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Welcome to SportTrac.Org
Off Topic Discussion
Mortgage Questions
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<blockquote data-quote="Thomas Rogers" data-source="post: 767591" data-attributes="member: 60724"><p>Gavin said: </p><p></p><p></p><p></p><p>Are you trying to imply that the extra paid down gives you some type of surplus cushion in case you get laid off? Or are you saying that by getting a longer term loan and making lower monthly payments than you can afford you have some cushion should you lose a job in the future?</p><p></p><p></p><p></p><p>I could see how the latter can work, but not the former. My understanding is even if you pay extra and are ahead in principle, the mortgage company expects your regular payment each and every month and will start foreclosure a few months after that is not the case.</p><p></p><p></p><p></p><p>Few financial planners that I know of recommend making extra payments on principle. Most recommend taking very long term loans at low interest, paying as little as possible, getting the most tax savings as possible, and taking any additional cashflow left over and investing in something that provides higher returns; something somewhat liquid so if times get tough in the future you use those funds with earnings to pay your mortgage.</p><p></p><p></p><p></p><p>TJR</p></blockquote><p></p>
[QUOTE="Thomas Rogers, post: 767591, member: 60724"] Gavin said: Are you trying to imply that the extra paid down gives you some type of surplus cushion in case you get laid off? Or are you saying that by getting a longer term loan and making lower monthly payments than you can afford you have some cushion should you lose a job in the future? I could see how the latter can work, but not the former. My understanding is even if you pay extra and are ahead in principle, the mortgage company expects your regular payment each and every month and will start foreclosure a few months after that is not the case. Few financial planners that I know of recommend making extra payments on principle. Most recommend taking very long term loans at low interest, paying as little as possible, getting the most tax savings as possible, and taking any additional cashflow left over and investing in something that provides higher returns; something somewhat liquid so if times get tough in the future you use those funds with earnings to pay your mortgage. TJR [/QUOTE]
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