Personal Finance Ally Home Loans failed, my first home purchase is in jeopardy. How should I proceed? |
- Ally Home Loans failed, my first home purchase is in jeopardy. How should I proceed?
- Has anyone joined the military to get out of debt?
- Anyone have any idea on figuring out what the maximum amount of mortgage you should get is without breaking the bank?
- Is it bad to keep all your money with one bank account?
- Keep current car or buy used car?
- Should I keep my current car or invest in a more relatively new car that will give me fewer problems?
- Moving houses - do I pay down my new mortgage or invest the money I get from selling my previous home?
- Should I pay just the minimum payment of my credit card or more?
- How much of my money should go in a retirement account vs a taxable account?
- Savings account for college
- Choosing between two jobs
- Cosigned my brothers mortgage, now in the market for my own home
- Advice: Relative sitting on too much cash
- Moving Checking From Chase to Capital One
- Upstart personal loan ?
- Should I negotiate this job offer?
- Wells Fargo's mortgage deferral program -- a no brainer?
- Bad credit score. Got credit card denial from my bank. What do I do now ?
- Just received a very unexpected collections notice
- Help me choose my health insurance plan
- Are there any good, private health insurance companies in the US? Also how can i start saving for retirement without going through my job?
- Recieved a collections letter for a medical service I recieved, but there's no claims from my insurance regarding the service. How should I proceed?
- Should I max out my SIMPLE IRA contributions?
- Help With Fraudulent Credit Card Charge
| Ally Home Loans failed, my first home purchase is in jeopardy. How should I proceed? Posted: 07 Nov 2020 04:39 AM PST I entered into a contract for a home purchase around October 20th. I shopped a few lenders and finally decided to go with Ally for my home loan. I have banked with them for over 5 years, and never had an issue with their savings/checking. I'm an easy borrower (great score, solid job, 20%+ down), and the home is not even 4 years old, so I figured there weren't too many ways for this deal to go sour. Physical contingencies were wrapped up quickly. Inspections were clean. Out of nowhere, I receive an appraisal from Chase Bank (who was my second choice lender, and I did not do anything past shop a rate with them) valuing the property above what I am paying. I find this odd, but don't think much of it and see it as a good sign that my Ally appraisal will come back above asking. I paid my appraisal fee with Ally up front in order to "lock in my rate". Appraisal contingency was due 11/4, and Ally has absolutely nothing. My real estate agent has pressed them since day 1 to stay on track, since this market is hot and sellers are not screwing around with buyers who can't meet deadlines. Ally promises to have the appraisal done by the 6th. Welp, the 6th rolls around and my agent asks Ally where the appraisal is. Ally's reply: "they (AMC) do not have it, and they probably won't have it for a long time". Ally now telling me they did what they could, but this wont get done in time. What is the best way for me to request a refund for my appraisal (which obviously did not get done in time)? I signed a "mortgage written commitment letter" with Ally. Can this be voided since they have failed to meet the deadlines of my purchase contract? Thanks in advance for any replies! EDIT 1: Heard back from Ally today (through my realtor). Apparently they have reassigned another appraiser on priority for the property (not sure how reliable this is). My realtor and I decided to give this until Monday to hear back from Ally before thinking about jumping ship. We are about 90% done with this deal, just waiting on the damn appraisal. A one week extension is going to look better to the buyer than starting over with an entirely different lender (and having to change all of the title paperwork and contracts). The entire transaction has gone smoothly aside from this appraisal issue (although I admit, Ally's communication is extremely unprofessional). Update for those who are saying Chase didn't do an actual appraisal: I can assure you they did one. The stack is about 20 pages deep, with "Uniform Residential Appraisal Report" at the top. Photos of the property, inside and out. Again, not sure why they did this exactly, but it did happen. Realtor is telling me we can't have the appraisal transferred from Chase to Ally, but I can poke at Ally and give it a try to see what they say. Thank you folks for the replies. I read all of them. I'll keep you updated as we continue trying to make this deal work. [link] [comments]  |
| Has anyone joined the military to get out of debt? Posted: 07 Nov 2020 05:44 PM PST I am soon to be 25 and I'm in a about 5k in debt (hospital,tuition, CC). The military has always been in the back of my mind as a Plan B... the cut off age to enlist is 25 or 26 IIRC. And that's if I pass the physical test lol. [link] [comments]  |
