Its a variable because our longest fixed rate loan is 5 yrs between refi. I'm at prime minus 0.85% on the var so 2.9%
Do you even invest?
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We dont have the 30 yr stability but banks can offer lower rates knowing they dont have to forecast 30 yrs ahead either. I've been variable forever. Fixed rates are currently 3.9 so I'd need four increases over five yrs just to meet the higher payments. There's some risk of course.
- ChrisoftheNorth
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I want to move to Canada.
Desertbreh wrote: ↑Tue Oct 10, 2017 6:40 pm My guess would be that Chris took some time off because he has read the dialogue on this page 1,345 times and decided to spend some of his free time doing something besides beating a horse to death.
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Figured this would be a worthy thread for this question...
My wife and I are looking for a new bank after dealing with some headaches with our current, Santander, especially with several fuck-ups on their part that led to us not being able to withdraw cash while in Europe and ultimately paying a higher fee by getting a cash advance, twice (for the countries that didn't use the Euro), with my CC.
Anyway...
Based on my limited research, I'm leaning toward either opening with a local credit union or a Schwab Bank High Yield Investor Checking Account. The credit union has the obvious perk of being local and easy to work with, according to most info I've seen online about them.
However, the Schwab bank seems to tick all the boxes (ATM fee reimbursement worldwide, some "investment" potential with .4% APY, no monthly fee, etc) with the exception that there are no local branches. It's almost entirely online. It's incredibly appealing to us to have the international capabilities, especially after what we dealt with on our trip. Also, we rarely deposit cash anyway so as long as the mobile functionality for checks works easily, that shouldn't be an issue.
If we pursue the Schwab bank, it does require a hard inquiry, but that's not necessarily a turn-off if the account is as good as it seems.
Anyone able to provide input, particularly if you have experience with the Schwab one?
My wife and I are looking for a new bank after dealing with some headaches with our current, Santander, especially with several fuck-ups on their part that led to us not being able to withdraw cash while in Europe and ultimately paying a higher fee by getting a cash advance, twice (for the countries that didn't use the Euro), with my CC.
Anyway...
Based on my limited research, I'm leaning toward either opening with a local credit union or a Schwab Bank High Yield Investor Checking Account. The credit union has the obvious perk of being local and easy to work with, according to most info I've seen online about them.
However, the Schwab bank seems to tick all the boxes (ATM fee reimbursement worldwide, some "investment" potential with .4% APY, no monthly fee, etc) with the exception that there are no local branches. It's almost entirely online. It's incredibly appealing to us to have the international capabilities, especially after what we dealt with on our trip. Also, we rarely deposit cash anyway so as long as the mobile functionality for checks works easily, that shouldn't be an issue.
If we pursue the Schwab bank, it does require a hard inquiry, but that's not necessarily a turn-off if the account is as good as it seems.
Anyone able to provide input, particularly if you have experience with the Schwab one?
The panda hath arrived.
- troyguitar
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We have used schwab for our primary checking account for years, they are great for customer service. I've never been to a branch, don't need one for anything with mobile deposits and zero atm fees.
Other options have more like 2% APY
You pay for the customer service by getting basically no return.
Other options have more like 2% APY
You pay for the customer service by getting basically no return.
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We use Fidelity cash management, very similar to Schwab it sounds like. Works outstanding.
We still keep an account at a major bank for easy access to branches for the rare times you need a bunch of cash or a cashier's check or whatever. Can easily do electronic transfers from one bank to another.
We still keep an account at a major bank for easy access to branches for the rare times you need a bunch of cash or a cashier's check or whatever. Can easily do electronic transfers from one bank to another.
Desertbreh wrote: ↑Tue Oct 10, 2017 6:40 pm My guess would be that Chris took some time off because he has read the dialogue on this page 1,345 times and decided to spend some of his free time doing something besides beating a horse to death.
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Oh and the Fidelity credit card that you can get with the cash management account is unlimited 2% back on everything, deposited right into your account. It's the best credit card deal I've been able to find.
