Mortgage gurus talk to me

[Hayata]

Invest the extra in T-bills for 13 weeks.

If housing market tanks you still have your cash.

Re-evaluate in a year.

Paying down your principle is always a great idea.

Good luck!

 

[basstracker89]

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

You're in a better position than most. You're always better to have less debt. Pass that, you definitely have some decisions to make. I wouldn't want to borrow money for investments, but you do have a unique opportunity

 

[WallsGa]

HKMurkure

 

[Control for Smilers]

does the down payment negate the need for PMI?

 

[lilred06]

does the down payment negate the need for PMI?

It’s considered a refinance so no PMI, or so they say

 

[HKMurkure]

HKMurkure

Thanks WallsGa!!

OP, I just sent you a DM. 25+ year mortgage professional who can give you an unbiased opinion on your options.

 

[GeauxLSU]

It’s considered a refinance so no PMI, or so they say

If you are putting down 20% of the purchase price you won't be paying PMI. I'd avoid PMI at all costs.

 

[Kman]

If I had an extra hundred grand sitting around I’d buy some Hunter Biden paintings as investments.

Solid advice, compliments of the ODT!

 

[Falcon1]

HKMurkure

Thanks WallsGa!!

OP, I just sent you a DM. 25+ year mortgage professional who can give you an unbiased opinion on your options.

Came here to say this. Absolutely talk to this guy for all things mortgages, he will steer you straight.

 

[Rolling_trip]

I was in a similar situation in 2020, I ended up putting $50k down on a $230k loan, 30 yrs@3.85%. I used the other money to build a small shop and any other expenses that popped up, and they did. I’m glad I did, it dropped my payment…….and then the taxes and insurance entered the picture. To this day, I still pay more than the required payment and extra when/if I get taxes back or a bonus. My plan is to have it paid off in less than 20yrs.