| Posted: 07 Nov 2020 02:14 PM PST So I am debt free, 830 credit score, $110,000 down payment, make around $114,000 a year. I live like a broke college student and aside from housing maybe spend like $1000 a month in food, gas, utilities, cable, internet, insurance etc. There is a new development of houses and townhouses being built in San Diego, CA and looks like the starting price will be in low 600's and go all the way up to low 1,000,000's. I am sure I could probably afford the mortgage on a 600 or 700 place but not sure if that would be wise, and seems astronomically scary to me considering my last mortgage in Michigan was $60,000. How do I determine what the max is I would be qualified for? and what do you think the max would be that would not make me house poor? [link] [comments]  |
| Is it bad to keep all your money with one bank account? Posted: 07 Nov 2020 08:15 AM PST I do have another checking and savings with WF.. [link] [comments]  |
| Keep current car or buy used car? Posted: 07 Nov 2020 01:13 PM PST I am torn. I've had my 2003 Honda Accord for 11+ years and it has 183,000 miles. Kelly blue book says it's trade-in value is $1250. It's having acceleration issues. I have taken it to the shop 3 times and no one can find what's wrong with it because it's not throwing codes. This last time they did find other issues totaling $2200. This is only my second car so I don't know when I should throw in the towel or keep putting money into it. Should I buy a newer used car ($14k or less) and use the $2200 + trade-in value or pay for the repairs and keep my car? Which one is the better financial option? [link] [comments]  |
| Posted: 07 Nov 2020 07:20 PM PST Hello all, I'm an 18 year old college student, I currently work as a pharmacy technician and earn around 1600 dollars a month and pay around 400-550 monthly. My question, should I keep my current 2008 Ford Fusion that has around 185,000 miles or try to find a newer car? I got this car from my grandma around 2 years ago, with the condition that I finish paying it off (which I have) now this car has had a load of problems from the lack of care it was provided. Currently, I took my car for repairs, fixing the engine mounts (400ish) and was trying to align my car as well, but was told that the front part where the wheels are is very damaged and would cost around (800-900) to fix. Now I have the problem to either fix this car for 1200 in just one month, or try to finance a new car. I know that if I fix this car, I would probably save some money from getting a new car, but I'm kind of tired always finding out this car has problems. Any thoughts guys? [link] [comments]  |
| Posted: 07 Nov 2020 05:57 PM PST So I'm selling my previous home and should clear about $240k. I have a new mortgage of about $410k at 2.5%. I plan to retire in 4-5 years. I could pay down the new mortgage, and only owe $170k. If I make extra mortgage payments with my annual bonus I could be mortgage free when I retire. Alternatively, I might make a good return investing. But that seems like a big risk approaching retirement, especially with the market near all time highs and an economy facing a pandemic. Would love well thought out opinions and investing suggestions. Thank you. [link] [comments]  |
| Should I pay just the minimum payment of my credit card or more? Posted: 07 Nov 2020 06:32 PM PST This is my first credit card and I was wondering if I should just pay the minimum or aim for a little bit more? [link] [comments]  |
| How much of my money should go in a retirement account vs a taxable account? Posted: 07 Nov 2020 07:17 PM PST Hello. My income for 2020 is $90k in Washington, and I am 24 years old. There is no state income tax, and I'm in the 24% bracket(barely in it though). My income will be going up in the future, so Roth is the plan right now. I have already maxed out my Roth IRA. On to my question. I can either invest 33% of my income into the Roth 401k, or invest 25% of my money into the Roth 401k with the rest in my brokerage account. I will not be able to afford to max out my 401(k) this year. I was wondering what would be better in my situation. How do you guys decide how much goes into a retirement account vs a taxable account? [link] [comments]  |
| Posted: 07 Nov 2020 07:11 PM PST Hi everyone, I'm a community college student in the US right now and plan to transfer in a year and a half. I want to open a savings account to set aside extra money for when I transfer. Although it wont be much, I plan to put it towards my tuition. My question is, should I open a savings account or should I invest my money elsewhere? If I open a savings account I think it would be with discover since they have a high interest rate. Thanks in advance! [link] [comments]  |
