Mortgage gurus talk to me

[lilred06]

Thanks for the tips. I get extremely overwhelmed when it comes to numbers and mathing. Used to be pretty decent at understanding it all, suffered a pretty bad concussion years ago and now pretty much anything involving numbers I might as well be reading ****ing hieroglyphics, so it takes a good bit of research for me to get a pretty basic understanding. Couple that with having parents that aren’t good with finances whatsoever and didn’t know anything to pass to their kids, it’s a struggle

 

[rockyfatcat]

A good investment is a better choice. Hypothetically if you locked in your loan today with 30 years zero down, you'd be paying a steep interest rate. But remember they are shrinking the dollar by printing money, so you'll be paying back your loan with 'funny money' (cheaper dollars), and you can refi when rates get back to normal.

If your investment advisor can find you something that will retain value, and not loose value, growing that 100k could end up being worth more than your property.

 

[the_great_white]

Run an amortization table with and without the 100k and see if it cost or saves more than that either way. Maybe throw in a few incremental amounts in-between and see where you break even and invest some and you'll be ahead of the curve.

 

[the_great_white]

you can refi when rates get back to normal.

We're headed "back to normal" these low rates we've had for the past decade have been an anomaly.

 

[Control for Smilers]

We’re about to finish our build and convert it to a mortgage. We have $100k we were going to put down on the loan, however after going over numbers with our bank, they hadn’t entered the $100k into the loan as a down payment yet, and we’ve found the payment is obviously higher, but still within the manageable window.

So my question is this…what should we do with the $100k? Is it worth putting down on the payment? Or would it be better to hold it and use it to pay an extra $1000/month for the next 100 months, paying solely toward principle? Or should we feel bad and just send it to Ukraine?

you said bank didn't take the $100k into account...does the $100k change the interest rate? more time with the loan officer and a mortgage calc.

 

[StuP]

Sort out your liquid emergency fund and put the rest down.

 

[Control for Smilers]

We're headed "back to normal" these low rates we've had for the past decade have been an anomaly.

no kidding, locking into 2.25% for 15year money is the smartest thing I ever did...Just shouldn't have done it in gwinnett county, lol.

 

[the_great_white]

no kidding, locking into 2.25% for 15year money is the smartest thing I ever did...Just shouldn't have done it in gwinnett county, lol.

I bought at 4 for 30 12 years ago and thought about a refi with a lower rate but the origination/closing fees didn't math out for me.

 

[rockyfatcat]

We're headed "back to normal" these low rates we've had for the past decade have been an anomaly.

printing money = inflation. Inflation drives the price of goods and services up. Investing in something that retains value means not loosing buying power with your cash.

The interest rates are artificially high to reduce demand. When they have slowed the demand and want to encourage the economy again, the FED will change policy and rates will go down. hence time to refi

 

[basstracker89]

My name is Ukraine....

LOL, I love it.......