Tuesday, July 31, 2012

2012 Goals - August Update


(1) Max out 401k(s) - $23,217 (68%)(goal is $34,000)
(2) Max out IRA(s) - $4705 (47%)(goal is $10,000)
(3) Add to e/r fund - $6000 (60%)(goal is $10,000)
(4) Pay down mortgage - $2490 (50%)(goal is $5,000)
(5) House projects - $750 (15%)(goal is $5,000)
(6) Trading account fund - $50 (1%)(goal is $5,000)

Total - $37,212 (54%)

Seven months into 2012 and we have now crossed the 50% mark on our 2012 goals.  The good news is that we are on track to complete goals 1-3.  Mr. Sam will, in fact, max out his 401k in September.  We will then redirect the monthly sum that was going to his 401k to other goals come September.

Regarding goal number 4, I've put paying down the mortgage on hold as we work towards refinancing our mortgage.  I can't say we have abandoned that goal, but since there will be $3-4,000 in closing costs I'm holding that goal for now until we close on our refinance.

As for goals 5-6, we are making little to no progress on them, perhaps we can pick up steam in September.  We did, just spend about $1500 on house projects as we prepared for our Refi appraisal.  I'm not counting those monies towards our house project savings, but simply noting the fact.

Overall, we are currently, approximately $3900 behind on our 2012 goals.

Friday, July 27, 2012

Net Worth

I have updated our networthiq.com figures for August 2012.  Based on our Refi appraisal, I have reduced the value of our primary home to the appraisal figure of $399,000.

Monday, July 23, 2012

Refinance Part 7

We just received our Refi appraisal report (the rough draft, we don't have the signed one with all the photos yet).

And the good news is we appraised at $395,000 which is above the number we needed which was $348,000.  And we are only down $20,000 from our last appraisal in 2009.

So, we should be able to move forward with our super awesome Refi terms.  There is a re-review of the appraisal, this is part of the process now, so there is a chance that the Refi could be derailed if the appraiser really screwed up.  I've not studied the report or the comps yet, except for the one comp which I suggested he utilize and, therefore, was already aware of based on my own research.

Wednesday, July 18, 2012

Capital One Hit With Fine

A little while ago I posted about my own dispute with Capital one involving a charge back for services I did not receive.  The charge back was not resolved in my favor due to misleading and incorrect information received by me from Capital One's call centers.  Thereafter, I closed the account since I had no interest in doing business with a company that would basically lie to me when I was trying to responsibly resolve a dispute with a merchant. So, I can't say I was too surprised to hear about Capital One getting hit with a major fine for deceptive practices.

Monday, July 16, 2012

Refinance Part 6


I am physically sore today after all the work this past weekend.  And, I only worked a day and a half, Mr. Sam worked two and a half days.  We made good progress, below is our list and the status of same.  Appraisal is scheduled for Wednesday morning, so we have a little bit of time to finish up.  Overall, we spent close to a $1000 this weekend.  But, even if the appraisal is a bust, the projects and effort expended was well worth it and generally necessary.  For example, we normally replace the mulch every two years, but the last time we redid the mulch was 2010 so we were, frankly, due to undertake this project anyways.

Outside:
1) Remove old mulch in back and front yards and replace with new mulch (we've had this mulch in for a year plus so its started to break down and turn into dirt).  Mostly done, all the old mulch is gone (given to an organic gardener), I would say 60% of the new mulch is down.
2)  Power wash all walks.  Done.
3)  Weed and trim up any plants as necessary (we did a big trimming project a few weeks ago, so we are ahead of the game on this one).  Done.
4)  Get rid of any mold on the house and carriage house (we are in Florida, after a while mold starts to grow on the sides of the home that don't get a whole lot of sunshine).  Done.
5)  Paint touch up as needed.  Done.
6)  Wash windows.  Not done, and more than likely off the list.  
7)  Fix a couple of sprinklers.  Not done, but still on the list to get done.  
8)  Fix fence in back yard and back yard gate.  Fence is fixed.  Mr. Sam decided to replace the old gate which was beat up from the elements and hurricanes.  He has started building the gate (from a kit), but needs to finish.   

Garage:
1)  Clean and organize garage.  Done.

Inside:
1)  Make sure everything is put away, including in the office (our dumping ground) so I'll need to catch up on filing which will take a few hours at least.  I put away all the clean laundry (also did three or four loads of laundry, so laundry room is not overflowing with dirty laundry) and tidied up elsewhere.  I did at least a couple of hours of filing, but there are still baskets of "to be filed" in the office.  However, the office looks a lot better, desk is clean and tidy.
2)  Super clean the house, vac, mop, dust (including things like art and photos, every ceiling fan, A/C vents, light fixtures, plantation shutters, etc.), scrub kitchen (wash windows on kitchen cabinets) and baths, wash base-boards, get rid of scuff marks on walls and base boards.  We don't have a cleaning service, as much as I'd like one, and with our works hours our house is generally tidy, but not super clean most of the time.  I spent from 7:00 a.m. to 5:00 p.m. yesterday working on the deep clean.  As I mentioned, I am physically sore.  I scrubbed baseboards, I cleaned ceiling fans, I dusted art and photos, I dusted furniture, I vacuumed soft furniture, I scrubbed the bathrooms, the tub, the floor, the walls, cleaned toilets, I washed the kitchen cabinets, etc.  We still need to do a final vacuuming and mopping which we will do Tuesday night.
3)  Complete headboard project for guest room.  Not done, and not sure its going to get done before appraisal.  But, headboard is in the garage so it is not a noticeable issue.  
4)  Replace any light bulbs.  Done.
5)  Trip to Goodwill to get rid of donation stuff sitting in master bedroom.  Still need to make this trip, plan to load up dry-cleaning and Goodwill donations for delivery tomorrow or even Wednesday after the appraisal.  Point being that this stuff will be in the trunk of my car, not sitting out.    
6)  Tidy up closets.  Done.
7)  Fix light fixture in mater bedroom sitting area.  Done.


