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SVTPerformance's Chain of Restaurants
Road Side Pub
Finance Question
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<blockquote data-quote="Blk91stang" data-source="post: 16367547" data-attributes="member: 23906"><p>I'm 34 now and bought my house at 23. I've re-mortgaged 3 times now. 30 year to a 20 year to a 15 year and now back to a 30 year. What changed? Investments. I'm using the equity I've built into the house to buy into rental properties. If you have at least 30 years until retirement, there is no reason to get a loan less than 30. Use the savings to invest into your 401K, rental, or another investment. Those will yield higher than your mortgage interest and be way more liquid than your mortgage when you want to change things up. You don't know what your plans will be 10 years from now. Don't lock into anything less than 30. If you wish, pay a 30 at the 15 year payments which only adds a couple years onto a 15 due to the slightly lower interest of the 15.</p><p></p><p>I wanted to pay off my house as fast as possible in order to prepare to have more money available if I had kids with my (now ex) wife. Well we got divorced and my plans changed. Back to a 30, pulled the max equity from my house, lowered my monthly payments at the same time, and looking for the next investment(s) that interest me.</p><p></p><p>Just remember if you lock into a 15 year and you can't or don't want to make the higher payments say 10 years down the road and you wished you had the extra $300 a month for a new car or something else, you'd wish you didn't do the 15...</p></blockquote><p></p>
[QUOTE="Blk91stang, post: 16367547, member: 23906"] I'm 34 now and bought my house at 23. I've re-mortgaged 3 times now. 30 year to a 20 year to a 15 year and now back to a 30 year. What changed? Investments. I'm using the equity I've built into the house to buy into rental properties. If you have at least 30 years until retirement, there is no reason to get a loan less than 30. Use the savings to invest into your 401K, rental, or another investment. Those will yield higher than your mortgage interest and be way more liquid than your mortgage when you want to change things up. You don't know what your plans will be 10 years from now. Don't lock into anything less than 30. If you wish, pay a 30 at the 15 year payments which only adds a couple years onto a 15 due to the slightly lower interest of the 15. I wanted to pay off my house as fast as possible in order to prepare to have more money available if I had kids with my (now ex) wife. Well we got divorced and my plans changed. Back to a 30, pulled the max equity from my house, lowered my monthly payments at the same time, and looking for the next investment(s) that interest me. Just remember if you lock into a 15 year and you can't or don't want to make the higher payments say 10 years down the road and you wished you had the extra $300 a month for a new car or something else, you'd wish you didn't do the 15... [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
Finance Question
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