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Filed: Citizen (apr) Country: Mexico
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Posted

We bought a house a month ago, as a first time homebuyers there are a lot things we are clueless about. We need to make the first mortgage payment pretty soon. I would like to get your opinion the prepayment option.

My husband and I have discussed the prepayment option to reduce our 30 year mortgage. He is not really into the idea and trying my best to convince him to pay 2 to 3 times the principal amount whenever we can to save money in interests and to reduce it to 15 or less years.

I really dislike the idea of paying as much as 3 times the original amount. I mean more than half of the payment is just interest! I guess I cant really complaint about the interest since we got a 5% rate, but even with such a low rate intest is a lot.

What would be the best option, Prepay the mortgage, put the money in a savings account and have it in case of an emergency, or invest it?

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Posted

Prepay!!!

"The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies."

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Filed: Citizen (apr) Country: Colombia
Timeline
Posted

Really a crazy system giving you 30 years to pay off your home when the damn thing won't even last that long. First thing to go are major appliances like your HVAC system, hot water heater, dishwasher, refrigerator. Then your argon windows will fog up, that is a major expense, plus your roof will need replacing, and if you have plastic siding, UV rays wreck that to hell. Any little water leaks cause major structural damage to that glued together saw dust they use. Plastic plumbing fixtures start cracking as age makes them far more brittle. Now I see they are using cheap garden plastic hose for once copper pipes. Hate electricians that use those plug holes that barely make contact when they have two big screws to use. Concrete blocks have no business being used for basement walls unless you live in the desert, they crack and let water leak in.

Son's furnance motor alreay went out with this made in China #######, after 13 months, his dad used powerful arguments to get him a new motor free, but installed it himself, b@stards aren't even varnishing the stator windings anymore leading to vibrations of that magnet wire wearing out the thin insulation causing a major short circuit.

Also depend on the design of the house lacking any access to common plumbing problems, you have to start by ripping out a wall then replacing that just to repair a minor leak. Flooring and carpeting can be a major expense to replace, real oak floors can be sanded and refinished many times, today to get a very thin veneer, less than a 1/32" where a deep sratch leaves you with no option but to replace the entire floor. Most new homes only come with a one year warranty, then all these expenses are left to the owner. Yet another hazard is in road salt areas where that ####### can crack your nice driveway and sidewalks.

You have all this on top of your high interest payments, no wonder why people are going broke, they do not make homes like they use to.

I found it much better to buy and pay off the land, have some cash, like a common down payment, take a year off and build my own home, did get a construction loan and paid that off in a couple of years, and did everything right. But did get screwed on these argon filled windows, but slowly changing that and doing the work myself. You be suprised the money and the real estate agent makes in selling a home, and labor is totally outrageous paying over 75 bucks an hour for some idiot scratching his head. And did design my home so I do have access for common repairs so I don't have to tear out a wall. Also saved on YMCA fees, got plenty of exercise in the process.

Did get a break on property taxes by arguing with the assessor on what I actually had in the home, but that only lasted a couple of years. They got smart and use every trick in the book to legally rob you.

Owning your own home, the American dream that has become a nightmare.

Oh, when I designed my home, already knew a wire,a pipe, or a heating duct had to go through a joist or a stud, was far easier to do that on a a drill press or a saw then have to stand on your head and do that after it was nailed in and have to use a hand tool because a power tool won't fit. Also did all my trim on saw horses doing all four side for far superior wood protection. Played with the dimensions a bit to use standard size lumber to reduce waste, see some homes with the same amount of waste as they use in the home. Really shake my head when I see contractors at work, do everything the long hard way with lots of waste. And you are paying triple for that!

Filed: Citizen (apr) Country: Brazil
Timeline
Posted
We bought a house a month ago, as a first time homebuyers there are a lot things we are clueless about. We need to make the first mortgage payment pretty soon. I would like to get your opinion the prepayment option.

My husband and I have discussed the prepayment option to reduce our 30 year mortgage. He is not really into the idea and trying my best to convince him to pay 2 to 3 times the principal amount whenever we can to save money in interests and to reduce it to 15 or less years.

I really dislike the idea of paying as much as 3 times the original amount. I mean more than half of the payment is just interest! I guess I cant really complaint about the interest since we got a 5% rate, but even with such a low rate intest is a lot.

What would be the best option, Prepay the mortgage, put the money in a savings account and have it in case of an emergency, or invest it?

we round up the house payment a few hundred dollars, so in a year we pay approximately $2700 additional towards the principal.

* ~ * Charles * ~ *
 

I carry a gun because a cop is too heavy.

 

USE THE REPORT BUTTON INSTEAD OF MESSAGING A MODERATOR!

