DaytonCIM's Journal: ReFi Time

Argh.

Time to refi the house... can't believe it's already been two years. Looking at an interest only loan, so the wifey can stay home.

Wish me luck.

Interest Only is a scam

[Marxist Hacker 42]

they're always variable interest- they're just a way to steal your equity.

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[peacefinder]

As much as it pains me to agree with MH42, I gotta on this one. Interest-only loans are a recepie for future disaster. If you gotta do ya gotta do, but... yikes.

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[account_deleted]

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[peacefinder]

"He's got his money working for him in other areas instead of being tied up in his house."

Hmm. There is that. I hadn't considered a scenario where an owned home might not be a primary investment. But yeah, I guess if that's possible, what the heck.

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[account_deleted]

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[DaytonCIM]

if your house will appreciate on it's own at a good clip

The benefit I have is my house is in Orange County. My equity jumped $175,000 in two years without me doing anything. The market is not as robust, but my equity will continue to grow at a better than average pace, so an IO loan isn't too bad. That said, there's no reason why you can't pay than just your payment...

Out

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[account_deleted]

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