Talk of The Villages Florida - Rentals, Entertainment & More
Talk of The Villages Florida - Rentals, Entertainment & More
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#32
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What is a Home Equity Line of Credit and How Does it Work? |
#33
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Thank you for your service. Thank you for your post.
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Identifying as Mr. Helpful |
#34
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This Market
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The Dow Jones Industrial Average has risen 23% in 2019 after gaining 190.17 points, or 0.7%, to 28,645.26, this past week, while the S&P 500 index has gained 29% after rising 0.6%, to 3240.02, and the Nasdaq Composite has climbed 36% after finishing the week up 0.9%, at 9006.62.Dec 27, 2019 That is the STOCK MARKET, WALL STREET of course. Not your local grocery store. |
#35
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When was that written? Right now, the Dow is hovering around 24,500. Cherry picking any two specific days, one could make the DOW look like it was up (or down) 50%. |
#36
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How about calendar 2019? Here are the popular indices.
https://image.cnbcfm.com/api/v1/imag...20&w=740&h=416 Quote:
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#37
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True , but risk factor on the investment is a critical part of the decision process, also. Consider the costs associated with a new mortgage. They amount to a reduction of the balance received and can affect the cost calculation of the funds received.
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"All that is necessary for the triumph of evil is that good men do nothing" Edmund Burke 1729-1797 |
#38
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Shop around with lenders not just for the new interest rate but also for closing costs. Also, some lenders let you roll the closing costs into the new mortgage, so you have no out-of-pocket costs. This plan of course means your new mortgage is a little higher than your old one, but with the extremely low rates available now, it’s still easily worth it to refinance with costs rolled in. Have a couple lenders run numbers for you.
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#39
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#40
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Just like hurricanes and earthquakes and lightning strikes, we can't blame the developer for everything. The Boy Scouts motto is good here; Be Prepared. Save your money or get insurance.
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It is better to laugh than to cry. |
#41
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Now that it is harder to itemize on tax return mortgages are not so good to have.
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#42
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Actually I disagree, the older you are the less you chance of having a mortgage for 30 years. Assuming your investments return more than the interest rate the amount you pay out will be significantly less if you die within the 30 years plus the profit on the property when your kids sell it. If you're in your 50's maybe a different calculation but mid 60's and older, the financial position will be strongly in your favor.
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No one believes the truth when the lie is more interesting Berks County Pennsylvania |
#43
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Although the market swings have been pretty volatile of late and investment returns for years may not even surpass the really low interest rates of mortgages right now, I agree it's much nicer to have the substantially extra cash in the bank from not paying all cash and just have a partial mortgage instead. Even with a minimum return on investment income, it will take more years than we probably have left for the cash saved to even come close to being equal to paying an $800-$1,000 a month mortgage payment. And even a modest increase in housing prices in the next 15-20 years, will most likely still leave the kids with lots of equity. Last edited by tvbound; 07-01-2020 at 10:08 PM. |
#44
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On Monday (6/29) I actually did this drill.
When I purchased in TV in March, 2015, I put 20% down and got a 30 yr mortgage at 3.875% through Citizens First. I have not made any additional principal payments. Several weeks ago I received an unsolicited mailing from Valley View Home Loans offering to refinance my mortgage pointing out that with historical lower rates, now could be the time. The letter had some fairly accurate info concerning my existing mortgage (they got fm public records), so I googled them for legitimacy, called them and talked. I told them it was a second/vacation home, that my loan to value was about 57% (don't you love the appreciation), and I was only interested in lower rate, low closing costs rolled in and a lower payment. After normal discussion, the man I spoke with said based on the LTV, I would not need to pay for an appraisal and closing costs would run about $2,000. That he thought I could get 3% which would change my payments from $1,028 to $834, a decrease of $194/month-a payback time of less than a year. Taxes and insurance would not be escrow-ed. My only hesitation is what's going to happen with Covid-19 - will I ever return!!! |
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