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  • Avatar orthodoc2018 
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    Status: Physician
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    Joined: 07/18/2018

    Sounds good thanks everyone!

    The price includes removal of the old carpet, installation of new carpets, and high grade padding with some medium and some high grade carpeting. I’ll proceed as planned!

    in reply to: Residential Carpet Cost #238825 Reply
    Liked by Lordosis
    Avatar orthodoc2018 
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    Status: Physician
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    Joined: 07/18/2018

    Thanks for the reply. It’s not a jumbo loan but my rate is already locked and we’re closing so soon that I think I’m stuck with it.

    in reply to: Closing Costs #237106 Reply
    Avatar orthodoc2018 
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    Which taxes

    Holy hell. Those taxes are absurd.

    Did not get an owner’s policy with both of my home purchases. Title insurance is an absolute waste, or at the least is overpriced. No sense in doubling the insanity.

    Click to expand…

    Which taxes specifically?  The mortgage ones (aren’t those determined by the state?) or the property taxes?

    in reply to: Closing Costs #236898 Reply
    Avatar orthodoc2018 
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    Update to this thread – getting close to closing and wanted some opinions on a couple of things.  The total costs are higher than initially estimated but this is entirely due to the prepaid taxes.

    So at this point, the loan costs including the title company which we obtained independent of the lender are fixed (total is ~$3,500).  As are the prepaid amounts for property tax and homeowner’s insurance as well as the amount due to escrow (total is ~14,000 – they want 1 year of property tax which by itself is 9k).

    That leaves two things:

    1.  Taxes – so the “Tax Stamp for State” is being assigned to the seller (~1,800) and the “Tax Stamp for County” is being assigned to me (~$4,300).  Is this how it is always done?

    2.  Owner Title Insurance – $1,800 – My understanding is that this is optional.  Is this something that most of you have obtained or should I forgo this cost?

     

    Thank you all in advance!

    in reply to: Closing Costs #236893 Reply
    Avatar orthodoc2018 
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    I believe that’s correct. And even that would only apply if you earned enough that you’d actual report it (I think casinos issue tax paperwork and report when winnings are >$600). Though I would imagine for most table games they don’t even report that bc they don’t track how much each player walks in and out with.

    in reply to: Gambling losses #236222 Reply
    Avatar orthodoc2018 
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    Yes I’m for sure doing numbers 1,2, and 4. The only question is if I can do #3 and if not, then I’ll be doing #5 as well.

    in reply to: 401k as an employee #234501 Reply
    Avatar orthodoc2018 
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    alpha investing

    Okay great – thanks!

    So if profit sharing is not specific to partners, how would I go about seeing if this is something I could use to fill the rest of my 401k space? Is this something that can be negotiated specifically for me or is it a function of the plan that is currently in place?

    Also, where within the policy documents would I find whether “after-tax” contributions can be converted to an IRA and then to Roth IRA (or can this be done directly to a Roth IRA?)?

    So my plan for now is this:
    1. Roth IRA
    2. Max Employee 401k contribution
    3. Profit sharing or Mega-Backdoor Roth (if able to)
    4. Pay extra to student loans to have paid off in 4 years
    5. Taxable account to bring retirement savings to 20% (would already be there if able to do #3)
    6. Any leftovers go to loans

    Do those priorities look right?

    in reply to: 401k as an employee #234369 Reply
    Avatar orthodoc2018 
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    Thanks for the replies!

    So is it possible to get to the 56k max for 401k as an employee other than with a 13% employer match? Is the use of “profit sharing” only for partners?

    Is the post-tax 401k contribution only worth it if able to convert to Roth? I assume even if not converted, it would grow tax free and only the growth would be taxed upon withdrawal?

    If not able to covert to Roth, I imagine I’m better off just putting it in a taxable account, or in my specific situation I’d throw it at my student loans. Basically I’m looking to take advantage of all tax-advantaged retirement accounts and then the rest goes to loans.

    in reply to: 401k as an employee #233958 Reply
    Avatar orthodoc2018 
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    Given the totality of your situation, I’d still recommend the 30-year fixed over the 10/1.