Desertbreh wrote: ↑Tue Oct 10, 2017 6:40 pm My guess would be that Chris took some time off because he has read the dialogue on this page 1,345 times and decided to spend some of his free time doing something besides beating a horse to death.
That's a good point. I haven't had a need for one of those in while that I forgot about that.Detroit wrote: ↑Thu Mar 28, 2019 4:35 pm We use Fidelity cash management, very similar to Schwab it sounds like. Works outstanding.
We still keep an account at a major bank for easy access to branches for the rare times you need a bunch of cash or a cashier's check or whatever. Can easily do electronic transfers from one bank to another.
The panda hath arrived.
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It's rare...but something like buying a house? You'll need that. Same goes for large amounts of cash. Having a little bit of money at a major bank can be really handy.Jaxper wrote: ↑Thu Mar 28, 2019 4:57 pmThat's a good point. I haven't had a need for one of those in while that I forgot about that.Detroit wrote: ↑Thu Mar 28, 2019 4:35 pm We use Fidelity cash management, very similar to Schwab it sounds like. Works outstanding.
We still keep an account at a major bank for easy access to branches for the rare times you need a bunch of cash or a cashier's check or whatever. Can easily do electronic transfers from one bank to another.
Desertbreh wrote: ↑Tue Oct 10, 2017 6:40 pm My guess would be that Chris took some time off because he has read the dialogue on this page 1,345 times and decided to spend some of his free time doing something besides beating a horse to death.
- troyguitar
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Schwab will overnight a cashier's check to whomever you want at no extra charge, it's more convenient than going to a branch.Detroit wrote:It's rare...but something like buying a house? You'll need that. Same goes for large amounts of cash. Having a little bit of money at a major bank can be really handy.
- ChrisoftheNorth
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I know, and they'll mail a check to anyone for anything too. For something major like a house purchase, it's nice to be able to make sure the check is correct ahead of time. Also, many banks place limits on ATM transactions, so like when we bought our camper, we couldn't get the cash without walking into the branch.troyguitar wrote: ↑Thu Mar 28, 2019 6:16 pmSchwab will overnight a cashier's check to whomever you want at no extra charge, it's more convenient than going to a branch.Detroit wrote: It's rare...but something like buying a house? You'll need that. Same goes for large amounts of cash. Having a little bit of money at a major bank can be really handy.
Desertbreh wrote: ↑Tue Oct 10, 2017 6:40 pm My guess would be that Chris took some time off because he has read the dialogue on this page 1,345 times and decided to spend some of his free time doing something besides beating a horse to death.
- Irish
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(not so) Cool Bank Story Bro
The year was 2007, we were living in South Florida and and wife unit had lost her had lost her job .....she found another but it was a 50% pay cut (but still into low six figures) ..... and then ......
the housing bubble burst ..... just like cash out of Troy's wallet doesn't....
Long story short we woke up one preposterously hot and morning and our house was worth $100,000 less than it was the day before.....
We were upside down ......but we qualified for the Mortgage Relief Program
But in order to qualify you actually had to go into default on your loan......so we did..... and then our payment was reduced by about 25% for a year ..........and we were comfortably making the payments...... crisis averted
If nothing changed (and it didn't) we should have qualified for an extension of this for the following year......but one day we get a certified letter from Hells Fargo saying that we are in default....and unless we agree to start making payments $200 higher than our original payment (which was an $800 swing) they are going to initiate foreclosure proceedings.
We have 5 days to sign and return the letter. My wife signed and returned it because she was scared. Subsequently we found that they had left a zero off of our child care costs when calculating whether or not we qualified. When we pointed this out, they admitted the mistake but said "well you signed the letter".
TL/DR A typo and subsequent douchebaggery by Wells Fargo cost me my house, credit score and financial well being for 7 fucking years.
wells Fargo can suck my
The year was 2007, we were living in South Florida and and wife unit had lost her had lost her job .....she found another but it was a 50% pay cut (but still into low six figures) ..... and then ......
the housing bubble burst ..... just like cash out of Troy's wallet doesn't....
Long story short we woke up one preposterously hot and morning and our house was worth $100,000 less than it was the day before.....
