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| Ice age heat wave, cant complain.  |
Some of you may remember this thread about landlording... https://sigforum.com/eve/forum...935/m/9500001705/p/1 I decided I didn't want to fuck with the rental bullshit and the cash was much more useful in one lump sum for me. Well fast forward a little bit, I've since closed on my home as of a few weeks ago and got the condo cleaned up for sale. Received a cash offer for a number I could very easily live with, no contingencies, no inspection period. Done. Cash in hand. Ran an amortization to see how much I wanted to roll in to the house (I cannot be trusted with that much cash), ultimately I rolled $100k in and it reduced the interest by $320k and cut the term down to about 13.5 years from 30. I haven't so much as made the first mortgage payment yet, so needless to say I'm very happy. I have no interest in recasting the mortgage, I'm going to continue paying on it as is and will push to be in a fuck you position as soon as possible. I realize I would have likely re-financed at some point and the chances of me paying the mortgage in full at this rate is very low, but let me have this one. Now I need to order some more ammo. NRA Life Member Steak: Rare. Coffee: Black. Bourbon: Neat. | ||
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teacher of history |
You did a wise thing. | |||
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Member |
Congrats Mike! What am I doing? I'm talking to an empty telephone | |||
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Oriental Redneck |
Yeah, if you can afford to shorten the term significantly, you will always save significantly in the end. Q | |||
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| Member |
Getting rid of the condo and applying the proceeds from it into your new home mortgage sounds wise, congratulations! No car is as much fun to drive, as any motorcycle is to ride. | |||
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Not really from Vienna |
Good call. Congratulations! | |||
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| Rumors of my death are greatly exaggerated  |
Nothing beats lowering your debt. Let us know when you get to do a debt free scream. It's a wonderful feeling. "Someday I hope to be half the man my bird-dog thinks I am." FBLM LGB! | |||
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Ammoholic |
First, congratulations! Second, that would be silly. Wait until the interest rates fall, then refinance to 15 year loan, but still pay the 13.5 year number at higher interest rates. Obviously I don't know all your numbers, but you'd likely end up paying same mortgage payment, but having it done in 9-10 years. Jesse Sic Semper Tyrannis | |||
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| Member |
Smart plan you made. Congrats and enjoy the savings. It's all about clean living. Just do the right thing, and karma will help with the rest. | |||
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| Get my pies outta the oven!  |
Any time you can walk away from a condo HOA is a win! | |||
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| St. Vitus Dance Instructor  |
Nice. | |||
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| come and take it |
You done good. That's a lot of interest saved! I have a few SIGs. | |||
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| Ice age heat wave, cant complain. |
The HOA was one of the hash marks on the side of "move out/sell condo". NRA Life Member Steak: Rare. Coffee: Black. Bourbon: Neat. | |||
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| Member |
Congrats! Wins are nice. Money wins are even nicer. | |||
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