Posted on 05/30/2021 3:36:50 AM PDT by Mr. Mojo
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“My cousin’s mortgage in Basking Ridge NJ 2019 was 3.625%; loans went bit lower after that to 3.125%”
Just got a $2.4 Mil commercial loan approved for 10 yr fixed at 3.9%. No points or fees. Slipped it in under the wire.
“I closed on 032921 at 2.875%
I can’t figure out why a bank would make a 30 year loan to a guy who is 69 years old.”
Did you get your letter from Fannie Mae or Freddie Mac that they purchased your loan?
“Depends on many factors:
Do you plan to rent for the rest of your life?
Are you going to buy within the 2 year reinvestment limit (for tax purposes).
How close are you to retirement?”
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Will never rent, except for vacation homes when traveling. Just move into one of my other homes... I go North in the summer and South in the winter, or overseas. I like this current home as it is big and less than 15 minutes to a major airport.
I would consider a good IRC Section 1031 Like Kind Exchange. (Biden is talking about closing this option) There is no debt so it is more flexible.
I’ve been retired for over 20 years. (Thus my screen name )
I’ll probably just ride it out and see how the chaos settles. I purchased this home in the 2010/2011 crash as a pre-foreclosure with the bank forgiving the previous owner $300 K in mortgage balance to get rid of it. At that time it was $800+ K below appraised value. Was a bizarre negotiation with the bank to buy it.. (My offer was contingent upon a large thermometer I place on the island in the kitchen not going to 32 degrees (it was at 38 degrees at the time of the offer with no heat in the home)) It was a big cold spell in late December 2010. I didn’t want to purchase a home with frozen pipes in the walls. Sent a photo of the thermometer showing the 38 degree inside current temperature with the offer to purchase.
The Deferred Gain on Sale of Home was repealed in 1997. It was a tax law allowing homeowners to defer recognition of capital gains from the sale of a principal residence. Proceeds from the sale had to be used within two years to purchase a new principal residence of equal or greater value. The tax deferral was called a “rollover,” and the Deferred Gain on Sale of Home tax law was called the “rollover rule.”1
Deferred Gain on Sale of Home was replaced with the Section 121 Home-Sale Gain Exclusion rule.
The Taxpayer Relief Act of 1997 repealed the rollover rule. At the same time, it also abolished the over-55 home sale exemption which allowed a $125,000 once in a lifetime capital gain exclusion on the sale of a principal residence by taxpayers 55 and over.
The Home-Sale Gain Exclusion rule replaced the rollover rule, and the over-55 home sale exemption. The new tax law continues to allow married homeowners to permanently exclude from taxation up to $500,000 of capital gains from the sale of their principal residences.
I would still be screwed on the excess.
No. It was bought by Pennymac USA
Good for you. There will not be many more bargains in the Biden economy.
Is PennyMac owned by Freddie Mac?
Answer: PLS is a seller/servicer for the Federal National Mortgage Association (”Fannie Mae”) and the Federal Home Loan Mortgage Corporation (”Freddie Mac”), each of which is a government-sponsored enterprise (”GSE”). ...
PCM manages PennyMac Mortgage Investment Trust (NYSE: PMT), a mortgage real estate investment trust.
Is PennyMac related to Fannie Mae?
Answer: Ginnie Mae: The Lesser-Known Sister of Fannie and Freddie
“There will not be many more bargains in the Biden economy.”
There will be lots of bargains.... There are so many businesses going bankrupt right now that the auction market is hot. Equipment is cheap.
Soon the construction industry will crash and it’s time to buy heavy equipment. Lots of bargains on deck.
I stand corrected.
I should have said bargains I was looking for, a nice shore house under 1M for example.
A nice shore house in Arizona... LOL...
Thank you. I guess Ginnie Mae doesn’t care if the note gets paid.
And after they fix it up for you.
I believe that it is easier for the Chinese to invest into the 'free world', rather than within China.
In China we have seen arbitrary and capricious actions by the government freezing financial assets for dubious and unknown reasons.
These actions, by the government, against a free Hong Kong indicates what the governmental attitude is regarding previous agreements.
I judge governmental actions rather than words; talk is cheap !
Actions , on the other hand, indicate premeditated intent and commitment.
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