Snowball of Debt? Is Your Mortgage the Solution?

[KactusKiller]

I'm thinking if someone has 100,000 in debt outside of a mortgage, refinancing ain't going to help any. It'll just free up more spending money.

Not all debt is cc or auto etc. we used low interest and high equity to pay off higher rate land loan. Going to save us a lot in the long run. The money we save on the monthly we stick into our investment accounts. It’s a double win!
The rates they are throwing out right now are crazy. DO NOT HESITATE! You’ll kick yourself in the ***** later.

[KactusKiller]

Not all debt is cc or auto etc. we used low interest and high equity to pay off higher rate land loan. Going to save us a lot in the long run. The money we save on the monthly we stick into our investment accounts. It’s a double win!
The rates they are throwing out right now are crazy. DO NOT HESITATE! You’ll kick yourself in the ***** later.

Also something to keep in mind, if your financially responsible there is no reason to put you home in a 15yr fixed right now. Put it on a 30yr and send that extra monthly amount to you retirement fund of choice. There isn’t many investments that are making less than 4-5% right now. With these sub 3% rates it’s free money. You can always double pay some monthly’s if you want but your better off investing than paying off your loan. You just have to be responsible and do it. We changed to 30yr from two previous 15yr notes.

[bbqfan5909]

As I do want to agree with you, this market can self correct and lose 20% or more in a blink of an eye.

We do both, pay extra on 30 yr as if its a 15 yr, while also putting into investments. Different ways to skin a cat for sure.

Also something to keep in mind, if your financially responsible there is no reason to put you home in a 15yr fixed right now. Put it on a 30yr and send that extra monthly amount to you retirement fund of choice. There isn’t many investments that are making less than 4-5% right now. With these sub 3% rates it’s free money. You can always double pay some monthly’s if you want but your better off investing than paying off your loan. You just have to be responsible and do it. We changed to 30yr from two previous 15yr notes.

[KactusKiller]

As I do want to agree with you, this market can self correct and lose 20% or more in a blink of an eye.

We do both, pay extra on 30 yr as if its a 15 yr, while also putting into investments. Different ways to skin a cat for sure.

It can but if one area changes the other improves in my minor investment experience. But with sub 3% interest rates there is very few long term investments that won’t yield better than that over a 15yr period. I am going to finish paying off our higher rate land loans first then that monthly payment will go to a split of money market account and home loan.
I’m just saying there is potentially better ways to spend your money than just paying a 2.25-2.75 interest home loan.
Now if your gonna put it on a 30 yr note then just blow the money your saving each month on toys and vacations then yes you should def go with a 15yr. It takes some dedication.

[Tex_Cattleman]

Finished with Trey again on a Sat. not even the cold weather slowed us down.

BTW, Kudos to Melissa in your office for handling all the details with the title company and making it happen.

Thanks for recognizing Melissa. You know who does the real work on a loan! I just talk on the phone - mostly hunting and fishing.

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[ladrones]

Is there a good way to use about 30% of the equity in a home to fund a remodel?

[KactusKiller]

Thanks for recognizing Melissa. You know who does the real work on a loan! I just talk on the phone - mostly hunting and fishing.

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Either way you are a great team to work with, thanks again!

[Tex_Cattleman]

Is there a good way to use about 30% of the equity in a home to fund a remodel?

Yes! There are a few options and the best will depend on several factors unique to you and your situation. Give me a call and we'll walk thru them.
Trey
512.203.5869

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