The Mortgage thread
#51
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I just purchased a new home a year ago. I took out a six month adjustable loan based upon the Libor rate. Current interest is 3.12%. I have begun to pay down the principal and hope to knock off 1/3rd within the next three years. I expect to retire than so I'll have to decide to either pay it off or make the minimal payments. The peace of mind of having the house paid off is comfortable, but based upon
what I have heard from financial types, they tell me to hold on to my wealth and not use it to pay off the house. As long as the interest rate remains low and I expect that it will for some time, all is fine. If the rate gets up to 6% or greater, I believe that I'll just pay it off.
what I have heard from financial types, they tell me to hold on to my wealth and not use it to pay off the house. As long as the interest rate remains low and I expect that it will for some time, all is fine. If the rate gets up to 6% or greater, I believe that I'll just pay it off.
#52
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Hello to all,
here is my three cent contribution on this topic.
For starters, I did pay my home off, yes I actually have the deed. It does free up income, yet I found out that I still needed the deductions that having a mortgage brings. I continue to purchase raw land and receive the perks from that loan. Home loans rates are much lower than raw land loans, yet I personally need the higher end of the deductions. When I pay that one parcel off, I look and invest in another. I am in the market for another home, so once I have that, I will either shoot myself in the foot later or go on some type of medication.
here is my three cent contribution on this topic.
For starters, I did pay my home off, yes I actually have the deed. It does free up income, yet I found out that I still needed the deductions that having a mortgage brings. I continue to purchase raw land and receive the perks from that loan. Home loans rates are much lower than raw land loans, yet I personally need the higher end of the deductions. When I pay that one parcel off, I look and invest in another. I am in the market for another home, so once I have that, I will either shoot myself in the foot later or go on some type of medication.
#53
[QUOTE]Originally posted by paivag
I think its a good idea to refinance and chase the rates down. I did it 2x in the past 3.5 years of homeownership. In fact it was just last week I modified my rate.
I also think it is a good idea to pay off as much principal as you can. My wife and I use our yearly bonuses to pay off the mortgage.
Oh and how about initial downpayment?
I think its a good idea to refinance and chase the rates down. I did it 2x in the past 3.5 years of homeownership. In fact it was just last week I modified my rate.
I also think it is a good idea to pay off as much principal as you can. My wife and I use our yearly bonuses to pay off the mortgage.
Oh and how about initial downpayment?
#54
Registered User
[QUOTE]Originally posted by Legal Bill
If you put in a bar with beer taps, a drain oil sump in the garage, or a swimming pool out back, those are personal improvements.
If you put in a bar with beer taps, a drain oil sump in the garage, or a swimming pool out back, those are personal improvements.
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