| Posted: 07 Nov 2020 06:48 PM PST Hello! Sorry for the wall of text. I'm struggling on what to do and was hoping to get some input. I received a job offer for a c level position at a small sized school district where the salary and benefits, after factoring in commute time, would make me break even with what I currently make. It would be a great learning opportunity and improvement in title. On the other hand, I have been made "assurances" at another district for a director position, but no job offer yet (still need to go through process). The director position would pay approximately 20K more than I currently make, but would be a mid management position with a more stressful environment. I think it would also be a good learning opportunity, but would be more specialized as opposed to a breadth of knowledge experience in the c level position. Financially, the director position is 100% the better option, but it's not officially in hand, while the c level position has been offered. Work environment wise, the c level would more than likely be less stressful and offer a greater opportunity to drive positive change. Should I take the offer in hand, or decline and hope the other position works out as promised? As a note, while i do currently have a job I am desperate to get out because very poor handling of the covid pandemic and other issues. So I would not want to get stuck in my current position if I decline the first offer and the 2nd one doesn't come. Thoughts or advice? I would be grateful for any input! [link] [comments]  |
| Cosigned my brothers mortgage, now in the market for my own home Posted: 07 Nov 2020 09:44 AM PST Almost 2 years ago I cosigned my brothers mortgage as his income wasn't enough as he was starting a business. I had no issues at the time as I wasnt planning to buy a house. Well fast forward to the present and now I'm thinking of purchasing my own home with my fiancee. Should my brother refinance to get me off his mortgage b4 I start looking to buy? Apparently my mom can also switch out with me as well if needed. Some people told be it might look good that I have that mortage under my name as well as it is a asset but I don't think so when lenders are making their decision whether to extend credit or not. [link] [comments]  |
| Advice: Relative sitting on too much cash Posted: 07 Nov 2020 07:29 PM PST An older relative just revealed to my wife and I that they are sitting on $50k+ in savings hidden around the house. Obviously, I was shocked, but they are from a different generation. They want the money to be liquid as an emergency fund for the household, but also hidden from their spouse, so it does not get spent frivolously. After speaking with them, I was able to convince them that they need to put the money a savings at the very least to avoid any kind of possible disaster like a fire, resulting in the loss of the savings. They have a traditional individual checking and savings account with a large bank, so I think at the very least we should put it in the savings. I was also considering a HYSA through a bank like Marcus by Goldman Sachs. Any input or advice on how to handle this would be very much appreciated. Lastly, I know deposits of $10k+ are flagged by the bank/IRS, so any advice on what to expect or how to deposit this amount of money. [link] [comments]  |
| Moving Checking From Chase to Capital One Posted: 07 Nov 2020 07:18 PM PST I'be been thinking of moving my savings account with Chase, which only has a .01% APY, over to Capital One which is sitting at .5%. With that thought in mind, I want to have my checking account in the same place as my savings just in case I need to transfer funds quickly in an emergency. Has anyone banked with capital one and moved their accounts over? [link] [comments]  |
| Posted: 07 Nov 2020 07:12 PM PST Hey guys, newbie and first time poster here. So over the course of the pandemic and being out of work i've accrued 3,081.84 in credit card debt spread across two cards a discover and a capital one. (I know for some of you 3,000 dollar debt is not much but im 24 years old so it gives me a lot of anxiety lol) I literally got hired at another job yesterday and I was wondering if It makes sense to take out a personal loan with upstart to pay off both of my cards so they don't carry a balance. My credit took a hit due to the current state of balances and I don't want to continue taking hits because my payment week after week wont be enough to pay down on the cards quick enough to avoid more penalties against my credit score. Im considering an offer from upstart that is as follows Loan amount: 3,000$ payment est: 123$ a month ( I would DEFINITELY try to pay more than this on a monthly basis) Apr est: 27.08% Length: 36 months Interest and fees est: 1,414$ Any advice helps guys im just trying to improve my financial literacy, any advice helps. Thanks in advance. [link] [comments]  |
