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Old 09-08-2010, 04:20 PM   #1
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Hi

I'm new to the forum and wanted to go through the formalities with a nice virtual handshake

I'm 27, married, and have a son. my wife and I have a significant (in my opinion) nest egg started which is good, and a few grand for college for my 1yr old. However we like many americans owe about $65k more than our home is worth after already making a 20% down payment when we bought it 3 years ago, so some things are working well for us, some aren't. hope to bounce ideas off y'all.
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Old 09-08-2010, 05:45 PM   #2
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Welcome to the forum from another Washingtonian!

At least you don't have to sell your house right away....all sorts of ownership/investments have their risk...stocks/bonds/RE, etc. -- either ride it out, restructure or cut your losses I am afraid...
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Old 09-08-2010, 05:50 PM   #3
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yeah I have never really considered buying a personal residence to be an 'investment'. I still dont 'want to spend a fortune and sell at a loss, but I know that in the long run with interest rates/taxes, and maintaining the home, i'd be lucky to break even. so this little speedbump I'll ride out, unless I can find a creative opportunity to get into some mortgage forgiveness. we are fine financially though so the options are limited.
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Old 09-08-2010, 06:03 PM   #4
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Welcome to the forum. Congratulations on having started your nest egg at 27 - you're already ahead of the pack. Not much to do about housing right now - better to focus on family, work, and building that nest egg. Just remember, when it comes to housing, you're in good company...
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Old 09-09-2010, 06:58 AM   #5
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This is one of the reasons I kinda like to stick to 15 yr mortgages or less and hate to move often. (So much $$ is lost in selling a house anyways.) If you have a 15 yr mortgage and you buy a house you intend on keeping then you can think of it like a car that will last. Forget the fact that the second you drive it off the lot it is worth 20% less. No matter what it is worth in 15yrs (case of the house) it will be paid off.
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Old 09-09-2010, 10:24 AM   #6
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This is one of the reasons I kinda like to stick to 15 yr mortgages or less and hate to move often. (So much $$ is lost in selling a house anyways.) If you have a 15 yr mortgage and you buy a house you intend on keeping then you can think of it like a car that will last. Forget the fact that the second you drive it off the lot it is worth 20% less. No matter what it is worth in 15yrs (case of the house) it will be paid off.
good thinking
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Old 09-09-2010, 10:55 AM   #7
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A 20% down payment is pretty good, at least by contemporary standards.

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I'll ride out, unless I can find a creative opportunity to get into some mortgage forgiveness. we are fine financially though so the options are limited.
That's a bit like complaining that you never get a chance to use your snake bite kit!
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Old 09-09-2010, 10:56 AM   #8
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LOL right?
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Old 09-09-2010, 02:40 PM   #9
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Welcome to the forum, Titus! It sounds like you're on a good track.

We're about the same age, but it sounds like you have a leg up on me in savings. I'm only just now starting to put together a strong plan for the future. Nevertheless, I've been told that this is more or less the age that a lot of people (at least, those who are ever going to...) suddenly start thinking about the future. Prior to late twenties, most people are in college, working low paying jobs (if any), and are generally more occupied with wondering where their next Ramen meal will come from than they are with worrying about how the stock markets are doing or about what kind of savings they'll need to maintain a lifestyle in twenty or thirty years. Then, somewhere before thirty, things start settling in a little better, maybe a bit of stability comes up, that education starts paying off, a promotion or two comes in, and... suddenly you have a solid base, maybe for the first time in your life, and you realize that it's time to take the next step - making a better future for yourself and your loved ones.

In any case, welcome again. It's always nice to see new people who are rejecting the go-for-broke mentality in favor of something a little more long term.

Josh
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Old 09-09-2010, 02:42 PM   #10
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In any case, welcome again. It's always nice to see new people who are rejecting the go-for-broke mentality in favor of something a little more long term.

Josh
well put, I think a lot of people do exactly that and hope for a big pay day later in life. I of course hope for the same (LOL) but I am trying to prepare for the worst
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Old 09-10-2010, 12:32 AM   #11
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I think a lot of people do exactly that and hope for a big pay day later in life.
I am hoping for a big pay-day later in life, too... but I plan to be the one writing myself the check.

Josh
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Old 09-10-2010, 10:17 AM   #12
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LOL hope for the best, prepare for the worst if SS is still around when I retire things will be great, but i'm not counting on it.
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