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YOUR BALANCE
Need some financial advice regarding my mortgage
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Need some financial advice regarding my mortgage


Jul 1, 2019, 11:43 AM

I've got a 30 yr fixed mortgage at 4.1% owing $750K on my main house worth 1.5MM. Only 2 years in.

Should I refinance to a 15 yr mortgage at 3.6% and pay off 200K, reducing the mortgage to 550K, but raising my monthly premium by $300?

Or, should I just go ahead and pay off the whole mortgage but only leaving myself with minimal cash on hand?

tia

flag link military_tech thumb_downthumb_up

Hey, can I borrow about $68,000?***


Jul 1, 2019, 11:46 AM



badge-donor-05yr.jpgringofhonor-aero.jpg flag link military_tech thumb_downthumb_up

by borrow I mean be gifted.***


Jul 1, 2019, 11:46 AM



badge-donor-05yr.jpgringofhonor-aero.jpg flag link military_tech thumb_downthumb_up

Re: by borrow I mean be gifted.***


Jul 1, 2019, 12:01 PM

Yes just need some basic info...

bank acct info, ssn, birthday, etc

flag link military_tech thumb_downthumb_up

I don't have any of those.***


Jul 1, 2019, 12:19 PM



badge-donor-05yr.jpgringofhonor-aero.jpg flag link military_tech thumb_downthumb_up

You caddying for Koepka?***


Jul 1, 2019, 12:14 PM



2024 white level memberbadge-donor-10yr.jpg2005_majors_champ.jpgbadge-ringofhonor-xtiger.jpg flag link military_tech thumb_downthumb_up


Kuchar


Jul 1, 2019, 1:15 PM

unfortunately

flag link military_tech thumb_downthumb_up

I'd like to make a suggestion, if you'll allow me.


Jul 1, 2019, 12:28 PM

Have you given any consideration to using some the space in your house for Airbnb accomodations for illegal immigrants, or crack or meth users that need a quiet space to get high in without fear of being hassled by law enforcement? It's time to make your investment work FOR you!

ringofhonor-rhtig.jpg flag link military_tech thumb_downthumb_up


Convert the 3rd floor to a trap house


Jul 1, 2019, 12:47 PM

You gotta diversify, my brother!





2024 white level member flag link military_tech thumb_downthumb_up

S??? ????? ???? ??? ??????? ?????? ???? ??? ??????,
S??? ????? ?? ?? ???????? ???? ? ??????? ??? ????? ?????..


If you have the funds to pay off, pay that #### off


Jul 1, 2019, 12:51 PM

Even if you have minimum cash, you're saving your would be $4000 mortgage payment which is plenty to live on.

refinancing does cost a lot of money and I think inadvisable to only drop your rate 0.5 points

flag link military_tech thumb_downthumb_up

He's also dropping 13 yrs


Jul 1, 2019, 1:06 PM

not just half a point.

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Pigs of your wife’s fake tiddies?***


Jul 1, 2019, 12:55 PM



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Pigs of carlsbad's 10/10?***


Jul 1, 2019, 1:00 PM



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That's actually a great idea.


Jul 1, 2019, 1:13 PM [ in reply to Pigs of your wife’s fake tiddies?*** ]

Will go ahead and surprise her with an appointment for our upcoming anniversary.

flag link military_tech thumb_downthumb_up

You need a new mortgage co


Jul 1, 2019, 1:02 PM

should be only $200 increase in monthly payment.

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Re: Need some financial advice regarding my mortgage


Jul 1, 2019, 1:03 PM

If it were me, I'd pay the 200K on my original mortgage principal and keep the 30yr fixed in place. Nothing says you can't put more cash down on the principal in the future does it?

Keeps your payment the same and you still have cash on hand and more equity if needed.

But I'm not Dave Ramsey and I am UDP. Carry on, hittem straight.

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Re: Need some financial advice regarding my mortgage


Jul 1, 2019, 1:05 PM

Pay off the home completely and be debt free. Use a portion or all money going towards payments to rebuild your cash. A paid for home is a smart financial move and feels good.

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Wearing crocs feels good***


Jul 1, 2019, 1:07 PM



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Really needs to do some tax planning if these facts


Jul 1, 2019, 1:09 PM [ in reply to Re: Need some financial advice regarding my mortgage ]

are true. With the new high standard deduction he may no longer itemize with no mortgage interest - needs to do a with and without calc.

Also, what is that cash doing right now? any cap gains tax to pay to liquidate?

2024 orange level memberbadge-donor-15yr.jpgringofhonor-fatherg-110.jpg flag link military_tech thumb_downthumb_up

Full disclosure:


Jul 1, 2019, 1:14 PM

This was a portion of a post on white coat investor. My favorite line from the post was "on my main house".

flag link military_tech thumb_downthumb_up

If you're going to pretend to be rich, at least


Jul 1, 2019, 1:26 PM

Make your thread realistic.

You're going to spend $200K in cash to save 0.5% interest? Okay.

If you really had this problem, that money would be invested and outperforming the interest you're paying on your mortgage and this thread wouldn't exist.

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I'd pay half off, refi at the lower rate


Jul 1, 2019, 2:38 PM

And then pay ahead. Leaves you with more cash on hand and easy payments, but you get most of it paid off. Kindof depends on how much you'd be left with for a full payoff.

That's what I do with cars. I finance that sucker out for like 80 months after paying half down, then I'm left with a nothing payment, which I usually triple or quadruple pay and pay it off quick. This way if you have something bad come up, you can still easily make minimum payments in an emergency, but still pay it off fast and too much avoid interest if all goes as planned.

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Depends on what minimal cash means....


Jul 1, 2019, 2:44 PM

if it's about 3-4 months of expenses still (not counting mortgage payment since that would be gone), then it's a no-brainer to pay the house off...assuming you have no other debt.

If you have saved that much cash up to now, then put what an amount equal to your current mortgage payment in saving each month and you'll have plenty of cash reserve in no time.

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Re: Need some financial advice regarding my mortgage


Jul 1, 2019, 2:47 PM

Take out a home equity loan for $750K and plow it all into a Haitian Growth Fund, minus what you need to pay off the title loans and catch up on the cable bill.

2024 white level memberbadge-donor-10yr.jpg flag link military_tech thumb_downthumb_up

A drunk will run a STOP sign, but a stoner will wait for it to turn green.


Pfft. Just buy bitcoin. In 6 months you'll be free & clear***


Jul 1, 2019, 5:35 PM



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Replies: 24
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