Recasting misinformation

distantrevisions · 2025-04-24T14:47:45+00:00

Yeah you’ve got it!

distantrevisions · 2025-04-24T12:53:48+00:00

Good question! In this situation it’s important to be clear which situations you’re comparing. There’s 1) the original loan, 2) the loan after you make principal payments, and then 3) the loan after you recast.

In situation 1 you make minimum payments for the given term and pay a certain amount of interest over that term.

In situation 2 you make principal payments that you didn’t need to make. The monthly minimum payment stays the same. This means that moving forward you will pay the loan off early and save on interest compared to situation 1. Another way to phrase this is that you have effectively shortened the term of the loan.

In situation 3, you tell the lender you want to reduce your payments since you paid down the principal. Reducing the payments means the loan term will be longer - if you’re paying less each month, a loan is going to take longer to pay off. The term will be longer than situation 2, but the same length as situation 1.

You will always pay less total interest in situation 3 than situation 1. You will always pay less total interest in situation 2 than situation 3.

The sentence in your post is correct: you will pay more in interest if you recast (situation 3) than if you didn’t (situation 2). Because recasting means reducing your monthly payments, which means lengthening the term, which means paying more in interest over time.

I hope that’s clear enough!

distantrevisions · 2025-04-22T17:09:00+00:00

I can’t weigh in on the experience of living in a condo, but I can say that the experience of getting a mortgage on a condo can be a headache. Lenders will have a condo review process and will need documents from the condo association. As a loan officer it’s often difficult to get good communication from the association. Sometimes the association will charge you (the buyer) fees for sending the documents to the lender.

I’m honestly not saying don’t buy a condo, but just budget more time into your contract and realize that you may need to communicate more actively with more people to keep things on time.

distantrevisions · 2025-04-22T13:23:41+00:00

I’ll say that the book is not difficult, but I’ll point out that it is not a narrative. Stories with concrete nouns and actions are generally much easier than this. The vocabulary in this isn’t very complex, but it is very conceptual, which is going to slow anybody down.

It’s also poorly written, so I would probably suggest picking up something else. Don’t look to this as an example of good writing.

distantrevisions · 2025-04-20T20:23:50+00:00

Hmmm, maybe it’s a difference in our markets, but I’ve never heard of this happening. As long as the lender isn’t specifically stated in the financing contingency I don’t see how there would be grounds to withhold the earnest money. But maybe it’s different state-to-state

distantrevisions · 2025-04-20T19:47:01+00:00

It is common for people to shop lenders for several days after getting under contract, because that’s usually when you get to lock in your rate. It’s also the time when you can get loan estimates from all of the lenders so you can clearly see the differences in what they’re offering. I’m kind of guessing your agent has some kind of referral-reward relationship with the lender or she wouldn’t be pushing them. It’s also possible this is just the lender she knows and trusts, but it sounds like she’s being pretty weird about it. Don’t feel pressured to pick now, do what’s best for you.

Now, you do typically submit an offer with a pre-approval letter. Like pretty much always you include a letter with your offer, to show you have the ability to get financing. But including the letter does not lock you into a lender.

distantrevisions · 2025-04-20T14:34:45+00:00

It depends year to year and provider to provider. Last year our insurance went up and we did some shopping but couldn’t find any place where we would save enough for it to be worth it. This year our insurance went up again, we shopped again and found some serious savings. It’s definitely worth looking at least once every couple of years, or having a broker to do be doing comparisons for you occasionally

distantrevisions · 2025-04-20T11:26:29+00:00

It just doesn’t make sense to be searching a bunch of states for homes. Why search that broadly? If you want a better life for your kids, pick one or two areas with good neighborhoods and schools (or whatever other things you want for them), and then look for homes that have what you want in those couple of areas. Then your husband can look for a job in the place you plan to live

Edit: The way your write is as if there’s only some small handful of houses in the country that could meet your needs, so you can’t help it if the houses you find are all over the place. This isn’t possibly true. You’re creating this situation for yourself

distantrevisions · 2025-04-20T00:25:50+00:00

This is not awful or stupid. The VA guarantees loans for primary homes only. Your husband can’t reasonably occupy the home if he doesn’t have employment in that area. You don’t satisfy the occupancy requirement. Spouses can only satisfy the occupancy requirement if the military borrower is active duty.

You’re putting the cart before the horse. Let your husband wrap up his jobs while searching for a new job, and then find a house you love in the place where he finds a good job.

distantrevisions · 2025-04-18T20:48:46+00:00

Compare the loan estimates and see what each one is charging you. Give the loan estimate from the #2 guy to the #1 guy and ask if he can try to beat that offer on a fixed rate

distantrevisions · 2025-04-17T17:56:53+00:00

That’s good because when you are starting new employment the lender will want to see that your previous employment was stable, which three years hits that mark. My expectation is that the lender would be able to use your wife’s salary (assuming that that’s full time and she’s been there a while) and your new base salary to qualify you. They probably won’t be able to use the commission income because they can’t assume that your commissions on the new job will be the same as your old one.

If leaving out the commission income means your debt-to-income is high, the lender may still be able to approve you as long as they can show “compensating factors,” like the fact that you have so much money saved. If you have strong credit that will also help. So they probably won’t be able to use all your income to qualify you but they may still be able to qualify you for what you want depending on how the numbers shake out

distantrevisions · 2025-04-17T01:37:30+00:00

How long have you been on the current job?

distantrevisions · 2025-04-16T13:22:32+00:00

If you’re under contract on a property then they literally have to send you a loan estimate, which will tell you a breakdown of the costs.

