Have you availed of a mortgage?

Refinanced numerous times on numerous properties. Everything from an ARM that maxed out at 13% in 89 to my current 30 year at 2.8%.
 
We bought house but done no bank deal
Mother of my woman put the missing money our budget would not cover, will give her throught next 10 years as low monthly sum

If one can should dodge bank lol
 
i bought in 2020 when rates were low. Locked in a 30 year at 2.8%. 690k house so its about 3700 a month. weve put in some work, re did both bathrooms and redid the landscaping. Added a nice wood deck and stamped concrete pad and some fake turf and planter beds with landscape lighting. zillow has it estimated at 890k now but considering the work we put in and the fact worse houses in our neighborhood are going for 900k im thinking we could push for 930-940 if we wanted. Not that we plan on moving anytime soon, especially with todays rates.
 
Mortgages are not inherently a bad thing. I'm locked in at 3% and am in no hurry to pay it off. My HELOC is a tool that I will always utilize.
 
I owe about $666k at 6%, my place is worth about double the debt.

First mortgage, and about 5 years into 30.


The debt is intimidating but I'm happy with my decisions.
 
30 year locks at such low rates? Crazy.

Here in Canada I believe the longest is 25 and you're looking at 9% interest rates for doing so.

I don't know much about Canadian interest rates or their currency exchange but that's damn high.
 
I owe about $666k at 6%, my place is worth about double the debt.

First mortgage, and about 5 years into 30.


The debt is intimidating but I'm happy with my decisions.
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Real question is, would you buy/finance/live in a nice double-wide off a highway?


I prefer a real house, but if I needed to save money, double wides aren't bad. My grandparents lived in one.

The resale value isn't great and you have to pay space rent in most situations, on top of your mortgage.
 
12.5 years left on 15 year refi of original 30 year note. Currently on sub 2% fixed rate.
 
And how long are you paying for it? Or how long have you paid it for?

I think my folks did a 20 year amortization on the house we live in and have paid it off early. They already owned the lot/land before the house was constructed.

I only found out how mortgages really work recently.

What do you mean you only found out how mortgages really work recently? Unless I'm mistaking you for someone else, you always seem like you have a good grasp on finances and simple investing.
 
And how long are you paying for it? Or how long have you paid it for?

I think my folks did a 20 year amortization on the house we live in and have paid it off early. They already owned the lot/land before the house was constructed.

I only found out how mortgages really work recently.
would ya recommend paying it asap, or invest in the extra cash? I have a tenant paying my mortgage off, so I often wonder whats the better option. I am risk adverse, so Im paying a chunk off on top of the regular payments being made.
 
What do you mean you only found out how mortgages really work recently? Unless I'm mistaking you for someone else, you always seem like you have a good grasp on finances and simple investing.
I knew that mortgages involve a monthly fee but not how to compute it. I may have encountered the formula they used in one of my subjects when I studied engineering but can't recall with certainty.

I don't have this investing thing quite figured out. I have spent quite a lot on crypto and we'll see if it will pay off this bullrun. Other than that, I'm a pretty good saver.
would ya recommend paying it asap, or invest in the extra cash? I have a tenant paying my mortgage off, so I often wonder whats the better option. I am risk adverse, so Im paying a chunk off on top of the regular payments being made.

If you own a property and have a tenant, you're doing better than me in this regard lol.
 
30 year locks at such low rates? Crazy.

Here in Canada I believe the longest is 25 and you're looking at 9% interest rates for doing so.

My Canadian friend told me his rates went up after 4 years. I thought he got a variable rate loan but I guess in Canada, that's normal?
 
I have 2 mortgages. One for my rental (3.25% @ 30 year) and one for my primary (2.5% @ 30 year). I have the cash to pay off my rental right now, but I’m letting it ride without extra going towards principal. I have ~10 years left to pay it off because earlier on after I did my refi I was adding extra towards principal. Then the first 5ish years I was making significant extra payments towards principal. I stopped that a couple years ago. I almost did a 15 year refi back in 2021, but I can’t remember why I never followed through. As for my primary I did a refi back in 2020 so I still have 26 years left to pay it off. I see no reason to make extra payments towards principal since my interest rate is so low.

My wife wanted to buy a home back in 2020 and rent out our current home. Kind of wish I listened to her since home prices skyrocketed after that and rates were at historical lows at the time. On top of that now a days a home like mine with paid solar (that overproduces with NEM 2.0) can rent easily for $4k+/month. My mortgage (PITI) is <$2200/month. Crazy to think I pay that low of a mortgage when people buying right now are paying 2.5-3x my mortgage for a similar home assuming they are putting 0-20% towards downpayment.

Anyway I consider my mortgage debts, good debt. My wife and I put in so much into our retirement on top of 529 plans and still enjoy life with travel and what not so we will keep doing what we are doing for now.
 
I knew that mortgages involve a monthly fee but not how to compute it. I may have encountered the formula they used in one of my subjects when I studied engineering but can't recall with certainty.

I don't have this investing thing quite figured out. I have spent quite a lot on crypto and we'll see if it will pay off this bullrun. Other than that, I'm a pretty good saver.


If you own a property and have a tenant, you're doing better than me in this regard lol.
we truly never 'own' with property taxes imo. that being said, I do feel very fortunate and super lucky thanks to family and peers.

My dilemma is missing out on gains from other investments(crypto etc) cause I am so fixed on paying the mortgage off asap.
 
I paid off my mortgage in 3 years. Worked long hours and saved a lot while living with my parents and with their loan I was able to put down 75% down payment. I had open variable mortgage at the time and super low interest, I was paying 0.65% for like 2 years then slowly it went up to 0.85 and then 1.15 before I paid off my mortgage, this was back in 2008-2011. I was making yearly lump sum continuation to my principal while I made sure my monthly payment was low as possible, my monthly payment was 320 a month. Took another 2 years to pay my parents back and since early 30s I was completely debt free and feels great.
 
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