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re: First Mortgage Question - 15yr vs 30yr vs. Investing "Extra Payments"
Posted on 10/12/17 at 9:33 pm to HardHat
Posted on 10/12/17 at 9:33 pm to HardHat
quote:
I agree with you, but is the 15 year the smart play?
Is it better to have all your money tied up in equity at year 15, or have half of the money in equity and the other half in a separate account that you have control over?
My last 2 houses have been on 15year mortgages. As others have said, you likely won't be in the house that long anyway. When you move or refinance your equity comes out, and you have a choice of what to re-invest. The numbers are close either way. You're still hung up on the 15 year being suffocating though. Buy what you can afford, either way, and you'll comfortably live and have other investments.
I'm admittedly debt-averse, because no true Tigerdroppings baller has a massive mortgage to support their side investments.....
1
Posted on 10/15/17 at 5:11 pm to dragginass
Dude invest the money! I'm sure within the next 15 years you'll find something better to do with the money, like start a business, and you can always pay more principle if you want to.
Nobody gets rich from saving money.
You can either have money stagnant in your house, banking on appreciation, or investments that compound. Both markets can crash though.
There is a reason why shorter loans have lower interest rates. It's because banks make more money off of them by flipping their money sooner.
Nobody gets rich from saving money.
You can either have money stagnant in your house, banking on appreciation, or investments that compound. Both markets can crash though.
There is a reason why shorter loans have lower interest rates. It's because banks make more money off of them by flipping their money sooner.
This post was edited on 10/15/17 at 5:18 pm
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