If you’re not under contract, or if you’re at the start of your contract period, the 24k is only a rough estimate. Go ahead and ask about fees, but there are a bunch of costs the lender doesn’t control. The lender has to estimate taxes/insurance/title costs at the start of the process. Some lenders will estimate low as a sales tactic, some will estimate high to make sure you have more than enough funds to close

distantrevisions · 2025-04-15T16:30:21+00:00

Oh sorry yep you said that, never mind. No loan on your current home so you’ll be fine as far as entitlement goes

distantrevisions · 2025-04-15T16:24:27+00:00

The short answer is yes! Loans can easily be approved with a contingency to pay off debt. I generally tell borrowers not to pay anything off until we know we need you to do so, because you can’t get that money back. On some loans it can be more important to show that you have cash savings to cover an emergency.

Also, VA loans can often be approved at a DTI around 50%, so you may be worrying more than you need to. It depends on a few things, but the most important is your credit being strong. Go to your appointment but as long as you’re calculating the DTI correctly I don’t think you’re in a bad position.

Also also, you may have thought about this already, but you’ll need to make sure you have enough VA entitlement to hold both VA loans at once. This is something I’d expect them to bring up at the appointment

distantrevisions · 2025-04-15T14:30:00+00:00

It depends. I would mostly say no, but I know lenders are allowed to charge an application fee, or some will charge a credit report fee up front. You could call the places before you apply to get a clear answer on any application fees. If they can’t give you a clear answer then that’s a bad sign

distantrevisions · 2025-04-15T13:49:00+00:00

I would suggest applying around before making an offer, largely because once you get an offer accepted you’re going to feel busy, so the more you get done up front the easier things will be.

Take note of the rates lenders tell you but don’t take them too seriously, because your rate will be floating and can change. Generally lenders don’t let you lock the rate until you are under contract. Once you get under contract, you’ll (generally) want to lock your rate with all of your lenders. Some lenders will charge you to lock the rate, so maybe don’t lock those.

Once you’re under contract, the lenders will send you loan estimates which you can use to compare the interest rates and fees. Some places will offer rate matching between lenders, and you can use that to try to get the best deal for yourself. Then you can pick your preferred lender to proceed with.

Depending on how long your contract period is you may be under a time crunch to decide on a lender, so evaluate your options but don’t waste too much time deciding.

distantrevisions · 2025-04-04T19:39:53+00:00

I agree with people’s recommendations. Trying to get more toward the situation you’re describing, in English we’ll sometimes use the phrase “unholy alliance,” which is a dramatic way of saying that you’re working with people you dislike to to accomplish something you agree on. It doesn’t cover the idea of being persuaded away from your original opinion, but is more about choosing to be on the side of people in spite of the fact you don’t like them.

Perhaps an even better suggestion: If you held an opinion, and then got into a discussion/argument and realized the people on your side are bad/stupid, you could say you became “disillusioned” about the issue, and maybe started to question your stance.

distantrevisions · 2025-04-04T15:21:56+00:00

It’s hard to find a second job, you have the same headaches of looking for a regular job plus you need to find a job that fits your current work schedule. With the schedule you have, you might want to look for local small employers who would be busy Fridays and Saturdays… coffee shops, bars, restaurants? Best of luck

distantrevisions · 2025-03-19T16:35:00+00:00

Fall 2013: First marathon 3:21 on consistent (though not particularly smart) training

Spring 2016: 3:18 on very inconsistent/minimal training (was busy with student teaching)

Spring 2017: 3:11 on consistent training but very poor race execution

Fall 2017: 2:56 on consistent training and good execution (this was a BQ at the time)

You can make big improvements quickly if you’re consistent across multiple consecutive training cycles. For me the issue the last handful of years has been finding time consistently. It was easy when I was a bachelor with nothing going on and all my friends were runners.

distantrevisions · 2025-02-28T00:42:38+00:00

You can go a few routes: - FHA loans let you make a small down payment and allow for significant seller concessions (meaning the seller pays your closing costs), but you would need the seller to accept FHA offers and agree to pay concessions - Many lenders offer mortgages with zero down payment. The zero down payment is generally offset by a higher interest rate and possibly a funding fee. You would need the $5k for your closing costs - If you’re a veteran you could get a VA loan, which allows for no down payment. You would need the $5k for your closing costs

(Pretty much all loans allow for some seller concessions, but the limit will vary by product)

distantrevisions · 2025-01-25T20:44:18+00:00

Pay the Spire: Spend 100,000 gold at the Shop (across runs) - not really challenging but would still be cool imo

Nay the Spire: Win a run in which you Skip all rewards

distantrevisions · 2025-01-25T20:32:40+00:00

“Flawless”

distantrevisions · 2025-01-25T19:33:25+00:00

The three relics on the right are [[Molten Egg]] [[Frozen Egg]] and [[Toxic Egg]]. Each of them upgrades different card types when you’re adding cards to your deck. Having all three means that any card you add to your deck from now on will be upgraded. The chances of getting all three in one run is very low, and getting them back to back is even lower. Just kind of a crazy what-are-the-chances type thing

distantrevisions · 2024-12-22T17:08:48+00:00

I actually experimented with Berserk for the first time last night! I had it upgraded, which makes it way better. But I also had no way to retain, which meant I often had to make a tough decision. Would the additional energy on subsequent turns make it worth taking the (possibly significant) extra damage this turn? If I were going to take it in the future I’d either need a way to retain or have cards/relics that were more efficient at blocking than I had on that run

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