A question for homeowners

[greenfreak]

Flood insurance can be pricey also. There's a famous road (well, famous to NY'ers at least) on Long Island called Dune Road. All the houses on Dune road faced the ocean and all of them were multi million (billion) dollar homes.

When Hurricane Gloria hit back in the 80's, she wiped out whole stretches of the road and the houses with it. The road was never rebuilt in spots and now there are multiple Dune Roads running all along the south shore of Long Island. When you have flood claims of that size, you usually get dropped by your insurance carrier and the next guy who gives you a policy (if you can get one) will charge you double or triple what you used to pay. I think in NY whether you have a mortgage or not, you are required to carry flood insurance if you live a specific number of feet from the water.

 

[Gonz]

That being said, mortgage rates are falling again this week as well.

and

As he's only got 10 years left, he may not be able to get the lower rate without having to add more years onto the end of his mortgage.

See. Greenspans deduction is for overnight borrowing betweens banks and the Fed & banks. There is no "real" correlation but it exists, nonetheless.

Refi the remainder in a 10 year loan @ 5.79% or whatever it is at the moment.

Flood insurance for us would've been more than the homeowners policy.

 

[alex]

refinance...the fed just knocked another .5% off the prime lending rate.[/quot]

I've looked into refinancing. They wouldn't even touch me. I filed bankruptcy in '98. It's paid off and discharged now, but it hangs with you for 7 years. I'm 11 1/2 years into the 20 year mortgage and I've been paying $200/month extra for about 1 1/2 years now (it comes right off the top), so I figure I have about 8 years left, if I paid no more extra. If I continue to pay extra, I should have it paid off in about 5-6 years

I would love to build a garage/shop out back but I don't want to overbuild. I would never recover that money. When I get this house paid off, I'll probably have a house built the way I want it and retire there.