- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
1
Posted on 4/3/15 at 7:51 am to theBeard
quote:
the smart people. Smart people also are not stretching out a 30yr mortgage
I think a loan officer for a mortgage broker once told me that people will owe over 90% of the loan after 15 years of payment in a 30 year mortgage. Must be a lot of interest up front.
Posted on 4/3/15 at 7:53 am to LSUAfro
This shite/topic is getting old on this board.
Not everybody wants to defer enjoyment of their labor until they are retired and 60. Get off that shite. There's a lot of ways to enjoy life and still save and be fine for retirement. You don't have to live in a shack and drive 10 year old cars. You don't have to put 20% down and get a 15 year mortgage.
There are a lot of people who overstretch. No more in BR than in a lot of other places. At least the housing market and job market has been stable, so it's not the worst place to do it. But being responsible with your money while enjoying it, is not over stretching. Just realize not everyone has the same level of frugality, and that's perfectly acceptable.
Not everybody wants to defer enjoyment of their labor until they are retired and 60. Get off that shite. There's a lot of ways to enjoy life and still save and be fine for retirement. You don't have to live in a shack and drive 10 year old cars. You don't have to put 20% down and get a 15 year mortgage.
There are a lot of people who overstretch. No more in BR than in a lot of other places. At least the housing market and job market has been stable, so it's not the worst place to do it. But being responsible with your money while enjoying it, is not over stretching. Just realize not everyone has the same level of frugality, and that's perfectly acceptable.
Posted on 4/3/15 at 7:54 am to PeteRose
(no message)
This post was edited on 4/27/15 at 4:41 pm
Posted on 4/3/15 at 8:16 am to theBeard
according to bankrate.com, amortization schedule
50/50 at 12.5 years at 4%
50/50 at 18 years at 6%
big difference in a couple of percentage.
50/50 at 12.5 years at 4%
50/50 at 18 years at 6%
big difference in a couple of percentage.
Posted on 4/3/15 at 8:26 am to PeteRose
quote:
so that was the beer scolding me?
Sure, but it's a shame you stopped at high school finance. Imagine what you could do if you really understood how money worked...
Posted on 4/3/15 at 8:28 am to LSUtigerME
quote:
This shite/topic is getting old on this board.
I've gotta quit clicking on these damn threads
I should know better.
Posted on 4/3/15 at 8:32 am to LSUAfro
quote:
Sure, but it's a shame you stopped at high school finance. Imagine what you could do if you really understood how money worked...
Why don't you explain to me how money work? Maybe I can increase my high school level to an advanced level. I'm always eager to learn.
Posted on 4/3/15 at 8:54 am to PeteRose
quote:
I think a loan officer for a mortgage broker once told me that people will owe over 90% of the loan after 15 years of payment in a 30 year mortgage. Must be a lot of interest up front.
You either misremembered or were lied to. Using 170k as an example with 4.5% apr, year 15 balance would be 112k, or 66% of the original balance.
Posted on 4/3/15 at 8:55 am to LSUAfro
If your are in your 20's and buying a house in this interest rate environment, a 30 year amortization is a no brainer.
If you are 45 and signing up for a 30 year mortgage, you are probably doing it wrong.
Everyone here is painting with too wide of a brush.
A guy at the beginning of his career saving 10% of his income for retirement is on a great track if he has less than $10k in saved so far. A 40 year old in the same situation would be in a real bind.
If you are 45 and signing up for a 30 year mortgage, you are probably doing it wrong.
Everyone here is painting with too wide of a brush.
A guy at the beginning of his career saving 10% of his income for retirement is on a great track if he has less than $10k in saved so far. A 40 year old in the same situation would be in a real bind.
Posted on 4/3/15 at 9:07 am to TheHiddenFlask
Yeah I don't get the need to have a 45k truck or 60k suv. I live in a neighborhood of spec houses that are around 225k and more than half the people have insanely nice vehicles. The math doesn't add up. I guess some people are ok being credit card millionaires.
Posted on 4/3/15 at 9:20 am to HamCandy
quote:
The math doesn't add up.
Did they buy a small house because they didn't need a big one, do they not have kids, did they inherit money or get big raises and not feel the need to move?
Math doesn't add up because you equate everybody's financial situation to yours.
Posted on 4/3/15 at 9:31 am to Golfer
quote:
Household income of $120k can easily support a $300k house, and two modest car notes.
I must be doing something wrong then. I'm single with an income in that ballpark and feel broke as shite.
Got 60k in my house
Less than 5k in my car
Posted on 4/3/15 at 9:42 am to LNCHBOX
quote:
You either misremembered or were lied to. Using 170k as an example with 4.5% apr, year 15 balance would be 112k, or 66% of the original balance.
Must've misremembered. Maybe loan office was using a high rate to convey the point.
Posted on 4/3/15 at 10:34 am to I Love Bama
Well frick man
Posted on 4/3/15 at 10:57 am to theBeard
quote:
the smart people. Smart people also are not stretching out a 30yr mortgage
Mortgage interest deduction and inflation make borrowing at 3.7% largely negligible.
Posted on 4/3/15 at 11:01 am to Golfer
But paying PMI is just not good
Posted on 4/3/15 at 11:04 am to Tigerpaw123
It's tax deductible too...and in established BR neighborhoods, that's coming off in 5-7 years, assuming 5-10% down.
Posted on 4/3/15 at 11:41 am to Golfer
quote:
It's tax deductible too
Not if you make too much
Posted on 4/3/15 at 11:52 am to LSUtigerME
quote:
This shite/topic is getting old on this board.
Not everybody wants to defer enjoyment of their labor until they are retired and 60. Get off that shite. There's a lot of ways to enjoy life and still save and be fine for retirement. You don't have to live in a shack and drive 10 year old cars. You don't have to put 20% down and get a 15 year mortgage.
There are a lot of people who overstretch. No more in BR than in a lot of other places. At least the housing market and job market has been stable, so it's not the worst place to do it. But being responsible with your money while enjoying it, is not over stretching. Just realize not everyone has the same level of frugality, and that's perfectly acceptable.
Truth
Page 3 of 5
Popular
Back to top
Follow TigerDroppings for LSU Football News