Vince Goodrum's "Fuck That Shit, I Got A Better Idea" Threads

[Vince G, CSN MFT]

Would you qualify for a shorter loan?  You could save a lot if you went with a shorter note, and higher payments.  Plus, your interest rate would be lower. 

I appreciate the advice but I'm black, Twaddle.  I got the best deal a hebrew could get.  The advice you're giving is only suited for white people.  I have near perfect credit and made 70k last year but a white person making minimum wage at Burger King who just got out of prison would still have a lower interest rate than me......lol

[Straw Man]

I'm now all set.  Purchased the Clayton Eclipse 60 with an Energy Smart Package instead of the original one.  960 square feet, 2 bedrooms and 2 bathrooms.



So here's the breakdown although I'll have it paid off entirely in 5 years:



Principal:  482.09
Taxes:  18.84
Homeowner's Insurance:  55.58

Total Monthly:  556.61


Total Amount of Loan $50,412

Interest Rate:  10.42%

Something is off here

Your payment has to include Principal and Interest each month (I'm assuming you have an amortized loan)

To pay off 50,412 in 60 months at 10.42% your P&I payment would have to be ~ 1,082 per month

http://www.amortization-calc.com/

Do you own the land as well or just the dwelling?

BTW - if you really think you're being charged a higher rate solely due to the color of your skin then you should get yourself a lawyer (no joke).  More likely you were charged a higher rate due to credit issue or if this is a mobile home then I would guess those rates are higher than mortgage rates (which are ~ 3.5 to 4% right now)

[Twaddle]

I appreciate the advice but I'm black, Twaddle.  I got the best deal a hebrew could get.  The advice you're giving is only suited for white people.  I have near perfect credit and made 70k last year but a white person making minimum wage at Burger King who just got out of prison would still have a lower interest rate than me......lol

Sorry, but you're full of shit.  Skin color has nothing to do with an interest rate.  You can get a loan over the phone, and your race will never be included in the application.  You're paying a high interest rate because it is a manufactured home.  Again, if you shorten the term of the loan, you will get a lower rate.  Whether it's 9.42% or 8.42%, it would still save your some money in interest.  If you can truly afford to double your payments, you should push for a shorter loan.  If you're confident you can pay it off in 5 years, shoot for a 10 year loan. 

[Vince G, CSN MFT]

Something is off here

Your payment has to include Principal and Interest each month (I'm assuming you have an amortized loan)

To pay off 50,412 in 60 months at 10.42% your P&I payment would have to be ~ 1,082 per month

http://www.amortization-calc.com/

Do you own the land as well or just the dwelling?

BTW - if you really think you're being charged a higher rate solely due to the color of your skin then you should get yourself a lawyer (no joke).  More likely you were charged a higher rate due to credit issue or if this is a mobile home then I would guess those rates are higher than mortgage rates (which are ~ 3.5 to 4% right now)

I own the land and the loan is meaningless as the overall amount will be paid quickly.  Mobile homes do have higher interest rates.  As far as calling a lawyer......meh.   Better to have a flat interest rate than a fluctuating one...in addition to getting approved.  One thing you need to consider is that Blacks get turned down more.   I was only approved by 2 places and the other one was 13.5% interest and was not a flat rate.  


It is what it is.  

[Straw Man]

I own the land and the loan is meaningless as the overall amount will be paid quickly.  Mobile homes do have higher interest rates.  As far as calling a lawyer......meh.   Better to have a flat interest rate than a fluctuating one...in addition to getting approved.  One thing you need to consider is that Blacks get turned down more.   I was only approved by 2 places and the other one was 13.5% interest and was not a flat rate.  


It is what it is.  

it's very good that you own the land

you should check the math on those payments because you're not going to have it paid off in 5 year with the payment you posted.

Even if you have a interest rate of zero you still couldn't pay if off in 5 years with that payment

50,000 / 60 months = 833.33 per month

[FitnessFrenzy]

.

[NelsonMuntz]

[Irongrip400]

Why bring booty into this?


As far as people talking about the interest rates. If it's anything like a travel trailer/RV then the rates are high because that's where they really make their money. I offered to put 20% down on my RV and the interest rate actually went up. The finance people said they wouldn't make as much money. It's a racket. Vince is doing it smart, get a low monthly payment and then just pay extra on the principal each month. There's no prepayment penalty on these things so it doesn't make sense not to. Congrats Quad V.

[werewolf operative]

Blacks have higher interest rates?

https://www.rt.com/usa/412898-black-bostonians-net-worth-8-dollars/




Blacks are worth less than a box of pizza.

[Vince G, CSN MFT]

https://www.rt.com/usa/412898-black-bostonians-net-worth-8-dollars/




Blacks are worth less than a box of pizza.

waste of a story

[Straw Man]

Vince - aren't you a veteran

Did you check out VA loans?

[Vince G, CSN MFT]

Vince - aren't you a veteran

Did you check out VA loans?

Of course I did, I took the lowest one

[Straw Man]

Of course I did, I took the lowest one

They must charge a shitload more for mobile homes or manufactured homes

I did a quick check online and the rates on VA mortgages are in the mid 3% range with 0 down payment

[deadz]

Gone in the first hurricane that hits Shitsville SC.

