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Thread: Thinking of moving

  1. #81
    Senior Member dmc's Avatar
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    I remember buying a home at the end of the Carter administration. All I could get was a double digit variable rate loan with no cap. I was so happy when we were able to refinance a fixed rate years later in the low teens. Then I refinanced again at a rate below 10%.

  2. #82
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    dmc, that is what convinced us that debt was a bad thing. We got out of that debt and paid off our next house as fast as we could.

  3. #83
    Senior Member dmc's Avatar
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    Debt at 3% is a lot different than debt at 10%. It’s the only loan we will have, and we would have to take some money out of our IRA to pay for some of it. Our tax rate is 22% now, that would put some of it to the 24% tax rate.

    ive been retired now for over 12 years, and I started taking my SS recently. The SS will cover the loan and then some.

  4. #84
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    I've honestly been thinking about this since yesterday's announcement of 15y fixed at 2.79%. Should we pull the equity from our home to invest?

    I don't think I would actually do it,,,,,but I can't shirk the thought! I think the President was wrong to call for this change so I have concerns about the reality to come.

  5. #85
    Senior Member catherine's Avatar
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    That would cut my interest rate in half.. But I refi'd last year for lower payments to close the gap between my mortgage payment and my son's rent. The mortgage company has been calling me like crazy. I wonder if I should do it?
    "Do any human beings ever realize life while they live it--every, every minute?" Emily Webb, Our Town
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  6. #86
    Senior Member dmc's Avatar
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    I’m borrowing to keep from selling my investments, so somewhat the same thing. The big difference for me is if I sell, I have taxes to pay also, so it makes borrowing look better to me.

    I’m actually pulling much of the money from my retirement account ,but when I close on my current home a couple of days later I’ll be putting that amount back to keep from paying taxes on it.

  7. #87
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    Quote Originally Posted by catherine View Post
    That would cut my interest rate in half.. But I refi'd last year for lower payments to close the gap between my mortgage payment and my son's rent. The mortgage company has been calling me like crazy. I wonder if I should do it?
    Honestly, your son should jump on this rate. Since the plan is to buy it anyway! It would save you money even if you assisted him w/payment for a while!!!!

  8. #88
    Senior Member catherine's Avatar
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    Quote Originally Posted by Gardnr View Post
    Honestly, your son should jump on this rate. Since the plan is to buy it anyway! It would save you money even if you assisted him w/payment for a while!!!!
    True! He is starting a new job this month that will increase his household income by 75%. So he won't need my help.

    I'm seeing him Sunday and I'll talk to him about it!
    "Do any human beings ever realize life while they live it--every, every minute?" Emily Webb, Our Town
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  9. #89
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    Quote Originally Posted by catherine View Post
    True! He is starting a new job this month that will increase his household income by 75%. So he won't need my help.

    I'm seeing him Sunday and I'll talk to him about it!
    The lender will want proof of that....usually last 2 paystubs. Wonder if his new employer would give him a letter?

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