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Old 03-24-2011, 08:16 PM   #21
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Is the minimum hurricane deductible still 2% with the second option being 5%? In 2004, the minimum deductible for the hurricane portion of our homeowner's policy was 2%. Wanting to save money, I took the 5% deductible. After all, no hurricane had hit Lakeland in 44 years. Three hurricanes later.......
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Old 03-24-2011, 08:41 PM   #22
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The other thing that might be of interest to the OP (and this happened with my daughters mortgage that she just on in Feb)..I advised her not to escrow her homeowners and property taxes.
I did this on our current house (no escrow), but nowadays many lenders will insist on higher rate, if no escrow - an example from last month was 4.675% with the escrow and 4.75% without on 30 years fixed mortgage.
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Old 03-24-2011, 10:13 PM   #23
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I did this on our current house (no escrow), but nowadays many lenders will insist on higher rate, if no escrow - an example from last month was 4.675% with the escrow and 4.75% without on 30 years fixed mortgage.
You are right about that as I have heard that. Either that or they charge a fee on the settlement statement. In my daughters case...they didn't do either. It wasn't until we were at the end of the application process where you get the disclosure on the settlement statement when we told them she didn't want to escrow. They did say...."well.... there may be a charge for that." I said.."why is that...it is her legal right to decide whether she wants to escrow or not ...right.?." All I know after that is when we went to closing...the fee was not on the settlement statement and the rate had not changed.
Still...it might have been an atypical situation for her. The condo builder is vertically integrated ...meaning it was also the builders mortgage company...and the lawyer used does all of their closings...and the partners in the law firm own the title insurance company....etc...etc. Neat little package...all tied up. LOL!
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Old 03-24-2011, 10:43 PM   #24
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I did this on our current house (no escrow), but nowadays many lenders will insist on higher rate, if no escrow - an example from last month was 4.675% with the escrow and 4.75% without on 30 years fixed mortgage.
We had a choice with one lender of "No impound account, but pay your property taxes six months ahead and insurance a year ahead".

The other lender, BofA, took the higher-rate approach to dispensing with it, so we went with an impound account. I hope they're skimming a lot of interest from our $800/year average balance, because they're killin' themselves with the paperwork on the administration, analysis, and reporting requirements.
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Old 03-28-2011, 06:25 PM   #25
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So you're not planning to try another shot at OTS or some other commissioning program? The fact that you have doubts about your suitability may actually be an indication that you'd make a better officer than the young turks who "know" they're God's gift to the military...
I still have hopes of making the cut for USAF OTS someday, but I haven't been on-station long enough to get a recommendation letter going. Apparently going on these mandatory TDY's and frequent deployments kill any hope of getting face time with leadership. Heck I can't even get into Army OCS right now because they are drawing down as well. I've been told by USAF historians (E-6's and E-7's waiting to retire) that this stuff goes in cycles so don't worry.

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Re-enlistment plans? Are you on a six-year contract or longer? Thinking about an MBA or a master's degree?
Just re-upped for 5yrs back in Nov10. It came with a 3.0 SRB that I put into my TSP. I hope to start my MBA soon, but I am confused on what the real difference in AASCB and ACBSP accreditation. Seems like everyone has a bias one way or another, and I can't sift through the BS to get a straight answer. Other than that I am working my way through a few foreign language requirements in hopes of earning more money and getting a cool special duty somewhere.

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"DIRSUP" doesn't ring a bell, other than Supply Corps lingo. But after nine years of ER I'm an acronym dinosaur. And yes, the quality of submarine humor is directly related to the quality of its grossness. I have dozens of sea stories that start with "The sewage system was supposed to..."
DIRSUP = Direct Support? I got that from a sailor I met the other day at Corry Station. NIOC was something else I remembered from that TDY. Apparently it is common for Intel (CTT/EW) people to be in either one of those units. Navy lingo is still hard to understand at times lol.

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The problem with hurricane insurance is that rebuilding prices soar right after the storm. Both contractors & materials are in short supply. Insurance adjusters (also very busy and in short supply, sometimes literally flown in from out of state to help) will offer you a quick lowball while sternly reminding you that it's your job to protect the property against further weather damage or they'll canx your policy. (Not that blue tarps are so plentiful, either.) Permit agencies also take the opportunity to force the rebuild to include expensive upgrades to bring the home into compliance with the latest codes.

Insurance companies know far more about this than we do and will want you to pay a staggering sum of money to compensate for the unknowns of materials, contractors, & permits. They're hoping to rush you into a quick settlement or stonewall you by blaming you for the damage that occurred after the storm (due to your weatherproofing "negligence".) You may be unwilling to pay these premiums, especially when you're on three-year orders at least three time zones away from your investment.

At some point the insurance company will offer you a deductible for self-insuring a portion of the damage-- the first $5000, or 2% of the total, or some other oddball number. Your challenge is deciding whether you'll save enough premium (say, a savings of $250/year) to literally put the money in savings for 20 years to be ready to pay that deductible. Of course the other uncertainty is whether there'll be a catastrophic hurricane damaging your home during that 20 years before you've saved up the money to pay the deductible.