We were upside down ......but we qualified for the Mortgage Relief Program
But in order to qualify you actually had to go into default on your loan......so we did..... and then our payment was reduced by about 25% for a year ..........and we were comfortably making the payments...... crisis averted
If nothing changed (and it didn't) we should have qualified for an extension of this for the following year......but one day we get a certified letter from Hells Fargo saying that we are in default....and unless we agree to start making payments $200 higher than our original payment (which was an $800 swing) they are going to initiate foreclosure proceedings.
We have 5 days to sign and return the letter. My wife signed and returned it because she was scared. Subsequently we found that they had left a zero off of our child care costs when calculating whether or not we qualified. When we pointed this out, they admitted the mistake but said "well you signed the letter".
TL/DR A typo and subsequent douchebaggery by Wells Fargo cost me my house, credit score and financial well being for 7 fucking years.
wells Fargo can suck my
Last edited by Irish on Thu Mar 28, 2019 8:07 pm, edited 4 times in total.
- Apex
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This is why my CEO throws shade at Wells every chance he gets, hah!Irish wrote: ↑Thu Mar 28, 2019 6:50 pm (not so) Cool Bank Story Bro
The year was 2007, we were living in South Florida and and wife unit had lost her had lost her job .....she found another but it was a 50% pay cut (but still into low six figures) ..... and then ......
the housing bubble burst, like cash out of Troy's wallet doesn't....
Long story short we woke up one preposterously hot and morning and our house was worth $100,000 less than it was the day before.....
We were upside down ......but we qualified for the Mortgage Relief Program
But in order to qualify you actually had to go into default on your loan......so we did..... and then our payment was reduced by about 25% for a year and we were comfortably making the payments...... if nothing changed (and it didn't) we should have qualified for an extension of this for the following year......but one day we get a certified letter from Hells Fargo saying that we are in default....and unless we agree to start making payments $200 higher than our original payment they are going to initiate foreclosure proceedings. We have 5 days to sign and return the letter. My wife signed and returned it because she was scared. Subsequently we found that they had left a zero off of our child care costs when calculating whether we qualified. When we pointed this out, they admitted the mistake but said "well you signed the letter".
TL/DR A typo and subsequent douchebaggery by Wells Fargo cost me my house, credit score and financial well being for 7 fucking years.
wells Fargo can suck my
- wap
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Irish wrote: ↑Thu Mar 28, 2019 6:50 pm (not so) Cool Bank Story Bro
The year was 2007, we were living in South Florida and and wife unit had lost her had lost her job .....she found another but it was a 50% pay cut (but still into low six figures) ..... and then ......
the housing bubble burst ..... just like cash out of Troy's wallet doesn't....
Long story short we woke up one preposterously hot and morning and our house was worth $100,000 less than it was the day before.....
We were upside down ......but we qualified for the Mortgage Relief Program
But in order to qualify you actually had to go into default on your loan......so we did..... and then our payment was reduced by about 25% for a year ..........and we were comfortably making the payments...... crisis averted
If nothing changed (and it didn't) we should have qualified for an extension of this for the following year......but one day we get a certified letter from Hells Fargo saying that we are in default....and unless we agree to start making payments $200 higher than our original payment (which was an $800 swing) they are going to initiate foreclosure proceedings.
We have 5 days to sign and return the letter. My wife signed and returned it because she was scared. Subsequently we found that they had left a zero off of our child care costs when calculating whether or not we qualified. When we pointed this out, they admitted the mistake but said "well you signed the letter".
TL/DR A typo and subsequent douchebaggery by Wells Fargo cost me my house, credit score and financial well being for 7 fucking years.
wells Fargo can suck my
Holy fucking hell. That's the shittiest thing I've heard in a long time. Those fcknuts should be locked up for ruining your life, or at least a portion of it.
- Irish
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From your mouth to ear ..... we struggled unnecessarily for years to come back from this...... tried to rent it out......got a tenant.... everything was going okay until the bank sent a notice to the Fla house.....once the tenant was wise that were were in trouble, she stopped paying the rent.....squatted for 6 months.......all the while we were trying to carry a mortgage and rent on our place in PA..... meanwhile, the HOA was trying to take the house because of back dues.......something had to give, so we ended up doing a short sale........which of course meant we walked away with nothing except a big black mark on our credit.......
