40: $15,811 annually
Age 45: $24,394 annually
Age 50: $39,795 annually
Age 55: $72,378 annually
Age 60: $173,891 annually


As is always told, it pays to start early.
Thanks for that, I've been talking to my daughter about that. She just turned 16 and has $2500 in a mutual fund that grandma put in . But she also has $5000 in her savings account she has accumulated. I'm trying to convince her to let me move her savings into the mutual fund. The mutual fund averages a 9% return. Her savings account brings 0.50%
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Rain Man 08:52 AM 07-22-2016
Originally Posted by scho63:
I've made a recent long term radical money saving change in my life that started on June 15th that lowered my monthly expenses by over $2600 a month. I also upped my 401K from 10% to 15% with having a lot more money available to spend.

I've decided to get deadly serious about socking away a lot of money in the next 5 years and having NO bills or payments at the end of this year expect my car insurance and food.

Additionally I've also begun losing weight and by early next year I'm going to be in both much better physical and financial health. Want to be much more active in many areas. Had slowly become a slug!

Got tired of pissing away so much money and so much time waiting for something to happen rather than making it happen.

Cool. That's the way to go. I let too much money slide between the cracks in my life and keep thinking that at some point I need to sit down, really work out a budget and figure out where it's going, and start setting up systems to keep costs low. But ... I haven't yet.
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Amnorix 09:10 AM 07-22-2016
Originally Posted by Rain Man:
Cool. That's the way to go. I let too much money slide between the cracks in my life and keep thinking that at some point I need to sit down, really work out a budget and figure out where it's going, and start setting up systems to keep costs low. But ... I haven't yet.

Yeah, I kinda think that too, and then realize I'm pretty frugal generally anyway. I could probably optimize a bit more here and there, but I really don't think I'm pissing away money all that stupidly anywhere, and I don't want to overoptimize my finances and make myself and my family miserable in the process.
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DaKCMan AP 09:17 AM 07-22-2016
Originally Posted by Hog Farmer:
Thanks for that, I've been talking to my daughter about that. She just turned 16 and has $2500 in a mutual fund that grandma put in . But she also has $5000 in her savings account she has accumulated. I'm trying to convince her to let me move her savings into the mutual fund. The mutual fund averages a 9% return. Her savings account brings 0.50%
Does your daughter earn any income? If yes, you should open her a Roth IRA and allow her to start earning tax-free.

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Rain Man 09:20 AM 07-22-2016
Originally Posted by Amnorix:
Yeah, I kinda think that too, and then realize I'm pretty frugal generally anyway. I could probably optimize a bit more here and there, but I really don't think I'm pissing away money all that stupidly anywhere, and I don't want to overoptimize my finances and make myself and my family miserable in the process.
Yeah, I see the point in that.

In my case, I'm not that frugal, but at the same time I don't have many expenses. It's a weird situation to be in, but a good one. I don't really need to watch my everyday finances tightly, but I look at stuff like my cable TV bill and it grinds my gears because I don't think I'm getting good value on it. But I haven't had an impetus to do anything about it, so it leads to this feeling that I'm wasting money.
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Amnorix 09:32 AM 07-22-2016
Originally Posted by Rain Man:
Yeah, I see the point in that.

In my case, I'm not that frugal, but at the same time I don't have many expenses. It's a weird situation to be in, but a good one. I don't really need to watch my everyday finances tightly, but I look at stuff like my cable TV bill and it grinds my gears because I don't think I'm getting good value on it. But I haven't had an impetus to do anything about it, so it leads to this feeling that I'm wasting money.

I laugh, because my cable bill is the one thing I pay for where I really feel like i'm getting screwed. The cost of cable/internet is just ridiculous, IMHO.

That feeling isn't really helped when my cable company (Comcast) calls me and offers to lower my bill by $20/month to renew my contract. Basically, the marketplace is competitive, and they're getting undercut, so they're fucking their customers a bit less to stay with them. And I'm one of the ones they're fucking.

Yeah, great. Thanks. Woo hoo. I feel so happy that you'll use lube in the future, compared to what you've been doing in the past. :-) :-)
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Inspector 09:57 AM 07-22-2016
[QUOTE=scho63;12308315]How old were you when you retired?

Old enough. According to my wife. Not bored. 7 grandkids. Some friends also retired. We're all a bunch of old folks.

Main thing is to prepare. ($$)

Good luck.
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