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monkeyman1140 (October 6, 2008 at 4:11 am)
Buy your house cash. Really pisses off your bank, the seller, and the mortgage industry.its worth the pain of socking away money for a few years in CD's.
romitmar (October 6, 2008 at 12:29 am)
Its in Michigan and yes, we moved in and the only thing we had to do was replace some doors and locks. Had brand new windows. Foundation solid, storage shed in backyard in a nice neighborhood. Obviously the cost of living here is ALOT less than in the city. And i have a job that pays $22 an hour and for around here that is great, so i can easily be ahead of the game. Either way, even if it was a shitty place to live, not paying off your mortgage is the most stupid thing i have ever heard!!
ANGUSWFORDE (October 1, 2008 at 3:07 am)
let's see... pay off my mortgage and not have to worry about losing my house if interest rates go up or if I get into financial difficulty; have $2000 per month extra to invest;have a roof over my head that is mine not the bank's; enjoy a good night's rest because I don't have to worry about payments due and I don't have it; or I could listen to this goat and invest the money "safely" and risk getting a return lower than the mortgage interest rate or worse yet losing it. hmmm NOT!!!
txrottie (September 30, 2008 at 3:32 pm)
Hmmmm a house for 55K? Where is it and what is wrong with it? Is this something most people would really want to live in?
romitmar (September 29, 2008 at 10:41 pm)
mortgage payment and guess what!!!!!!! What a surprise but you can invest or save that money that isnt being used for a mortgage payment. Wow use common sense people. Pay off your shit, dont trust banks!!!!
romitmar (September 29, 2008 at 10:40 pm)
top of the $247 i will maybe be giving the bank around 12-16K in interest. So I will have paid 71K for a 55K house instead of 97K. Now what if the house only sells for 65K 10 years down the road??? Then im still out 6thousand dollars cuz that went to the bank and i didnt make out. thats what people dont understand but I would rather be out 6K than 32K makin the minimum payments. What a dooof!!! Pay off your mortgage as fast as you can!!! Then you can save money every month cuz you wont have a
romitmar (September 29, 2008 at 10:36 pm)
What a nut, you WANT to pay off your mortgage! The more you drag it out the more interest the bank gets, say you buy a house for 55K and you take out a good loan for 5.6% like myself for 30 years fixed rate. Then put 11K down payment finance 44K with a montly payment of around $247. If i make all the minimun payments for 30 years i will be giving the bank 42K in interest. So i would be payin 97K for a 55K dollar house. Whereas pay it off in 5-8 years makin an extra principal payment for $375 on
WarAgainstRacism (September 24, 2008 at 3:57 am)
Attornies SUCK.
weldon152 (September 15, 2008 at 10:24 pm)
There is so much wrong with this advice that I cannot begin to address it in a comment. I tried. This is what a Finance student would come up with after learning about compound interest but before learning about RISK. I am aware that sometimes in life it is possible to maximize profit by using debt or as you might call it "leverage", this is not one of them. You are correct about the mortgage products you describe, but most everything after is quite misguided albeit delivered semi-eloquently.
imikewillrockyou (September 5, 2008 at 4:03 am)
I think that was his point. Sell the house or borrow all the money back out and invest it elsewhere. Suppose you have a $300,000 home paid off. You then are saving $300,000 in an account that makes you ZERO. The home will go up or down in value regardless of how much you owe on it. Therefore, take that money that's doing nothing and use it to make you more money. $300,000 invested well would make a million in a few years. Leave it in your home and it will make you nothing. |
