Except that the appraisal won't be good enough for the loan....
He would have to do a payout now to get back above water. Pay 100k now to save 200k later
Ontopic Landlords out there?
- Thread starter eileenbunny
- Start date
He would have to do a payout now to get back above water. Pay 100k now to save 200k later
Syrup Beaver
pants log
Or... Have savings? All these credit card scams have to be making him something you know. ;-)
He gets points rather than money. One of his credit cards gets him a lifetimes supply of marshmallows if he spends enough, another one gets him free tyre rotation and lube check in 43 states. The one he really works at gets him a one way ticket to Geneva for April and a return ticket for him to Amsterdam. He has no savings, all his money goes to World Of Beer.
Except that the appraisal won't be good enough for the loan....
Werd.
Oh sure. If he can pull $100k out of his ass, he might as well pay off his loan, then!
At almost 6 percent I would disagree. 2.75 percent I wouldn't. Unless you're an extremely good investor and can get more than 7 percent on your money (which a majority of people can't) paying off debts is the best long term strategy.
The one exception would be paying off other higher rate debts first (your student loans for example)
Werd.
Oh sure. If he can pull $100k out of his ass, he might as well pay off his loan, then!
If your loan is only a measly 100k, then sure. Most loans are exponentially more
What kind of idiot has 100k sitting in a fluid account? No middle class person should have that. If I have that much extra income, it needs to be in a 401k. Unless that is maxed, and then it need to be in a Roth. Now, I could pull that from a Roth, but that would be pretty foolish. Generally accepted theory is to have 6 months in cash reserve, which we do.
That said, we got the offer today. 4.25% I was close. And instead of being a 10 + 30, its now a 414 month fixed rate mortgage, which should put Coqui at ease.
What won't put him at ease though is that we're going to use the extra money to pay off Ape's student loans, which are at a much higher interest rate.What kind of idiot has 100k sitting in a fluid account? No middle class person should have that. If I have that much extra income, it needs to be in a 401k. Unless that is maxed, and then it need to be in a Roth. Now, I could pull that from a Roth, but that would be pretty foolish. Generally accepted theory is to have 6 months in cash reserve, which we do.
That said, we got the offer today. 4.25% I was close. And instead of being a 10 + 30, its now a 414 month fixed rate mortgage, which should put Coqui at ease.
Fuck yeah fixed rate. Good work
You're actually lower than me now
I'm at 4.375Do you guys know anything about harp2? My loan is owned by Fannie and was sold to them in 2004. I think I can get my loan done up, as my property is worth 45% of my outstanding loan balance.
Absolutely. Get on it sir! Whatcha need to know I've read quite a bit on it, even tho we don't have a Fannie/Freddie loan.
Syrup Beaver
pants log
You aren't far enough away from me to even consider buying large quantities.
Syrup Beaver
pants log
Can you point me in the right direction to get the ball rolling? Is it something I have to contact my existing lender for? Does it make a difference that I don't have PMI?Absolutely. Get on it sir! Whatcha need to know I've read quite a bit on it, even tho we don't have a Fannie/Freddie loan.
Shoot me an email if you like