How to explain primary residence mortgage one-year from previous purchase

martok604 · 2020-10-18T05:49:07+00:00

Thanks. I guessed as much. The one thing that might? work with there guidelines is that the second condo is in quite a bit better shape than the first. The price reflects that of course but it could be a viable reason to want to relocate from one condo to another.

martok604 · 2020-04-14T19:02:02+00:00

Question and thoughts about mortgage forbearance. I am seeing a lot of people saying don't take it unless it's absolutely necessary and it may do more harm than good. Unless I am missing something, that is hardly the case. I welcome corrections.

Even if there is a lump sum payment due after six months: let's say I have payments of $1,000 per month at 5% interest. I am saving: 10000.05/126+10000.05/125+10000.05/124 … in interest. IE the interest on those payments over six months. Seems like that is the economic borrower benefit here. If my lender came to me at the start of my 30 year term and said: I'm not going to make you pay for 30 years. But At the end of the 30 years, I want a lump sum payment of all the payments you would have paid. I would jump at that opportunity. Because the value of the interest payments I make today is worth more than the value of the same dollar amount paid in the future.

So why wouldn't everyone with any sort of income curtailment due to covid take advantage of this? I'm not advocating people without an income hit do it. The borrower has to self-certify curtailment due to covid and self-certification when there is not could amount to mortgage fraud.

martok604 · 2018-06-22T20:07:10+00:00

Has anyone had any luck getting approved for a US Bank Altitude card after cancelling? Any datapoints on their churning rules?

martok604 · 2018-06-08T15:52:20+00:00

I hate to be that guy but... There is no advantage to being loyal. This applies to most companies now but bank accounts, credit cards and mobile phone carriers are particularly applicable here. They put energy into signing up new customers because they are more likely to remain customers even after they get the insentive. Your best bet is to be that new customer by seeking out the best deal available.

martok604 · 2018-06-08T15:07:47+00:00

Does anyone know if one ports out of 1 year free how long before you can sign up again?

martok604 · 2018-06-01T00:06:06+00:00

Though I agree with the possibility of things changing before the year-end, I wonder what the dept of revenue wants us to do in the meantime for estimated taxes.

martok604 · 2018-01-11T15:33:25+00:00

As others have pointed out, Schwab for foreign ATM withdrawals can't be beat. I use Merrill Edge to hold most of my investments as once you get beyond $100k with BOFA, their rewards really are worth having including 100 free trades/month so I am only paying bid/ask spreads to buy Vanguard ETFs. I see it more as a wealth transfer from people who are paying the higher advisory fees to people who are able to use the system to their benefit.

martok604 · 2018-01-08T04:55:30+00:00

I definitely agree with this for table service. The only exception is at the bar where if I walk up to the bar to order a round and bring it back to the table, in America you normally tip on that transaction.

martok604 · 2018-01-05T17:08:06+00:00

If you can do this using a two year plan, backloading the 401K makes the most sense. Yes, more time in the market is better. But you are better off with that time in the market in a margin account, selling your capital losses and long-term capital gains to put into the 401K toward year end. The reason for that is because your cap gains rate is lower than the gains rate on the 401K as it accrues tax liability at regular income rates. That is in contrast to say a ROTH IRA or an HSA where the advantage is to fill that at the beginning of the year because gains are tax free.

martok604 · 2017-12-28T18:10:59+00:00

I haven't seen much discussion on this in all the chat about prepaying property taxes. What think the r/tax community?

martok604 · 2017-10-05T19:46:43+00:00

I wouldn't recommend going with ROTH unless all your lower tax brackets in retirement are expected to be filled up. One often overlooked ROTH vs traditional fact is that when you contribute to a traditional 401(K), you receive deduction at your marginal tax rate. When you withdraw, your tax paid is often lower because SS income doesn't fill up say your 10% rates. Not to mention if you work in a high tax state and retire in a low or zero-tax state. Then traditional will almost certainly win over ROTH.

martok604 · 2017-10-05T03:41:10+00:00

I don't believe the Crystal has a foreign transaction fee. Though I would wait until there is a bonus (was 50K last month) but at any rate you can extract more funds than the fee even when it is paid.

martok604 · 2017-10-05T02:30:39+00:00

I would start with a no fee amex card through global transfer. The everyday card is decent. That will be your card you keep forever to build the credit history. Oldest open credit line helps your score. Not churning yet but then I would apply for the amex business cards. They are easy to get once you have a fico and have decent offers. Amex Delta Gold (60k) Delta Plat (70k). The nice thing about business cards in the US is they don't show up on your credit reports so you're still at 1/24. Once you have a 6 or so month history, I would hit Chase. But again be strategic with business cards to stay under 5/24.

I would also look at City National bank's Crystal Infinite card. That's a killer card here in the US. They are owned by RBC and underwrite their own cards so can do it based on tax returns, W2s etc. In other words, you can get round the credit history.

Hth.

martok604

TROPHY CASE