Additional Projects:
1)  Mr. Sam completed a ceiling repair project in the living room.  Our house is a 1920s home and the plaster had separated from the lath.  Of course it ended up being a big project, moving furniture, mudding, texturizing, and will be painted today.
2)  Mr. Sam re-stained the kitchen kick-boards.

Refinance Part 5

So, I finally have gotten all our supporting paperwork together for our Refi.  Below is a list of documents and information that we had to provide:

Salary and Taxes:
W-2 for both of us for 2009, 2010, 2011.
Copies of our tax returns for 2009 and 2010
Copy of the extension form we filed with the IRS for 2011 taxes
Pay stub for each of us
Procedures and contact information for employment verification for each of us

Refinance Property:
Recent mortgage statement
Last property tax statement
Insurance declaration page for hazard and windstorm
Survey

Other Properties:
Recent mortgage statement for each investment property
Last property tax statement for each investment property
Insurance declaration page for hazard and windstorm for each property
Rental lease for each investment property

Accounts:
Two months of bank statements for each Wells Fargo checking and savings account
Two months of bank statements for each ING savings account
We also had to provide an explanation for each deposit in excess of $1,000.00 that was not a direct deposit.  Which for us meant we had to explain rent deposits and transfers between Wells Fargo and ING (where we keep most of our savings).

Misc.:
Copies of our drivers' licenses
Documentation as to the status of any address that were associated with our names from credit search, meaning we had to provide dates of residency and/or whether we had any ownership in the property.  I was surprised to have my parents' home address come up, its been a long time since I vacated my childhood home.

It was a lot of documentation, more documents than when we refinanced in 2009, but all the work will be worth it if the house appraises for the magic number and we can get this great rate.

Friday, July 13, 2012

Refinance Part 4

We were supposed to go away this weekend, but instead we'll be spending the next three days on shining up our home to put it in the best condition possible for appraisal (which we assume will be next week).  Mr. Sam is working from home today and he already has his crew working on the outside projects.

This is our list of projects:

Outside:
1) Remove old mulch in back and front yards and replace with new mulch (we've had this mulch in for a year plus so its started to break down and turn into dirt).
2)  Power wash all walks.
3)  Weed and trim up any plants as necessary (we did a big trimming project a few weeks ago, so we are ahead of the game on this one).
4)  Get rid of any mold on the house and carriage house (we are in Florida, after a while mold starts to grow on the sides of the home that don't get a whole lot of sunshine).
5)  Paint touch up as needed.
6)  Wash windows.
7)  Fix a couple of sprinklers.
8)  Fix fence in back yard and back yard gate.

Garage:
1)  Clean and organize garage.

Inside:
1)  Make sure everything is put away, including in the office (our dumping ground) so I'll need to catch up on filing which will take a few hours at least.
2)  Super clean the house, vac, mop, dust (including things like art and photos, every ceiling fan, A/C vents, light fixtures, plantation shutters, etc.), scrub kitchen (wash windows on kitchen cabinets) and baths, wash base-boards, get rid of scuff marks on walls and base boards.  We don't have a cleaning service, as much as I'd like one, and with our works hours our house is generally tidy, but not super clean most of the time.
3)  Complete headboard project for guest room.
4)  Replace any light bulbs.
5)  Trip to Goodwill to get rid of donation stuff sitting in master bedroom.
6)  Tidy up closets.
7)  Fix light fixture in mater bedroom sitting area.

Wednesday, July 11, 2012

Refinance Part 3

In applying for our mortgage refinance it is always eye opening to take a look at one's credit report and score.

My credit score was 799.  A score of above 760 is considered excellent and normally the best rates are provided to individuals with a score of 760 and above.  Of course I wondered why my credit score wasn't in the range of  800-850.  Talking with the mortgage broker he mentioned the fact that I don't have very much credit available to me since I only have one credit card with Chase which has a limit of $8000.  My score would actually improve if I had additional regular credit cards (of course it would go down if I applied for new credit right now).

Mr. Sam had a range of credit scores from 706-720s.  A score of 700 -759 is still considered great, but what was holding him back from joining the elite with me.  First, he has a medical bill collection for $160.  To me it is crazy that a tiny medical bill can ding the score like that, but that is the way it works, because it is counted as a collection regardless of the amount.  Second, Mr. Sam has no regular credit cards, he does have a Home Depot credit card, but store cards don't count the same way as a regular credit card.