Fuckers
TL/DR The housing crisis did not just affect sub prime borrowers .....
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Irish wrote: ↑Thu Mar 28, 2019 9:16 pmFrom your mouth to ear ..... we struggled unnecessarily for years to come back from this...... tried to rent it out......got a tenant.... everything was going okay until the bank sent a notice to the Fla house.....once the tenant was wise that were were in trouble, she stopped paying the rent.....squatted for 6 months.......all the while we were trying to carry a mortgage and rent on our place in PA..... meanwhile, the HOA was trying to take the house because of back dues.......something had to give, so we ended up doing a short sale........which of course meant we walked away with nothing except a big black mark on our credit.......
Fuckers
TL/DR The housing crisis did not just affect sub prime borrowers .....
Glad you got back on your feet,
Good on you.
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It was a rough period if you weren't all cash, that is for fucking sure.Irish wrote: ↑Thu Mar 28, 2019 9:16 pmFrom your mouth to ear ..... we struggled unnecessarily for years to come back from this...... tried to rent it out......got a tenant.... everything was going okay until the bank sent a notice to the Fla house.....once the tenant was wise that were were in trouble, she stopped paying the rent.....squatted for 6 months.......all the while we were trying to carry a mortgage and rent on our place in PA..... meanwhile, the HOA was trying to take the house because of back dues.......something had to give, so we ended up doing a short sale........which of course meant we walked away with nothing except a big black mark on our credit.......
Fuckers
TL/DR The housing crisis did not just affect sub prime borrowers .....
Just wanted to add a quick fck you to santanderJaxper wrote: ↑Thu Mar 28, 2019 3:48 pm Figured this would be a worthy thread for this question...
My wife and I are looking for a new bank after dealing with some headaches with our current, Santander, especially with several fuck-ups on their part that led to us not being able to withdraw cash while in Europe and ultimately paying a higher fee by getting a cash advance, twice (for the countries that didn't use the Euro), with my CC.
Anyway...
Based on my limited research, I'm leaning toward either opening with a local credit union or a Schwab Bank High Yield Investor Checking Account. The credit union has the obvious perk of being local and easy to work with, according to most info I've seen online about them.
However, the Schwab bank seems to tick all the boxes (ATM fee reimbursement worldwide, some "investment" potential with .4% APY, no monthly fee, etc) with the exception that there are no local branches. It's almost entirely online. It's incredibly appealing to us to have the international capabilities, especially after what we dealt with on our trip. Also, we rarely deposit cash anyway so as long as the mobile functionality for checks works easily, that shouldn't be an issue.
If we pursue the Schwab bank, it does require a hard inquiry, but that's not necessarily a turn-off if the account is as good as it seems.
Anyone able to provide input, particularly if you have experience with the Schwab one?
- Irish
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True dat South Florida was a war zone .....just about every other house went up for sale ..... Many, many people got the fuq out of Dodge and neighborhoods became ghost towns...... The movie The Big Short (which I highly recommend BTW) has a sequence that really encapsulated it and made my blood run cold with remembrance.Desertbreh wrote: ↑Fri Mar 29, 2019 2:20 amIt was a rough period if you weren't all cash, that is for fucking sure.Irish wrote: ↑Thu Mar 28, 2019 9:16 pm
From your mouth to ear ..... we struggled unnecessarily for years to come back from this...... tried to rent it out......got a tenant.... everything was going okay until the bank sent a notice to the Fla house.....once the tenant was wise that were were in trouble, she stopped paying the rent.....squatted for 6 months.......all the while we were trying to carry a mortgage and rent on our place in PA..... meanwhile, the HOA was trying to take the house because of back dues.......something had to give, so we ended up doing a short sale........which of course meant we walked away with nothing except a big black mark on our credit.......
Fuckers
TL/DR The housing crisis did not just affect sub prime borrowers .....
Now, much of the country did not experience this.....at least not to the same degree.......but certain areas of Arizona, California, Florida and Nevada were devastated.