    Click to expand…

    Definitely was deciding between the 10/1 and 30-year….given that I’ll still have student loans for the next 3.5 years, maybe it’s better to just do the 30-year and while I still would plan to pay off the mortgage in 15 years at the latest, I’d be a little less pressed for time with the 30-year in case some unexpected life event occurs.

    Was this along the lines of your thinking?

    in reply to: 30-Year Fixed vs. ARM #223521 Reply
    Avatar orthodoc2018 
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    True – sorry about any confusion.

    I’ll be able to afford the mortgage and a student loan payment that gets me done with them in 4 years but I just want the loans gone so any extra cash that I have (after maxing retirement accounts of course) I’d prefer to put towards student loans rather than extra mortgage payments until the student loans are gone.

    in reply to: 30-Year Fixed vs. ARM #223197 Reply
    Avatar orthodoc2018 
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    What about my situation in particular makes you say that? I’ve been a long time reader here and can usually quickly pick out the posts where someone shouldn’t buy a house and I just don’t see it here. Maybe I’m blinded by it being me though…

    -Job is one I’m very familiar with and I know I get along with all doctors and staff
    -moving back to hometown to be near my and wife’s families
    -don’t see any way we’re here less than 10 years, more likely forever
    -house is 1.25-1.5x base salary, likely 1x total income and is in a neighborhood we love

    in reply to: 30-Year Fixed vs. ARM #223192 Reply
    Liked by jhwkr542
    Avatar orthodoc2018 
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    Yeah that was my initial thought…those could be a valuable 3 years where I’d be at a much higher income and therefore if rates spike and I know I’ll be facing a big increase, I’d be able to aggressively pay the mortgage during that time.

    in reply to: 30-Year Fixed vs. ARM #223161 Reply
    Avatar orthodoc2018 
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    Click to expand…

    We closed on a similar priced house in upstate NY end of last year.  Your property and school taxes seem about right. but Obvioulsy this depends on county. Not sure what that Tax stamp is.

    My appraisal was not so much but that is not going to make a huge  impact.

    The title fees and insurance seem high.  Might want to shop around for that.

     

    The inspection will be another cost and that will run about $500 or so depending on how much you need.

    Also lawyer fees are not listed.  That can run 1-2K but you can shop around for that.

    Welcome to NY!

    Click to expand…

    I think the tax stamp is the mortgage recording tax.  In many counties in NY it’s 1% which is exactly as it’s quoted here.  I think in NYC it may be closer to 2% even.

    Title fees and insurance I think are relatively fixed by the state but I’ll shop around for sure just in case.  I think for inspection we’ll need overall inspection, radon testing, and termite testing.  Still waiting on the quote for that.  Seems like the prices for these things don’t vary too much and most are just the nature of the beast.

    in reply to: Closing Costs #221827 Reply
    Avatar orthodoc2018 
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    I really wanted to do Ophthalmology but they told me I was too strong and would crush an eye.

    Oh well….decided to do ortho instead

    Avatar orthodoc2018 
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    I just closed a house in NY with KeyBank, previously Laurel Road. My numbers are very similar to yours.

    I also dont know where you are in the process but I was quoted around 5 to 6K more fees and then it dropped near closing when a lot of them were assigned to the seller. it seems like the systen assigns thr buyer all the costs and then your lawyer will seperate then.

    In general, most of the charges are standard. Most of the cost is actually in the escrow. They require a lot more cushion compared to other lenders.

    If you go with Keybank, make sure you are a AMA member. You get additional 1000 dollars off for a 60 dollar membership.

    Click to expand…

    Thanks for the info – AMA is showing up as $105 for me, still well worth it if it gets me $1k off!

    I’ll take whatever I can get as far as anything being assigned to the seller.  When I looked it up it seems that title insurance in NY falls on the buyer.  Seems like not too many of these fees are lender specific so I don’t see any reason based on what I’ve heard to not go with them if they are offering the best rate at the down payment I’m looking for.

    Separate issue is whether or not to just go ahead and do a 7/1 ARM with them at 3.125%.  Mortgage will be just under 1.5x my base salary but with bonus in just my first year it’s more like 1.2x income and that ratio should just get even better.  Haven’t really thought much yet about whether that would be a better route to go.

    in reply to: Closing Costs #221651 Reply
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