O/T but i saved myself big bucks!

Today was a good day! i started to refinance my house. ive only been here about a year and a half but rates have dropped so much i was able to loose 1.75 point off of my already low 6.75 percent interest rate!i had a 30 year laon but i cut off 14 YEARS of payments, i only have a 15 year loan now! its awesome, i was giving my dad shit cause he has fifteen years left on his house to! granted his house is worth alot more but its funny. Not bad for a stupid 22 year old, i just wanted to get everything in order know so i can live better later. And have more toys! if i figured it correctly i save my self about 100,000!

if theres anything ive learned from it all so far is: buy as soon as you can, its better to be "house poor" than "poor alone"!

 

wow, congratulations that is very cool! 14 years man......

 

Thats a good move Titus....something I have been considering too. I bought my house 2 years ago when I was 22 as well, with a 30 year loan and 6.25 interest my monthly payment is still less than rent on a house of the same conditon and features. If there is one thing I can recommend though to anyone thinking of buying....If you want something particualar...say a 2 car garage, buy it that way, I made the mistake of opting for more land instead of a garage, with the plan of building a shop later...I now realize that it wont happen that easy...permits, materials, labor cost and so on would leave me with no money and probably selling my projects to fund my empty garage

 

i sorta agree but buy both land AND a garage(if thats what you want).

they ain't makin' more land....

 

i agree that was a very smart move.

 

Good for you ! Everyone would be smart to remortgage or buy a home now. You'll never in your lifetime see mortgage rates this low. With the screwed up economy, alot of folks hesitate to make any big changes. Don't forget, its better to have and lost vs. not having at all. All the self made millionaires had this motto. Piss Poor PJ.

 

Depends where you're buying. My wife and I are looking to buy our first place together in OC. Even with a 50% down and low interest rates, our payments are gonna be around $2K. We need a 4 bedroom... One for us, one her kids, one for my kid and I need to have an office to run my business out of. Don't come cheap in the OC.

 

I bought this house in '87. Made the last payment on it a week ago. I'll be looking in to a reverse mortgage on it....should be able to get enough cash to buy a motorhome so I can spend my retirement winters in the sunny southland.

Best part is....NO MORE PAYMENTS !!!

 

If you can disapline yourself like I, get a 30 year and pay the extra $100 a month or so and it will do the same thing. But if you ever run into trouble one month and need emergency funds, you can pay the regular payment. Satin
PS: maybe I should make that a tech post, LOL

 

And to top things off i even got a pay raise at work today!, things are going great!

I agree satin black, but it was only a difference of a hundred bucks from a already low house payment, now i can pay extra on a fifteen year loan and get it overwith even sooner!

Things are going great this month! so far....!