About the mortgage scene in ‘Them’ season 1 episode 5 Can someone explain to me why the 20% on mortgages means and why this was a bad thing? The guy in the scene said that “ppl will never be able to get from under those mortgages” does that mean that those families would be paying those mortgages forever ? submitted by /u/Kpoper_mimi234

Aggressive mortgage payments vs diversify? TL;DR 6.5% mortgage interest rate, 29 years left on a house that’s a money pit; should I pay down mortgage aggressively? My partner and I bought a house last year with a 30-year 6.5% mortgage (5% down payment with PMI)…29 years left on the mortgage. We knew the house needed TLC/updating, but were informed of no urgent issues. We recently had multiple roof leaks, found out that we bought a lemon and had to borrow heavily from family and empty our bank account to …

Retirement instead of mortgage? My wife and I (both 30) are under contract for our first house. I’m making an estimate on how much we have left after paying mortgage, our expenses (utilities, food, auto insurance, etc.), and setting aside a little bit of fun money (so we don’t go insane), and I’m estimating we will have about 1-2k/month left. We already have an emergency savin…

Mortgage Escrow Shortage I understand how mortgages work and that your payment can go up or down (most likely up) because your insurance and taxes can vary year to year. The problem is I just got my statement and it seems incorrect. My property taxes went up $1300 this year and my insurance stayed the same. My mortgage started in June so I get the statement in July so I…

Can someone help me with mortgage math? If our original loan amount is $146,000 at 7.625% rate for 30-yr fixed. P&I payment is $1034 Escrow is $481 Total is $1515 but we pay $1600, with the extra $85 going towards principal How much money do we save if we put down $50,000 towards principal right now? How about if we put $75,000 towards principal? Does it save us money, how many mont…

How did you calculate how much to save for retirement with a mortgage? How did you calculate how much to save for retirement with a mortgage? I’m in the early stages of the home buying process – still saving – and I don’t feel confident in how to determine how much of a mortgage I can afford while also saving for retirement. I haven’t been putting much towards retirement the last two years because I’m saving for a…

Invest or Pay off Mortgage I’m just starting a new job making significantly more than my previous employer. I’m 27 and just got married last year. No kids. Previous employer 70k before taxes. New employer making 115k Also have a side gig that’s part time making 28k Wife makes $67k Total annual Gross income is about $210k. About $150k- 160k after taxes. Mortgage is $2400…

Recasting a mortgage Hello, I have paid ALOT of money towards the principal of my mortgage. I have about 40k left of it. I have it through Huntington and can use the paid ahead principal to recast the mortgage. This could be a silly question, but if I did recast the mortgage, I know it will make my monthly payment lower, but my principal balance remains at 40k, rig…

Taking over my Father’s mortgage My dad died unexpectedly on the 25th of last month. He left no will and had a small life insurance policy which covered his funeral. The only thing he had really was his house. It’s not in the best of shape, but appraised in 2020 for 194k. He currently owes about 117k on a mortgage. My brother and I hired a probate lawyer to have the house spilt…

Grandparents considering a reverse mortgage, should I buy out their current mortgage instead? My grandparents (in their late 80s) are considering taking a reverse mortgage on their home (3Br/2B + 2Br/1B DADU). The property sits on about 2 acres in California and was purchased in early 2000’s for less than $150k, Zillow estimates the value of the home today at around 1M. Up until recently I thought the house had to have almost been paid o…

Should I be throwing money at my mortgage or saving it? My mortgage rate is 6.49% with a little over $400k total remaining. Right now I’m able to put an additional $100 towards to principal. All excess money I have I’ve been putting in a brokerage (401k, IRA, and HSA are maxed out already). I have an additional $100k in a HYSA with a 4.2% APR. I saw something about putting excess money towards your …

Rocket mortgage calling me to refi their mortgage, what’s the catch? I received a call from Rocket Mortgage to refinance my mortgage with them. I already hold a mortgage with them since November 2023, so I don’t know if this is a loyalty thing or not. They’re proposing to: Drop my interest rate from 7.625% to 5.99% Drop the term from 25 years to 20 years Increase total loan amount from $256k to $276k Closing cos…

Mortgage is high. Should we recast, wait to refinance, sell, or stay where we’re at? Hi everyone. Hoping for some advice – things aren’t dire but they’re tight. Not going into the red, but nothing is really being saved right now either. About 2.5 years ago we bought a ~$570K house with a VA loan, $0 down. I know, probably not great going $0 down, but rates were going up and we saw an opportunity. 4.5% int. Current mortgage is $3…

Can we afford this mortgage? My spouse and I make a combined $165K a year. Currently our mortgage balance is around $240K at 3%, monthly payment with escrow and everything is around $1450. The house is worth around $340-$360K. No debts other than our car. We share one car (as we both work from home), which is a lease, at $500/mo. $80K in HYSA. $10K in checking. We are looki…

Better to have a mortgage? Was having a financial conversation with someone who is usually knowledgeable about such things. I shared that I have only 7 years left of my mortgage at 2.25% (10 year loan) at 43 years of age. The 10 year loan payment is large, but i’m able to withstand it and live comfortably for the most part. He stated that you always want a mortgage, and y…

Can we afford this mortgage on one income? Buying a house for 255k 0% down. Never bought a house before so this is all very new to us. The realtor is saying we will get 3-6% in concessions and that the mortgage will be around 2500. The interest rate is 6.9, but she says we can buy down the rate, which could lower the mortgage even more. We have a 525.00 truck payment, other vehicle is pa…

Mortgage refunded payment to nonexistent bank account So my mortgage auto drafted from my bank account but I didn’t want the payment coming from my account since I already sent in a manual one. I tried to cancel the auto draft and it wouldn’t let me (literally cannot do it online) so I just deleted all the numbers and put 0000s so it wouldn’t happen in the future. I then emailed mortgage company …

Did I screw myself with mortgage ? We have an accepted offer on a home and a mortgage pre-approval. The mortgage company is getting everything ready for closing and I guess did another credit inquiry and found that I had attempted to open a credit card back in March, probably right after we’d received pre-approval for mortgage . The credit card was with a clothing store offering …

What to do with mortgage check? Selling my old home after moving the family into my childhood home to take care of parents. Looking at 300k that I’ll get to keep. What is the best way to divide this up? I want to put the largest portion towards my retirement, but also want to set something aside for each of my two kids. I also want to put some aside for repairs and improvement…

Does recasting a mortgage reduce interest paid monthly? I’m wondering if it makes sense to recast a mortgage but keep paying the same amount? All I can find is generic responses saying recast lowers payment. My goal is to pay as little interest as possible. Example: $200k remains on loan. Current payment is $1300 but paying $1600 so the extra $300 goes to principal. I have $10k for lump deposit. Let…