Ontopic Landlords out there?
- Thread starter eileenbunny
- Start date
Depending on how much you want to read, there is some really good info about HARP in here. Rasheed knows his stuff and is more than willing to help if you ask intelligent questions. http://www.fatwallet.com/forums/finance/1120151/
Basically, you don't even have to refi with the same bank. It's kinda weird because there are government guidelines but no solid requirements, so everyone is different. Either shop around yourself or get a broker.
So I read some of that thread, looks like my only real benefit is to get my loan amount modified. There's no app fee or closing costs (yay employee!) So I would really only take a hit on my rate. I would go from 3.100% to 3.500%. If I went to a 15 year loan I could keep my same rate but then my payment wouldn't go down.
Looks like it's worth it because free, now I just gotta get my paperwork started. I'll also finally be able to add my wife to the title so my condo board will stfu about her not being an actual owner.
Looks like it's worth it because free, now I just gotta get my paperwork started. I'll also finally be able to add my wife to the title so my condo board will stfu about her not being an actual owner.
Take two minutes and calculate lifetime interest and principal savings, not just short term payment savings
True, but this all hinges on whether my lender will allow me to negotiate a principal reduction.
Mortgage isn't exactly bad debt though. Especially at 3.5%, minus the interest deduction on taxes. You can almost certainly earn more than that on your money by putting any possible extra payment into a Roth. As long as you're dedicated enough to do that.
It's slowly increasing, but yes. The general rule is to do 401k up to the company max, then Roth up to the max, then back to your 401k up to the max, then a traditional IRA.