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re: Wife and I just locked in our first mortgage....
Posted on 1/28/20 at 9:41 am to TheOcean
Posted on 1/28/20 at 9:41 am to TheOcean
quote:Too many Dave Ramsey disciples around here
Wait, some posters are giving OP shite for a 30 year loan when the interest rate is 3.5%? Some of you should not be posting on the MT
Posted on 1/28/20 at 10:13 am to HarveyBanger
Congrats
Now make sure you never ever refi that 3.5%
what
Now make sure you never ever refi that 3.5%
quote:
15 years was a better option.
Lol no
what
This post was edited on 1/28/20 at 10:42 am
Posted on 1/28/20 at 10:41 am to gobuxgo5
why not just make it up in principle paid a month? That's what I do.. If i get in a crunch, I can just back off my mortgage payment to the minimum.
Posted on 1/28/20 at 11:07 am to HarveyBanger
congrats, would love to hear which lender y'all went with as well, was it VA, paid pts? Thats a great rate.
Posted on 1/28/20 at 2:11 pm to TheOcean
7 years into a 30 @ 3.375%. My only regret is that they didn't loan me 10x more for 60 years.
Posted on 1/29/20 at 8:56 am to b-rab2
quote:
why not just make it up in principle paid a month? That's what I do.. If i get in a crunch, I can just back off my mortgage payment to the minimum.
This seems to make the most sense.
Posted on 1/29/20 at 9:10 am to HarveyBanger
quote:
.5% with 10% down on a 30 year loan
3.5% is a good rate on 30
I locked in a 4.2% on a 30 year, 0 down in my first 6 years ago.
About to refi to a 15 year, hoping to get 3% and eliminate PMI
This post was edited on 1/29/20 at 9:16 am
Posted on 1/29/20 at 9:27 am to 21JumpStreet
quote:
This seems to make the most sense.
From a strictly math perspective, no. Investing the money instead of paying extra principal makes the most sense. This is assuming you can get a higher return than your mortgage interest rate (not even taking into account if you can itemize and the tax deduction for mortgage interest). With the historic low rates, it makes sense to invest the money.
As has been discussed on the money board, personal finances are more than just math as there is a psychological/personal side as well. This is where your above statement does make sense. The one thing to understand is that you will pay more in interest on a 30 year loan (paid off in 15 years) versus a 15 year loan. I highly value the flexibility of money, so I doubt I would ever do a 15 year mortgage. If I had the money to pay cash, I might consider a 5/1 ARM or something similar to ensure lowest rates. The one caveat is that I will not carry a mortgage when I retire even if it doesn't make the most math sense.
Posted on 1/29/20 at 9:35 am to bod312
I want so badly to not have a mortgage by 3.65 is so cheap
Posted on 1/29/20 at 9:44 am to bod312
Yea, I was speaking in terms of flexibility
Posted on 1/29/20 at 9:35 pm to cable
I beat all of you. I paid my 15 off in 30
Posted on 1/30/20 at 8:12 am to HarveyBanger
Just curious how much is the total amount of your mortgage?
Posted on 1/30/20 at 8:32 pm to MexicanTiger97
Total amount borrowed is $268k
Posted on 1/30/20 at 9:04 pm to HarveyBanger
I’m about to refi from my loan in October 2018. Talk about bad timing!
Posted on 2/1/20 at 2:58 pm to bstew3006
I refinanced my 4.5% 30 year into a 3% 15 year in October. Never had a PMI also.
Posted on 2/1/20 at 7:08 pm to HarveyBanger
Some real Debbie downers in here. Jesus
Posted on 2/1/20 at 9:13 pm to HarveyBanger
Are you having to pay PMI?
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