Home Buying and Mortgages...

[ZKaudio]

^guido insurance.

 

[jnevin]

^guido insurance.

I haven't been back there for a while. What's the latest guido craze? When I was a kid, it was taz or bad boy club stencils on the back of their tinted iroc or 5.0 with those geigh ass lights under the car.

 

[Spartacus]

Keep it simple make sure that is no prepayment and

then pay the thing off over the next 10 years,

Makes the points, interest everything very, very, very secondary.

yeah I won't buy if I can't afford 15 years

 

[jnevin]

yeah I won't buy if I can't afford 15 years

I don't understand why people why people just try to pay their house off instead of take the lowest payment possible and stay liquid.

 

[Spartacus]

I don't understand why people why people just try to pay their house off instead of take the lowest payment possible and stay liquid.

I don't think it affects the payment to enough of an extent to do anything with the liquidity
for average Joe moving from a 30yr to 15 yr

 

[jnevin]

I don't think it affects the payment to enough of an extent to do anything with the liquidity
for average Joe moving from a 30yr to 15 yr

The thing is, people on the average refinance every 3-5 years, which is when a mortgage payment is almost all interest. Their effective rate in doing that is close to 30%. If people count on the equity they have in their home to bail them out of a jam, they're fucked. The only way to tap into it if things go sideways financially is to sell the house, which can take months. I dunno. Nevermind.

 

[gonelifting]

For "insurance" I opted for a 30 year mortgage instead of a 15 year so I could have the benefit of lower payments if that is all I could do, BUT.... I do pay off the loan as if it's a 15 year loan. The extra principle will bring the loan down to about 15 years and be paid off by then. The only difference is about $25 extra a month and I have the luxury of going back to the 30 year payment without the extra principle payment at any month I feel like I can't hack it any longer. It's working pretty well so far. I'm down to 12 years left on my 30 year mortgage I got 3 years ago.

 

[ZKaudio]

lol at the 50yr mortgages now

 

[gonelifting]

lol at the 50yr mortgages now

Holy shit!! Really? omg That's how they're getting out of this! Genius! I was wondering how it would be done. Refinance, here they come.

 

[ZKaudio]

they are very sweet from the broker side though.. unf. most people who can afford mil+homes are smart enough to realize the int. accrued on that b*tch.