I am on CLOUD NINE!!!

Home Forums Purchase Program I am on CLOUD NINE!!!

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  • #30642
    rashad3000
    Participant

    We were paying Bank of America $1851 on our mortgage. $645 of that was going to escrow. About $565 of that was going to taxes. Well, since our home was only valued at $9500 for the first year (instead of the $214,859 we paid), BOFA only paid $300 in taxes. So in 7-10 business days, BOFA will be mailing us a refund check of $7100. In addition, our payment will then go from $1851 to $1307. With the difference, we will create our own escrow account and pay our taxes directly each November. $7000 of that check will go to pay off credit card debt and $100 will be for blowing!

    We are very excited about NACA and homeownership. Nothing beats doing it the right way!

    #30643
    TTrumble
    Member

    Hello rashad3000,

    Wow! You’re absolutely correct… doing it the right way pays off!

    Thanks for sharing the fantastic news!

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    #30645
    Kristopher Fraley
    Participant

    Holy Crap! That is amazing!

    So next year will your home be valued at 215k? So this is like a ‘free’ 7k that you were not expecting… and you only came out of pocket 4k~ to buy the points down….. does this mean that essentially you were +3k to buy the points down? That is even more jaw dropping.(If this makes sense)

    Our payment ended up increasing $20/month for the next couple of months to ‘recoup’ the extra tax that was not accounted for the first 8 payments we made. I am jealous sir!!!!!! lol

    #30646
    rashad3000
    Participant

    Kris, the only thing we brought to the table was $4318 for the rate. The builder paid $7500. I knew there would be a huge refund, just didn’t know it would be this huge.

    Next year, I am going to dispute the value of my home from $215,000 to around $170,000. That should really help!

    #32278
    RandO
    Participant

    Hello Rashad,

    I had a similar thing happen. My mortgage went down from $1038 to $926. We also got a refund of about $1800 I think (don’t quite remember). It seems too good to be true. $926 sounds more like rent money lol.

    I am curious to know if this now means all the escrow thing is sorted and that is now the ‘stabilized’ mortgage until taxes and insurance increase.

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