The Official Homeowners Thread

[cleanface coney]

I might confuse some of you with this but bare with me. Now maybe those that are homeowners will understand better. So I'm talking with my buddy from work earlier and he telling me about a line of credit. He said that a line of credit is better than a loan. Reason being is due to interest. Not long ago, he had told me about amortization or however it's spelled. Said your interest rate is doubled plus add zero. So 4% is 80% that you're paying. He said a line of credit is daily average and it's much cheaper. He said, let's take a 100,000 mortgage. Take 10,000 line of credit and put it towards your mortgage. He was trying to explain to me but lost me on the whole process. He said the interest on the line of credit is cheaper since I guess it's compounded. Can you even pay ahead on a mortgage like a car note and not be required to pay for as long as you're ahead? The way he explained it seemed like a good thing but I don't know what the comparable difference between the two interests are. I guess breaking down a mortgage into smaller parts and paying off chunks will save on interest on the loan but paying off that line of credit asap is crucial to not keep accumulating interest. Anyone with any knowledge on this matter?

this sounds like he wants to use a HELOC as a credit card

helocs can have baloon payments, variable rates, etc

this just seem like something somebody would fukk up on

lol idk if this would work for the average person, maybe somebody who knows what they are doing but i've never heard of this maybe it works maybe it doesnt

 

[mannyrs13]

this sounds like he wants to use a HELOC as a credit card

helocs can have baloon payments, variable rates, etc

this just seem like something somebody would fukk up on

lol idk if this would work for the average person, maybe somebody who knows what they are doing but i've never heard of this maybe it works maybe it doesnt

I doubt it's a heloc since he was talking about getting a line of credit before he gets the place. I'll have to ask him at work later today if he's there about the balloon payments and variable rates. If you search for an amortization calculator you're paying like 75,000 in interest on a 100,000 house all because the interest is added on each balance as you go and not the total sum. It'll take you about five years to get the balance down to 90,000 at 4.25% interest. Paying off 10,000 in one shot will greatly lower the term of the loan but like you said the interest may vary. They likely do have low introductory rates but after that, then what?

Here's the amortization calculator I use.

Amortization Schedule Calculator


It seems like lines of credit use apr and mortgages use a different type of interest.

 

[cleanface coney]

I doubt it's a heloc since he was talking about getting a line of credit before he gets the place. I'll have to ask him at work later today if he's there about the balloon payments and variable rates. If you search for an amortization calculator you're paying like 75,000 in interest on a 100,000 house all because the interest is added on each balance as you go and not the total sum. It'll take you about five years to get the balance down to 90,000 at 4.25% interest. Paying off 10,000 in one shot will greatly lower the term of the loan but like you said the interest may vary. They likely do have low introductory rates but after that, then what?

Here's the amortization calculator I use.

Amortization Schedule Calculator


It seems like lines of credit use apr and mortgages use a different type of interest.

yea you should find out, seems like it would be too complex to keep up with

mortgages use aprs too...apr is the total cost of the loan(fees, points, closing costs,) the rate is just the loan amount

 

[Ice_MF_Mike]

aight yall. Im still a new homeowner. What sort of spring maintenance stuff should i be doing? I know i need to get my gutters cleaned. What other stuff do i need to be doing?

 

[hashmander]

aight yall. Im still a new homeowner. What sort of spring maintenance stuff should i be doing? I know i need to get my gutters cleaned. What other stuff do i need to be doing?

i like to get my air ducts and dryer vent cleaned in the spring.

blow the leaves out of the roof valleys because if they stay up their it will cause damage. i do that year round when i see them anyway.

general landscape cleanup is good too.

 

[Mr210]

If I sign a 12 month lease my rent only goes up $32 dollars, but if I sign a 8-9 month lease it goes up almost $300, what a scam....I'm tripping one last time then I'm buying a house or condo

 

[muzikfrk75]

i like to get my air ducts and dryer vent cleaned in the spring.

blow the leaves out of the roof valleys because if they stay up their it will cause damage. i do that year round when i see them anyway.

general landscape cleanup is good too.

You do it yourself or hire someone to do it?

I just completed my first year as a homeowner too

 

[hashmander]

You do it yourself or hire someone to do it?

I just completed my first year as a homeowner too

nah that's a pro job. i find one of those $50 duct & dryer vent deals on groupon and call it a day. every 4 or so years, i get a more comprehensive cleaning for like $400 where they wash the handler, etc.

on one of those $50 annual cleanings the guy tried to upsell me on some $1k cleaning for some alleged mold and i was like

called a company about installing some uv lights in the duct and they wanted $300 and i googled that shyt and saw that i could buy one off ebay for like 40 bucks and put it in myself.

duct uv light | eBay

so i did that. and i buy two replacement bulbs every year for $20.

 

[newarkhiphop]

aight yall. Im still a new homeowner. What sort of spring maintenance stuff should i be doing? I know i need to get my gutters cleaned. What other stuff do i need to be doing?

Change your furnace filters every 2 to 3 months

 

[Akata Man Bromo]

Try and do your own landscaping renovation brehs

 

[PrnzHakeem]

Try and do your own landscaping renovation brehs

I'm dreading this. Snowstorms and the guy we hire to plow wrecked sections of our lawn.

Plus wife wants to put in a garden.

 

[Akata Man Bromo]

I'm dreading this. Snowstorms and the guy we hire to plow wrecked sections of our lawn.

Plus wife wants to put in a garden.

Breh, once you get into it you realize why there are professionals that handle this type of shyt

The only thing I can compare it to is when you decide that you're not gonna pay a barber any more your're gonna cut your own hair....Yea it looks ok but its nothing like when the barber does it

 

[newarkhiphop]

Ifttt + Philips hue bulbs makes home automation of lights so easy, damn near don't even touch light switches anymore, set it up last so then auto dim 50% at sunset

once I get a nest

 

[Azul]

So I actually won a bid on a crib. Its a HUD home so I hope it goes though. No major major repairs needed but some rapscallions took some pipes in the basement

Kitchen is in GREAT condition. So good I actually don't have to do a thing to it. HUGE driveway and backyard, to the point where I don't know what to do with it. Parking is tough so I may charge for parking spots

Help me guys, what type of furnace and water heater is best? I just need general ideas on renovation, but I'm not trying to break the bank

 

[ryderldb]

Anyone know anything about appliances, specifically refrigerators? Mine is starting to crap out. I've been looking at these Kenmore elite models. They got good reviews and are like half the price of some of these LGs and Samsungs with the same features. Too good to be true?