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Old 07-31-2015, 01:15 PM
 
Location: Living on the Coast in Oxnard CA
16,289 posts, read 32,273,106 times
Reputation: 21891

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People are always asking this question, "Should I buy a home?" It can be a bit scary to jump when you have the chance.

mk2supraholic, I say jump. Your situation is such that you can make a move. You can jump on this. You take me as the kind of person that is responsible in your finances and if like other things in your life you will probably pay it off earlier if you choose to live there.

I had never heard of Menifee, CA and had to look it up. yes it is in the IE but the area seems quite nice. You have a lot of new construction going on in the area. If you are able to work near your home that would be a major plus.
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Old 07-31-2015, 03:06 PM
 
Location: Detroit, MI
321 posts, read 417,500 times
Reputation: 697
Quote:
Originally Posted by thelopez2 View Post
Students loans pretty much suck. Put 5% down either ARM or Fixed, sit on your your $40,000 in cash, in two years either refinance and pay down a big chunk to the mortgage are/or pay off the student loan completely.
I do not originate loans or provide financial advice for a living anymore but - I agree with this. YMMV though. This is what I would do.
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Old 07-31-2015, 03:21 PM
 
89 posts, read 112,603 times
Reputation: 116
Quote:
Originally Posted by rleroy View Post
I do not originate loans or provide financial advice for a living anymore but - I agree with this. YMMV though. This is what I would do.
Why does this make sense? Her highest interest rate is 6% and we are paying them off steadily.

What would sitting on 40k for 2 years do?

and in 2 years when we refinance there is a good chance interest rates could be much higher.
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