| Author | Message | ||
     Kubang Yavvanam Kaatesina Bewarse Username: Kubang Post Number: 9992 Registered: 09-2011 Posted From: 161.141.1.1 Rating: N/A |
first of all I bought a modest home, mee andari laaga 500-600k petta ledu. when I bought it was 300k. Had only 30k for down payment. 20% down payment ledani 5k mortgage insurance nokkaru. so 275k loan amortized over 25 years, it was April 2005. first 5 years rate vachi 4.75%; renewal chesinappudu 3.75% ki vachindi in 2010 but I asked them to amortize over 15 years. In Oct 2012, I broke that contract (paid about $1,300 penalty) and refinanced at 2.8% but amortized over 6 years this time. however, using the prepayment options, paid off quickly with last payment today. ee sodantha enduku chepthunna ante; when the interest rates are low you should pay off as quickly as possible. that way total cash out of your pocket will be less. it's counter intuitive but it's the best you can do. investments may or may not work but paying off debt always works.. Ignorance is bliss |