Posted (edited)
Really a crazy system giving you 30 years to pay off your home when the damn thing won't even last that long. First thing to go are major appliances like your HVAC system, hot water heater, dishwasher, refrigerator. Then your argon windows will fog up, that is a major expense, plus your roof will need replacing, and if you have plastic siding, UV rays wreck that to hell. Any little water leaks cause major structural damage to that glued together saw dust they use. Plastic plumbing fixtures start cracking as age makes them far more brittle. Now I see they are using cheap garden plastic hose for once copper pipes. Hate electricians that use those plug holes that barely make contact when they have two big screws to use. Concrete blocks have no business being used for basement walls unless you live in the desert, they crack and let water leak in.

Son's furnance motor alreay went out with this made in China #######, after 13 months, his dad used powerful arguments to get him a new motor free, but installed it himself, b@stards aren't even varnishing the stator windings anymore leading to vibrations of that magnet wire wearing out the thin insulation causing a major short circuit.

Also depend on the design of the house lacking any access to common plumbing problems, you have to start by ripping out a wall then replacing that just to repair a minor leak. Flooring and carpeting can be a major expense to replace, real oak floors can be sanded and refinished many times, today to get a very thin veneer, less than a 1/32" where a deep sratch leaves you with no option but to replace the entire floor. Most new homes only come with a one year warranty, then all these expenses are left to the owner. Yet another hazard is in road salt areas where that ####### can crack your nice driveway and sidewalks.

You have all this on top of your high interest payments, no wonder why people are going broke, they do not make homes like they use to.

I found it much better to buy and pay off the land, have some cash, like a common down payment, take a year off and build my own home, did get a construction loan and paid that off in a couple of years, and did everything right. But did get screwed on these argon filled windows, but slowly changing that and doing the work myself. You be suprised the money and the real estate agent makes in selling a home, and labor is totally outrageous paying over 75 bucks an hour for some idiot scratching his head. And did design my home so I do have access for common repairs so I don't have to tear out a wall. Also saved on YMCA fees, got plenty of exercise in the process.

Did get a break on property taxes by arguing with the assessor on what I actually had in the home, but that only lasted a couple of years. They got smart and use every trick in the book to legally rob you.

Owning your own home, the American dream that has become a nightmare.

Oh, when I designed my home, already knew a wire,a pipe, or a heating duct had to go through a joist or a stud, was far easier to do that on a a drill press or a saw then have to stand on your head and do that after it was nailed in and have to use a hand tool because a power tool won't fit. Also did all my trim on saw horses doing all four side for far superior wood protection. Played with the dimensions a bit to use standard size lumber to reduce waste, see some homes with the same amount of waste as they use in the home. Really shake my head when I see contractors at work, do everything the long hard way with lots of waste. And you are paying triple for that!

Is there anything you can't do or haven't done? :lol:

Edited by spookyturtle

R.I.P Spooky 2004-2015

Filed: Citizen (apr) Country: Canada
Timeline
Posted

NickD, your house sounds wonderful!

To the OP, if you can prepay, prepay. Yes, set money aside for ongoing maintenance because you will have that as well, although maybe not quite so extreme as NickD mentioned :D , but prepaying early on will definitely reduce the overal amount that you pay and the length of time that you have to pay. We round up several hundred dollars on our mortgage as well. If we got any sort of a windfall it would go to the mortgage.

“...Isn't it splendid to think of all the things there are to find out about? It just makes me feel glad to be alive--it's such an interesting world. It wouldn't be half so interesting if we knew all about everything, would it? There'd be no scope for imagination then, would there?”

. Lucy Maude Montgomery, Anne of Green Gables

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Filed: Citizen (apr) Country: Colombia
Timeline
Posted
Is there anything you can't do or haven't done? :lol:

I have a zero memory with medicine and anatomy, if someone tells me they have a broken arm, well know what broken means, but have to look up arm. Learning a foreign language is also out of the question which could have been good, problems with Latin prevented me from becoming a priest.

Surprised my kids are so darn smart in languages and medicine, but give them a screwdriver, they are dead lost.

We had our monthly get to together last night with all USC guys married to Latin American beauties. That crowd is growing with two more couples. Ladies like to sit together and they all speak and listen at the same time. Asked some of the guys, they pretty much knew what they were talking about. Just said, my wife tried to teach to say a couple of Spanish words, had to go to emergency to get my tongue untwisted.

Filed: Citizen (apr) Country: Colombia
Timeline
Posted
prepay a few hunded dollars if you can/want to, but dont forget the interest is a tax deduction.

Son already figured that out, better to pay 30% of that money to the government, then 100% of it to the bank. At least our government is providing us with valuable services, like picking up my one trashbag once a week.

Country: Vietnam
Timeline
Posted

If the interest is 5% and you can put the money someplace that earns more than 5% then do that. The interest on the house is tax deductible. Also if you have any other payments like credit cards or car payments, etc that are higher then pay those first. As said before make sure that you have a rainy day fund.

 

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