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- Thread starter SoapyCy
- Start date
They are a possibility but looking at their rates you have to borrow over 200k to get the 2.5% and we only have about 100k left on our current mortgage so the 2.875% they have may not be any better than where we currently have our note with. We're definitely open to shopping it around if it makes sense though.
You have 100k left on your mortgage and you can’t write a check for it right now? Pffft...you’re not worthy to be on this site. Let me ask you a question...what kind of cars are you driving? You obviously have more house than you can afford so I assume you’ve got cars you can’t afford as well.
Congrats on the low mortgage balance! Unless you are looking to take some equity out, or have a high interest rate already.. I bet you are better off just getting that baby to $0. Good work
I'm not sure if you are being serious or sarcastic but I'm sorry if I'm not just filthy rich like some seem to be apparently... Our mtg is our only debt right now and haven't had a car payment in years. Our cars are a 2007 Impala and 2015 Traverse so no we aren't driving cars we can't afford either and not in the market to replace one for at least 2-3 more years maybe. There is no way I could write a check for 100k today and pay the whole thing off without depleting all our savings and investments as well as probably dipping into retirement funds too. Definitely not into more house than we can afford, if anything we probably could easily qualify for much more house than we currently own but we don't have the want nor need for it. We also have 2 kids, 1 still in daycare (used to have both in daycare just a year ago) and we've made a priority to contribute to their 529 college savings plans since they day their were born. We don't live high on the hog with stuff in our house either, very moderate and inexpensive furnishings and we definitely don't buy the latest and greatest technology as the newest TV in the house is 6 years old while our main TV is probably over 10 years old now as I can't even remember what year we bought it. No iPads, Alexa or any stuff like that and last time we upgraded cell phones was about 2.5 years ago too.
Thanks for passing judgement before you knew the situation... I'd call being 40 years old and only having a single 100k debt when others have student loans, car loans, possible CC debt, etc all on their plate I'm be thrilled to be in a situation to have our house paid off before our kids start college. I owned a home for 10 years that I bought 1 year out of college before we bought the house we are in now and brought over about 50k of equity from that house so we didn't have to take out a larger loan. I feel very grateful and blessed that I'm in the financial situation as I am in now because I know people in a helluva lot more debt than us that probably are stretched thin paycheck to paycheck.
Thank you, would love to get that paid down faster. We're 6 years in at 4.3% on a 30 year right now so it obviously makes since to take advantage of the rates right now and go down to 15 year which really isn't going to change our monthly payment much and help us pay that off much faster.
Going to be interesting to see what happens to the "real" economy and not just the stock market as in a real to life recession. Last time around there was still stuff in the government tool box to help stimulate things to at least lesson the impacts some and maybe build confidence. Now the tool box is empty having been spent to stimulate when things were booming. They lowered taxes in the boom time and cut rates to prop things up to artificial levels and to fight off even a minor correction. All were short-term short-sighted actions like the worst of big companies managing only for quarterlies rather than planning or building for the future. Now the govt isn't going to have much to offer other than platitudes and empty rhetoric.
This is one of those days where I roll my eyes so much. I heard someone of Hy-Vee ask a friend if they should cash out their 401k while they have a chance. WHAT?!?!
I know I don't have to explain it to most of you guys, but don't panic sell.
Also, don't panic about anything right now (unless you work in oil...). The cause of this correction is likely due to the coronavirus, not a market crisis like the 2008 house market crash or the tech bubble bursting.
I know I don't have to explain it to most of you guys, but don't panic sell.
Also, don't panic about anything right now (unless you work in oil...). The cause of this correction is likely due to the coronavirus, not a market crisis like the 2008 house market crash or the tech bubble bursting.
I'm slowly but methodically dollar-cost averaging my way into this mess, trying to put idle cash to work in strategic places. Historical market behavior in the periods following the VIX reaching 40+ is very favorable for the buy & hold / long-term investor...
"Get greedy when everyone else is fearful"
"Get greedy when everyone else is fearful"
Smh. Yeah, some people just aren't ever going to "get it". 10% penalty plus whatever taxes they would pay and it would end up being more than they've "lost" in the last month.
On the other end of the spectrum there are the people that have been waiting for the dip since 2017 because "we're due for a downturn at anytime!" Well they finally got it and they're ready to show us all how stupid we were! At a cost 12% higher than it was in mid 2017 and 3 years of missed gains.
I am actually seeing that number in a lot of areas. I think it is very possible but looks like a very good target. A chart of DIA ETF shows the 3rd Fibonacci retracement (61.8%) is 200.41 or so.
Nobody knows where the bottom is. If you have the cash just average in on the way down and you will be rewarded greatly.
I purchased about $4000 today in my IRA accounts. I purchased MSFT and VZ to help balance out my portfolio (I was way short on tech and telecommunication stocks). The main investment strategy was for dividend-paying stocks.
I still have about 4500 more to buy, but I'm going to wait on the rest to see how it plays out. If the market begins to stabilize, then I'll miss out on a little gain.
I still have about 4500 more to buy, but I'm going to wait on the rest to see how it plays out. If the market begins to stabilize, then I'll miss out on a little gain.