Should I Get a Mortgage or Not? I’m 27, not from the USA, and I have no debt. I make around 4000 a month, and my living expenses (excluding rent) are around 2000. I work at a financial institution, which gives me access to preferential mortgage rates—right now, I can get a fixed rate of 2.7%, while the normal market rate is 13%. House prices here are increasing by about 3-6% p…

3% Mortgage Too Good To Give Up? We bought a fabulous house in a great neighborhood with good schools. Raising kids and it has been a great spot. Coming to the end of this stage of life. We always thought we would sell this house and buy closer to the ocean or closer to the city, something that would be for us, not just for the kids. But, then, I ran the numbers. If we stay her…

Extra Mortgage Payments or Savings Strategy I have a 30 yr fixed at 6.125. I could easily make extra monthly payments and additional yearly lump sum payments with end of year bonuses and have the house paid off in 6-10 years. I’m almost 50 so it there isn’t a huge amount of time to save. I have a good retirement account as well as some other conservative investments (guaranteed to drop no…

Mortgage vs HELOC Amortization I have a question about loan amortization. I’m getting a loan for some home remodeling. I have seen bad things happen with HELOC loans. But, those people also had bad financial discipline. My bank is offering two loans: home equity loan at 7.5%, 30 yr loan due in 20. The other is a HELOC at 4% for 6 months then prime -0.5%. Interest only for 10 …

Mortgage payments or 401k, IRA I’ve had an increase in salary from 80k to 155k/year. I’m deciding on how to best divvy up my funds. 30-year mortgage and luckily got a 4.75% rate when we purchased around COVID. Various savings accounts; 529, IRA, and 401Ks with a total of ~40k in savings. 36, married with 2 young children. I’m the only one working. I’m currently putting 15% in…

Should I mortgage recast? I have about $773k left and a little under 28 years with a 4.875% interest rate. I have about $200k sitting in a HYSA (3.80% APY) that was gifted to us. I’m thinking of putting maybe $150k towards recasting the mortgage to lower the monthly given we have other monthly childcare expenses. I think we can afford the loss in liquidity. We don’t pla…

Paying off mortgage with super Advice please. Am single, 59 have 250k mortgage earn 110k aussie a year. Is it best to keep paying off till I retire at 67 or tap into super early and pay it off. It was suggested to take super out and leave in offset account. I know their are tax penalties to take out at my preservation age at 60. Any advice appreciated. submitted by /u…

Should I recast my mortgage? We bought a condo in 2023, on a $390K 20-year fixed mortgage at 5.875%. I made a $58,500 lump sum payment when we sold our old house, but didn’t recast the mortgage, figuring I’d refinance when rates came down a bit. Of course, that hasn’t happened. I’m pondering recasting the loan. The loan matures in 2043 but with the lump sum and no recast wo…

Is trying to get my parent’s mortgage paid really helping? We’re in Canada. I’m 26, confused about the mortgage and debt, and wondering if my contributions are truly helpful or not. Will a bank force a debtor to remortgage their home? My parents (F50 and M55) have about $130,000 in debt, and that’s about what the house is worth. I stopped renting and moved home when my parents separated, hoping this wou…

Pay down mortgage, save or invest? 300k mortgage at 7.3%. 6 months of full living expenses saved up, 14k in an investment account and a healthy 401k balance with 15% contributions per year. If I had an extra 300 a month — would you make extra mortgage payments, add to savings or investments, or increase your 401k contribution? Right now I plan to put the 300 a month into savings…

Worth it to pay down a mortgage to remove PMI and acquire a HELOC? For context, my current loan balance is $485,000 and I pay 2.99%. To remove the PMI of $90/month, I would need to drop my loan balance to $435,000 ($50k towards principle.) Here is how I worked the math, and I would appreciate if anybody could shine some light as to why I should/shouldn’t do this. – Dropping the principle by $50k would reduce my…

Which mortgage loan? Ready to buy, first time buyer in high cost of living area. I’m a physician. Physician loan, 30 year fixed, 9.5%, no PMI Standard fixed, 30 year, 7%, PMI until I reach 20% of principle – would take me about 2 years Wait two years until I save the down payment, hope I’m not priced out Was also offered 7 year ARM, but I’m not comfortable with th…

Should I pay down mortgage or invest my savings? Hey everyone, Id love to get your thoughts on my financial situation. F, 30, Sydney – I have $105k sitting in my everyday account. I also have a mortgage with a balance of $520k at an interest rate of 6.1%. Right now, ive set up my account in a way that offsets some of the interest, so I’m only paying interest on $415k, which saves me ~$6,400 an…

66% of net going to mortgage stuff Hi everyone, quick question: What do you think about having 66% of your take home paycheck going to a mortgage, taxes and insurance? My wife and I take home about 11k, and our PITI will be approx. 7500 a month. we would have about 2k a month between the two of us left over for other things, in addition to a 250k brokerage account and 25k in savi…

Pay off Mortgage or Invest in Stocks? So I just hit a $60k gambling win, and I’m torn on what to do with it. Should I throw it at my mortgage, invest it, or do something else entirely? Looking for advice. Here’s my situation: Liabilities: $150k left on my mortgage (3.2% fixed), no other debt Income: ~$75k/year Assets: $30k in savings, $50k in retirement accounts, and the house (wor…

Should I prioritize my 401k over my mortgage? I am a 36 year old who has a mortgage of $575,000 at 6.25%. I currently make 150k base, and if I pick up extra shifts from work, can make around 175k in total, give or take. By my own accord, and probably by the mathematics, I feel house poor and have been thinking about decreasing my contribution to my 401k to pay down my mortgage. My company …

Should I Pay Off Mortgage Early? Hello! My wife and I are trying to decide if we should pay off our mortgage. We understand that we could put this money in the market, but we’d love the piece of mind that a paid off house would provide. HHI: $170k Mortgage: $80k @ 4.99% (house value of $530k) No other debt We are both maxing out 401k & Roth IRA. After paying off the house, we…

30-Year Mortgage Rate Rises Above 7% for First Time Since May The latest jump threatens to sideline more buyers and sellers.

Pay down 6% mortgage or keep in brokerage I have $400,000 in my taxable brokerage account and owe about $375000 on my mortgage at 6% interest. I was planning to wait for 2025 and 2026 interest rate cuts to refinance – but the outlook on mortgage interest rates seems bleak. I figure with the recent market gains + fact that I would be taxed on future capital gains that I am better off ge…

Mortgage advice for people with disabilities Myself and my partner (both male 55 and 56)both are autistic and I have ADHD and I claim pip for chronic pain (fibromyalgia). We are planning to get married and we have 60k in savings and we planning to buy a house together. We can’t work full time due to our disability, and I was wondering if we would qualify for a mortgage? And if someone spec…