[manaboutown]

Originally Posted by asianthree

So financial strategy anywhere a rate is above 4.5%, take out the largest mortgage institution will give you, putting minimum down.

After first mortgage payment applied, pay down mortgage by 20 to 70%. Amortization of payment next 30 days, interest is minimal.

Just remember if you need write off, speak with your finance guy, as too how much cash to pay down. So 8% is only ugly if one doesn’t have savings, or investments

I was thinking about today's young to middle aged families, not people over 50 who have built a portfolio of financial assets over time. Most folks don't have much in the way of savings or investments when they are starting out in their twenties and thirties. I didn't. Every house I ever bought from 1967 through 1996 I leveraged to the hilt short of needing to pay PMI. The last one I bought in 2017 I took a 15 year 3-1/8% mortgage on, 50% down. I find it convenient not to pay it off as the lender escrows money from my payments and pays the taxes and insurance for me. My other houses are now free and clear. The $10K cap on the SALT deductions modified my strategy.