[el numero uno]

I'm now all set.  Purchased the Clayton Eclipse 60 with an Energy Smart Package instead of the original one.  960 square feet, 2 bedrooms and 2 bathrooms.



So here's the breakdown although I'll have it paid off entirely in 5 years:



Principal:  482.09
Taxes:  18.84
Homeowner's Insurance:  55.58

Total Monthly:  556.61


Total Amount of Loan $50,412

Interest Rate:  10.42%


Here's some pictures of the place.  It will look exactly like this because I don't get a choice in colors or design.  

Straw Man already pointed this out.

To pay $50,412 at 10.43% you need to pay roughly 1080/month.

[werewolf operative]

Straw Man already pointed this out.

To pay $50,412 at 10.43% you need to pay roughly 1080/month.

[Vince G, CSN MFT]

Straw Man already pointed this out.

To pay $50,412 at 10.43% you need to pay roughly 1080/month.

That's what I'm paying for my apartment now with all the additional fees.  Its not a big deal.

[SF1900]

Why is everyone panicking?

Vince Goodrum, CSN, MFT, HPP, CEO has this nailed down!

[el numero uno]

That's what I'm paying for my apartment now with all the additional fees.  Its not a big deal.

Oh cool. I was a bit confused about it.

It looks really nice btw.

[Vince G, CSN MFT]

Oh cool. I was a bit confused about it.

It looks really nice btw.

Thanks.  Honestly, I will be able to save a lot of money by eliminating shit that I pay for at my apartment.  I have to pay 50 a month for cable TV which I don't need...just internet and an antenna , I pay extra for yard care and pest control which I can do myself saving about 60 bucks, renter's insurance is a joke and that will be gone.  Apartments are a complete ripoff at this point and you get absolutely no value out of it and buying a house for 200k is insane and any money issues that arise such as job loss or disability will surely cause a foreclosure.


This is a home that cost $50,000 Getbiggers and my monthly payment to maintain it is $556.41 although I'll be doubling payment and making a lump sum at the end.  I can go out and flip burgers and still be able to afford it.  Why should I go out and buy a home that I have to work to death just to maintain??   Too many people spend beyond their means and I'm not planning to do that.

[FitnessFrenzy]

.

[Meta-physical]

Mortgage adviser: "Okay, Mr Goodrum, that's you all set. So, let's just quickly go through the numbers:

        Principal:  482.09
        Taxes:  18.84
        Homeowner's Insurance:  55.58
        Total Amount of Loan $50,412

        Interest Rate:  7.42%

Plus the extra 3% for being black, that gives us an Interest Rate of 10.42%.

Now, as a successful entrepreneur, I won't insult your intelligence by telling you how many years it will take for you to pay everything off, so all that's left for you to do is just sign here..."


Goodrum:

[SF1900]

Thanks.  Honestly, I will be able to save a lot of money by eliminating shit that I pay for at my apartment.  I have to pay 50 a month for cable TV which I don't need...just internet and an antenna , I pay extra for yard care and pest control which I can do myself saving about 60 bucks, renter's insurance is a joke and that will be gone.  Apartments are a complete ripoff at this point and you get absolutely no value out of it and buying a house for 200k is insane and any money issues that arise such as job loss or disability will surely cause a foreclosure.


This is a home that cost $50,000 Getbiggers and my monthly payment to maintain it is $556.41 although I'll be doubling payment and making a lump sum at the end.  I can go out and flip burgers and still be able to afford it.  Why should I go out and buy a home that I have to work to death just to maintain??   Too many people spend beyond their means and I'm not planning to do that.

Vince, will you be allowing any getbiggers to move in with you?

[Princess L]

Thanks.  Honestly, I will be able to save a lot of money by eliminating shit that I pay for at my apartment.  I have to pay 50 a month for cable TV which I don't need...just internet and an antenna , I pay extra for yard care and pest control which I can do myself saving about 60 bucks, renter's insurance is a joke and that will be gone.  Apartments are a complete ripoff at this point and you get absolutely no value out of it and buying a house for 200k is insane and any money issues that arise such as job loss or disability will surely cause a foreclosure.


This is a home that cost $50,000 Getbiggers and my monthly payment to maintain it is $556.41 although I'll be doubling payment and making a lump sum at the end.  I can go out and flip burgers and still be able to afford it.  Why should I go out and buy a home that I have to work to death just to maintain??   Too many people spend beyond their means and I'm not planning to do that.

It's great that you're going to have your own home.  The numbers just aren't making sense though.  That interest rate is absurd.  Even 7% would be high, but more in line with that kind of purchase.  What was the down payment?  It's wishful or delusional thinking those will be your expenses.  Expect at least double what you've posted.

[Ted SuperSet]

I'm now all set.  Purchased the Clayton Eclipse 60 with an Energy Smart Package instead of the original one.  960 square feet, 2 bedrooms and 2 bathrooms.



So here's the breakdown although I'll have it paid off entirely in 5 years:



Principal:  482.09
Taxes:  18.84
Homeowner's Insurance:  55.58

Total Monthly:  556.61


Total Amount of Loan $50,412

Interest Rate:  10.42%


Here's some pictures of the place.  It will look exactly like this because I don't get a choice in colors or design.  

Looks great Vince!!