mpeirce
Thinks s/he gets paid by the post
I'm amazed at how many people can remember so much. Or maybe they keep records of these things.
Me, I have no idea.
Me, I have no idea.
I'm amazed at how many people can remember so much. Or maybe they keep records of these things.
Me, I have no idea.
If I still had a mortgage that was 8% I might strongly consider paying it down instead of investing in the stock market as much. Why? Well, an 8% return is good and I am not sure going forward if we get that in the stock market. At a mortgage that is 4.625 % I am less inclined to do so. Is this right or wrong? I don't know, but it is how I feel.My last mortgage was in 1986 for 8% for 15 years . Paid it off in 1995 and have been mortgage free since then .
If I still had a mortgage that was 8% I might strongly consider paying it down instead of investing in the stock market as much. Why? Well, an 8% return is good and I am not sure going forward if we get that in the stock market. At a mortgage that is 4.625 % I am less inclined to do so. Is this right or wrong? I don't know, but it is how I feel.
Very true, but will that be true 5 years from now? Even 2 years from now. Options that are available now may not be in the very near future. Also, unfortunately not everyone with good enough credit will qualify for that lower rate and may be stuck with the higher one. Banks are still very stingy who they lend money to. They should be. Who wants to live the 2008/2009 bear over again? Not me.If I still had a mortgage at 8%, I'd spend 20 minutes feeling like an idiot, then I'd pick up the phone and start the refinance process. End up with whatever the current rate is, be paying significantly less, and still be able to invest in the stock market.
Very true, but will that be true 5 years from now? Even 2 years from now. Options that are available now may not be in the very near future. Also, unfortunately not everyone with good enough credit will qualify for that lower rate and may be stuck with the higher one. Banks are still very stingy who they lend money to. They should be. Who wants to live the 2008/2009 bear over again? Not me.
I was thinking more of someone who was stuck in an 8% mortgage from years past and could not refinance. Other than that I am not really debating what you say at all.I guess I don't understand your point. I thought you were saying that if you currently, in this rate environment, had an 8% loan you'd pay it down/off as opposed to saving/investing your money. I was saying that if I had an 8% loan in this environment, I'd refinance and save and invest even more.
If rates went up to the 8% level again, I would assume that CD rates and bond rates would go up with them. The playing field tends to stay in the vicinity of even. And if someone's credit rating is so bad that they couldn't qualify for a decent mortgage rate, what the heck would they be doing buying a house?