#humblehmmmm....damn near makes me wish I had a mortgage....
For the tone deaf, that’s sarcasm. I agree.hmmmm....damn near makes me wish I had a mortgage....
sadly.....it's trueIf you were really smart and bought a house 5 years ago now is the time to refinance. No point in having all that equity just sitting there. Refinance to the max and take that cash and go on that vacation you always dreamed of. The way real estate prices are going you can do it again in a couple years. Live the American dream.
Now, that's sarcasm.
You might need one the way Almonds are going ?hmmmm....damn near makes me wish I had a mortgage....
You shouldn't be renting at your age.....hmmmm....damn near makes me wish I had a mortgage....
Man, I keep preaching cut the years and forget the payment!
Everyone wants a low payment for 30 years! F that!
Do as much as you can afford for 15 yrs or 20!
The math certainly works out with past history and if one has the discipline to do that it would work out okay.Depends on how you look at it. If you did 30 years at 2.5% and took the additional money you saved as compared to a 15 year and put that in the stock market and earned 5 to 7% a year compounding annually you will probably come out a head. You also have to factor in that your mortgage rate is locked and in 30 years due to inflation your house payment will look like a car payment today.
However, what you mention is a safer approach and it depends on your age and risk tolerance.
Note: not financial advice, the opinions listed above are my own and probably should not be followed by anyone.
If you were really smart and bought a house 5 years ago now is the time to refinance. No point in having all that equity just sitting there. Refinance to the max and take that cash and go on that vacation you always dreamed of. The way real estate prices are going you can do it again in a couple years. Live the American dream.
Now, that's sarcasm.
Eel
You would not believe how many people I have seen do that over the years. Vacations, toys, etc. Then later they foreclose and the toys get repod. In a few years they are back at it. In the meantime they create price increases for everyone else.
The math certainly works out with past history and if one has the discipline to do that it would work out okay.
I know people who borrow against real estate to the max and use that money to purchase more real estate and over time become quite wealthy. Especially if they're willing to put some sweat equity into it. Some people lose everything if the timing is wrong or if they invest in the wrong properties.
Me? I paid my house off in the 1990's and I have a place to camp no matter what happens.