There are no easy answers to this multi-factor problem. In fact it's so gnarly that I've read many times that the first thing you should do after a major house fire or hurricane is to hire an insurance claims adjuster (and pay them out of your own pocket) just to negotiate with "your" insurance company.
Just had the home and wind mitigation inspection done, and the quotes I got were around the $1,600 - $2000 per year range. Some even had sinkhole coverage included. Is there anything I should consider? The main difference that I could find was the "dwelling" cost. Even then the lower the "dwelling" estimate didn't always mean a lower total cost.
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Old 03-28-2011, 06:27 PM   #26
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Hey, KN, you might already be aware of this, but it's possible that your overseas duty has bought you an extension on the 2009/2010 first-time homebuyer's tax credit. Take a look at this article:
Military.com - Finance - Whats New for Military Tax Payers



... and this fact sheet:
First-Time Homebuyer Credit: Members of the Military and Certain Other Federal Employees
I didn't know this actually. I will have to ask the H&R Block lady at the BX sometime this week. Thanks!!
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Old 03-29-2011, 01:14 AM   #27
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I still have hopes of making the cut for USAF OTS someday, but I haven't been on-station long enough to get a recommendation letter going. Apparently going on these mandatory TDY's and frequent deployments kill any hope of getting face time with leadership. Heck I can't even get into Army OCS right now because they are drawing down as well. I've been told by USAF historians (E-6's and E-7's waiting to retire) that this stuff goes in cycles so don't worry.
Your instincts are correct, this is a terrible time to go Army. And yeah, you'll see a few pendulum swings along the way to E-7.

"Face time". *Snort.* Maybe this is just me, but if I was an O-3 or an O-4 in your chain of command, and if I knew you had a college degree and could fog a mirror, let alone come back from deployments & TDYs without Purple Hearts, then I'd be writing that OTS recommendation letter right now. Because if I didn't think ahead and do things like that, then one day it'd be a little difficult for my assignment officer to send someone over to my duty station as my relief.

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Just re-upped for 5yrs back in Nov10. It came with a 3.0 SRB that I put into my TSP.
Sounds like you're still having fun, and financially that's an excellent move.

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Originally Posted by Keyboard Ninja View Post
I hope to start my MBA soon, but I am confused on what the real difference in AASCB and ACBSP accreditation. Seems like everyone has a bias one way or another, and I can't sift through the BS to get a straight answer.
I'm outta my depth there. Tomcat? Deserat? Fireup2020?

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Other than that I am working my way through a few foreign language requirements in hopes of earning more money and getting a cool special duty somewhere.
If you have the opportunity, the Defense Language Institute (Monterey, CA) is as close as you can get to heaven on earth in uniform...

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Originally Posted by Keyboard Ninja View Post
DIRSUP = Direct Support? I got that from a sailor I met the other day at Corry Station. NIOC was something else I remembered from that TDY. Apparently it is common for Intel (CTT/EW) people to be in either one of those units. Navy lingo is still hard to understand at times lol.
Oh, the DS guys? Oh, them! The ones who were "TAD" for nine months a year and showed up at the awards ceremonies to collect three or four ribbons at a time? Um, Corry Station? Yeah, I guess you're slumming in that neighborhood now.

Ah, yeah, I know quite a bit about that stuff, we don't discuss submarine operations, and when I retired I signed a foot-high stack of documents swearing that I'd forget I ever knew anything about any of those special compartments. We were just conducting extended at-sea operational training in international waters, I'm sure we have the deck logs around here somewhere to prove it, I have no idea what those CTs were doing back there in ESM, they just wanted some ride time for sub pay, that's our story and we're stickin' to it.

Since neither of us has a need to know any of that stuff, have they loaned you a copy of Blind Man's Bluff yet?

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Originally Posted by Keyboard Ninja View Post
Just had the home and wind mitigation inspection done, and the quotes I got were around the $1,600 - $2000 per year range. Some even had sinkhole coverage included. Is there anything I should consider? The main difference that I could find was the "dwelling" cost. Even then the lower the "dwelling" estimate didn't always mean a lower total cost.
You want a rider on the policy for something to the effect of "adjusted rebuilding cost factors" (the higher cost of getting contractors & materials after the hurricane flattens the county) and, if the house is over 20 years old, another policy rider for the cost of being required to rebuild to the latest hurricane codes. Unfortunately it sounds like you're getting pretty decent premium quotes-- those are from USAA?

Your mortgage lender has probably already determined whether or not you're in a flood zone and required to have flood insurance...
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Old 03-29-2011, 12:02 PM   #28
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Y
Ah, yeah, I know quite a bit about that stuff, we don't discuss submarine operations, and when I retired I signed a foot-high stack of documents swearing that I'd forget I ever knew anything about any of those special compartments. We were just conducting extended at-sea operational training in international waters, I'm sure we have the deck logs around here somewhere to prove it, I have no idea what those CTs were doing back there in ESM, they just wanted some ride time for sub pay, that's our story and we're stickin' to it.

Since neither of us has a need to know any of that stuff, have they loaned you a copy of Blind Man's Bluff yet?


Good book, though.
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Old 03-29-2011, 02:06 PM   #29
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Good info here but...
I've always been more concerned with things like; how mush noise am I gonna hear from freeways, airports, barking dogs, neighbors who like to party or blast their music while washing their cars, neighbors who like to woodwork, nearby businesses,etc. What kind of air quality issues from all of those same things nearby. I would go to the local schools and see who my kids are going to school with. Go to the local stores and see who I'm gonna be shopping with. Is there a bus stop close by where the kids will gather and cause trouble? Is there a drug dealer in the neighborhood? Go to the police station and check on line to see what kind of trouble goes on close by (burglaries, sex offenders, etc.). What kind of idiots are running the H.O.A. if there is one?
The house has always been much less of a concern for me than the screwballs I live around.
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