| Should I negotiate this job offer? Posted: 07 Nov 2020 07:03 PM PST Ive been looking for a job in a different city for a few months now since my SO got a job and is already working there. After a pretty long interview process I have an offer from a company. Initially when asked I said I was looking for $85k. I make 77 now. The offer they gave me is for 74. Things to consider: The offer comes with a signing bonus of a few thousand Ive been told by my manager at my current job I will he promoted in January which would give me around a 15k pay increase The cost of living is slightly lower in the new city but there is state income tax which I dont have currently Ive been at my position for almost two years, and the new position, while technically in my field, I dont really have direct experience with. The recruiter I've been talking to told me they couldnt do 85 and this is is already a high offer for them considering my experience level There seems to be very few jobs in this city in my field and this has been my only offer so far I feel like I dont really have any leverage to negotiate since I really dont have direct experience with what id he doing there besides from college, but I've always heard you get the biggest pay raises when switching jobs and i dont want to set myself back by taking a lower salary. Also, I know its not likely but since i have seen very few jobs in this city im worried they would rescind my offer and I wont be able to find a job there. Any advice is appreciated [link] [comments]  |
| Wells Fargo's mortgage deferral program -- a no brainer? Posted: 07 Nov 2020 11:53 AM PST Hi all, Looking for feedback: I've deferred six months of mortgage payments ($7,500 total) with WF's deferral program. At the end of the month, I have to decide whether to defer again (for 3 months; up to 12 months maximum) -- or exit the program, which will tack the unpaid balance to the end of my mortgage term 23 years from now (with no interest or fees) and I resume my monthly payments like normal. The unpaid balance won't necessarily be due as a balloon payment. WF says they're open to a payment plan (with no interest). And after I resume mortgage payments for three months, there will be no record of having been in the program. The only downsides I can think of is I can't apply for a home equity loan or car loan, etc. while I'm in the program (I don't need any of those things at this time). Also, if I sell the home, the unpaid balance is due immediately (no plans to sell). Fortunately, I've been able to save a nice cushion ($15K) during the deferral. I'm single with no kids, so I don't have major expenses. However, I'm self-employed (property manager) and don't have a huge income. I can resume paying my mortgage now -- but I wouldn't mind another three months of savings. That would leave me with about 11K to pay back ... 23 years from now. Should I keep saving the cash or resume regular payments? Thanks. [link] [comments]  |
| Bad credit score. Got credit card denial from my bank. What do I do now ? Posted: 07 Nov 2020 06:36 PM PST My credit card is closed due to missed payment, even though I sorted it out after that. Now I don't have a credit card and my credit score is very bad (549). I applied for a credit card from my bank (Boa). But I got rejected twice (the regular credit card and the secured credit card). What should I do now? [link] [comments]  |
| Just received a very unexpected collections notice Posted: 07 Nov 2020 06:14 PM PST Hi there, Received a very unexpected collections notice from Planned Parenthood. I was a patient there, but in ~2019 and I thought I paid the bill. In any case, there haven't been e.g. calls or letters since. Out of the blue I receive a collections notice today. The balance is believable for a regular office visit, which is what I had, so it appears to be real. However, I'm just completely blindsided by this given that I heard nothing from PP and now I'm being contacted by a collections agency. Can I call and ask PP what's up, can I still pay them directly? I'm so shocked and scared. I always pay my bills on time. I have a credit score of 820... [link] [comments]  |
| Help me choose my health insurance plan Posted: 07 Nov 2020 05:47 PM PST It's that time of year again... open enrollment. My company just presented our options for 2021 and seems to be really pushing the HDHP. So much so that the CFO start listing all of the benefits of it and few of the negatives on the call. For instance, he touted that the tax savings from HSA contributions but failed to acknowledge that the non-HDHP plan premiums are also tax deductible (as far as I know). I'm a little skeptical as a result (I'm sure it saves the company a bunch of money to have people on HDHP vs. $500 deductible plan) but it seems like it does make more sense to go with the HDHP. Slightly more risk but also more reward. I haven't had any major medical issues. I had some weird things going on last year that I seem to be over and are triggered by eating too much carbs. Long story short, I had an MRI based on my symptoms and luckily was cleared of any major issues. But, that would have been a much bigger bill if I was on the HDHP plan. I