Depends on: how far he is into the mortgage, ie 15years into a 30 yr.Current rates are no where near 4.25% .
If you got a cheaper rate....but paid the same $$ per month, he would be paying it off a helluva lot faster... even if a small penalty had to be initially paid out.
Depends on: how far he is into the mortgage, ie 15years into a 30 yr.
And the general rule of thumb is, unless you can reduce rate 2% or more. Do NOT refi. And always send extra money, even if it is only $25.
That's 75-100K net. Think how much you would have to gross, working at any job, to net 75-100k. As time goes on, IF you could afford a tiny bit more per month, the overall savings would be even greater.Online calculators show us saving 75-100K over the life of the loan and that's after the refi costs and expenses to do it. That's "money kept in the pocket".
USA/Canada. US rates can afford to go up, those guys get a magic 1k/mo in bank acct soon.
Canada is not in the same position. We are arsed with our RE and there's no way out.
I wish I could keep my house but I need a bigger bath tub and central air. That will run me 600 grand.
Tax write off is big lie. Having paid off my house vs having a mortgage write off had NO significant impact on my taxes .AFAIK, they can also write off the mortgage interest on their income tax. That's a huge advantage right there.
Second question: One of the things we all seem to like is the distinct sound of the Mustangs, what have they done to get a similar sound out of the electric cars.
Kinda like this one!... (that thread went down the rabbit hole)
Why not ? I woulda thought being able to write off say $10K a year, would result in an extra $3k coming back in the refund ?Tax write off is big lie. Having paid off my house vs having a mortgage write off had NO significant impact on my taxes .
It actually simifies filing not having a mortgage.
When I bought my 1st home in 1979, the bank lady worked it out for a 25 yr term. I said how much for a 10 and also 15 yr term. She went beserko, and screams..."standard term is 25 yrs". I was 24 yrs old at the time, and had the maths worked out beforehand. Walked out with a 15 yr mortgage..and a fixed 5 year term at 11%. During that 5 yrs, interest rates shot up to 22%..then back down to 13%. She wanted me to get a 1 year fixed term at 10.5 %. If I had done that, I woulda lost my home.... like hundreds did in town. Fn RBC.So there we were, getting the morgage for our current home. The guy worked the numbers money down, closing costs, projected monthly payment, etc. This was the 30 yr mortgage.
I said to the guy, now give me the 15yr quote.
He got pissed and said "why would you want that?"
Same or slightly higher monthly payment and half the term. Thats why!! And we walked out with the 15yr at a 1/2% lower rate.
After reading all these post I have a couple of questions. Is a 2008 Mustang Convertible Gt/CS with 70,000 miles in a desirable sales position? Only has 67,000 at the moment but I'm over 82 and the time to sale will come.
Second question: One of the things we all seem to like is the distinct sound of the Mustangs, what have they done to get a similar sound out of the electric cars.
For our first house, we were approved for $325000. I did a quick rough estimate on what the payment per month would have been. And it would have taken both of our paychecks just to pay the mortgage. Dont need to eat, put gas in car to go to work, heat and light the house. Minor details... lmaoWhen I bought my 1st home in 1979, the bank lady worked it out for a 25 yr term. I said how much for a 10 and also 15 yr term. She went beserko, and screams..."standard term is 25 yrs". I was 24 yrs old at the time, and had the maths worked out beforehand. Walked out with a 15 yr mortgage..and a fixed 5 year term at 11%. During that 5 yrs, interest rates shot up to 22%..then back down to 13%. She wanted me to get a 1 year fixed term at 10.5 %. If I had done that, I woulda lost my home.... like hundreds did in town. Fn RBC.
We were approved for quite a bit more but were reluctant to spend what we did.
I live in Australia and own 4 Saleen S197's I got the same message from my mother, it took a while to sink in but it was a true statement. Paid my mortgage of in 8 years that was 1985 and have paid very little interest since....almost nothing. It really allows me to enjoy my cars which we own. And yes have 2 CC's mainly for the points, paid off each month and yep banks hate it.My mum read me the riot act back when I was 18. "other than a mortgage on a house, if you can't afford to pay cash, you can't afford to buy it". Credit card companies have never made a dime from me.
Don't use calculators, don't seek advice from advisors... trust your gut!!!Online calculators show us saving 75-100K over the life of the loan and that's after the refi costs and expenses to do it. That's "money kept in the pocket".