U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
Please register to participate in our discussions with 1.5 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Jump to a detailed profile or search
site with Google Custom Search

Search Forums  (Advanced)
Business Search - 14 Million verified businesses
Search for:  near: 
 
 
Old 04-28-2008, 01:38 PM
 
3,301 posts, read 4,996,353 times
Reputation: 2203
Default Best way to get a $100,000 loan for a house?

The situation is that I am a young guy who is making $55,000 a year in an area with a relatively low cost of living. I am only 22 and I have no family or anything.

I want to buy a house in the city, which will be about $120,000 or so.

I have $25,000 to put down as a payment.

And I just want to get it paid off as soon as possible. I could put in about $2000 a month to it if I wanted to (have a roommate paying rent).

Whats the best way to get this done?
Quick reply to this message

 
Old 04-28-2008, 01:50 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 11,422,978 times
Reputation: 970
you will need to have a budget...

you can try that other program that helps you payoff your mortgage in 6yrs
Quick reply to this message
 
Old 04-28-2008, 03:42 PM
 
3,557 posts, read 6,708,481 times
Reputation: 2262
Put as much down as you can on the mortgage and pay as much as you can afford every month.
Quick reply to this message
 
Old 04-28-2008, 06:14 PM
 
3,301 posts, read 4,996,353 times
Reputation: 2203
Quote:
Originally Posted by sean98125 View Post
Put as much down as you can on the mortgage and pay as much as you can afford every month.
any mortgage will let you pay toward the principle? I dont want any penaltys or anything either.


I figure I being in the city will be nice for about 5 years, then I will probably be ready to move out and hopefully i can outright own the house and make some rental income.
Quick reply to this message
 
Old 04-28-2008, 06:56 PM
 
1,628 posts, read 4,208,121 times
Reputation: 1141
You should really discuss this w/a financial planner or run the numbers yourself if you know how. People think paying the mortgage off is a great idea, but very often it is not. You may be better off taking the tax break and investing the money you'd be using to pay off the mortgage, in something else (not high risk, but on a 5-6% mortgage rate there's absolutely no reason you shouldn't be able to do better than that).

Something to consider. Many people lose money by paying off early, and lose the tax break, w/o even realizing it.
Quick reply to this message
 
Old 04-29-2008, 07:58 AM
 
Location: Richardson, TX
6,540 posts, read 9,774,239 times
Reputation: 12898
Quote:
Originally Posted by GiantRutgersfan View Post
any mortgage will let you pay toward the principle? I dont want any penaltys or anything either.
You will need to make sure there is no prepayment penalty. Look at the Truth In Lending Disclosure Statement provided by the mortgage company. The section right above the signature is headed "Prepayment." After you apply for a loan, they have 3 days to mail this form to you.
Quick reply to this message
 
Old 05-07-2008, 01:58 AM
 
422 posts, read 365,730 times
Reputation: 467
No offense to anyone but the keeping your mortgage for the tax break is dated advice and in this economy, just plain bad advice. Why would you send in my instance, $15,000 in payments to your mortgage company throughout the year for how much of a writeoff at the end ? Exactly. One of the best things you can do for yourself is payoff your property as early as possible THEN bank/invest what used to go for payments. You will have a nice stash of money, no debt, and own a place to live. You will be recession and housing market proof. You are obviously smart to be buying at this age. Don't screw it up by hanging onto debt or getting an ARM.
Quick reply to this message
 
Old 05-07-2008, 10:59 PM
 
Location: Hilltop
99 posts, read 302,970 times
Reputation: 38
Quote:
Originally Posted by Purple_Princess View Post
No offense to anyone but the keeping your mortgage for the tax break is dated advice and in this economy, just plain bad advice. Why would you send in my instance, $15,000 in payments to your mortgage company throughout the year for how much of a writeoff at the end ? Exactly. One of the best things you can do for yourself is payoff your property as early as possible THEN bank/invest what used to go for payments. You will have a nice stash of money, no debt, and own a place to live. You will be recession and housing market proof. You are obviously smart to be buying at this age. Don't screw it up by hanging onto debt or getting an ARM.
Best thing I have read on this forum...pay it off-tax break is not that great.
Quick reply to this message
 
Old 05-08-2008, 10:35 AM
 
3,557 posts, read 6,708,481 times
Reputation: 2262
Quote:
Originally Posted by frogandtoad View Post
Many people lose money by paying off early, and lose the tax break, w/o even realizing it.
How does it make more sense to pay the bank $10,000 in interest so you can save $1800 on your taxes?

If you think that's a good deal, I'd be happy to give you $1800 for every $10,000 that you give me.
Quick reply to this message
 
Old 05-09-2008, 04:00 PM
 
Location: Apple Valley Calif
7,334 posts, read 11,298,271 times
Reputation: 4892
Also, you get a standarized deduction anyway, so depending on the amount owed, that deduction may be more than you get as a tax write off, so you gain nothing having a mortgage deduction....
and yes, you can make as many extra principle payments as you want..
Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


 
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:
Over $84,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages

All times are GMT -6.

2005-2014, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25 - Top