have had no medical expenses in 2020. I am single so the details on the plans are for a single person in my case (see link below). I would either do the $500 deductible or the HDHP. Cost of the $500 deductible is $236.16 per month and the HDHP is $0. So $2833.92 vs $0 yearly. The company also contributes $250 to an HSA if you choose the HDHP. If I put the $2833.92 in an HSA instead of paying it in premiums, my take home pay would stay the same I believe. Another question: How do HSA contributions vs. health insurance premiums affect MAGI? Does the HSA lower MAGI vs. the health insurance premiums don't? I'm somewhat close to the Roth IRA cutoff and can't really do a backdoor because I have a pretty good sized IRA already, so that could be a plus. Am I wrong here that if I had something very bad happen to me, and I hit the out of pocket max, that the numbers are not really so bad on the HDHP vs. $500 deductible plan? Max out of pocket the on $500 plan is $2500. Plus I would have the $2833.92 in premiums paid. So $3333.92 cost if I ran up huge medical bills in 2021, I believe. On the HDHP it would cost me $4000. But, the company is also giving me $250 in an HSA. So if I did hit that max, it's really $3750. So the most that it would cost me additional on the HDHP is about $417, if I contribute the same $2833 to the HSA. Is this analysis right? TIA! [link] [comments]  |
| Posted: 07 Nov 2020 05:39 PM PST I work per diem and agency nursing. I don't want to have to stick with one agency, I'd like to be able to not have to switch insurances super often or move retirement money often as well. [link] [comments]  |
| Posted: 07 Nov 2020 02:55 PM PST This is a bit of an odd situation, and I'm very new to the world of medical insurance and collections so I have no clue what to do here. I was in the hospital in January, where I had an xray and CT scan done, amongst other things. I recieved a bill from the hospital a couple weeks later. I eventually also received a text message linking me to some pretty sketchy bill pay website called Mydocbill.com, where it said owed a company called RadAdvantage $803 for some radiology services. They had the correct information on this website for the services performed, but everything about this website and the way they contacted me seemed sketchy. I called the hospital, and they said that sometimes doctors who "review" these images (or something along those lines) get billed separately. Okay, that made sense. But after checking my health insurance's website, I saw there were no claims anywhere from any of the involved parties, or for the amount of $803. So I called my insurance company, and they confirmed that there are no related claims as well. I decided it was some kind of scam and ignored the bill. Now this is where it gets a little odd. I changed insurance companies a little while after this, and went to the hospital again in July while under this new company, where they performed another xray. I again recieved a bill from the hospital AND from RadAdvantage via Mydocbill. Except this time, there was a claim for the recently provided services from RadAdvantage from my insurance company, which I have paid. Now I've just recieved a collections letter regarding the $803 that seemingly never went through my insurance, and I'm really unsure what to do. Is the bill still valid if it never went through insurance? How should I go about this? [link] [comments]  |
| Should I max out my SIMPLE IRA contributions? Posted: 07 Nov 2020 04:51 PM PST A week or two ago I did a little bit of reading in the wiki (specifically this) and decided I want to contribute more to my SIMPLE IRA account. My reasoning is that my money will benefit me better in there than in my savings account. I currently live rent-free with my parents, have no debts, 50k in savings, and am currently looking for a house. I am also currently maxing out a Roth IRA target date index fund. My max budget for a house is a little under 200k. My monthly net income is $2,700 and I put around $2,000 of it into a savings account. So my question is: Should I continue saving for a house or contribute as much as I can to retirement until I find a house? Or somewhere in between? Any other things I should consider? [link] [comments]  |
| Help With Fraudulent Credit Card Charge Posted: 07 Nov 2020 02:29 PM PST Hi all, I got a fraudulent charge on my card from TaskRabbit. They have continued to not help me despite being on the phone with them for multiple hours. I called my credit card and disputed through them and they credited the charges. TaskRabbit then contacted my credit card company and showed "evidence" of the task that was completed. However, it was for some random person that I do not know aka a fraudulent charge. My credit card company stated that this was evidence that a task was completed/work was performed so they took the credit back. So where do I go from here? [link] [comments]  |
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