| Author | Message | ||
Happydays Side Hero Username: Happydays Post Number: 5487 Registered: 02-2015 Posted From: 165.225.34.105 Rating: N/A |
 Chiru,Veturi,SPB,Ilayaraja,Jandhyala,Vamsi,K Viswanath,Sachin,Florida | ||
Last_avataar Side Hero Username: Last_avataar Post Number: 8631 Registered: 09-2012 Posted From: 12.10.219.226 Rating: N/A |
No Bro mine is 15 years who will get 30 for 2.875 , ha ha ha... | ||
Happydays Side Hero Username: Happydays Post Number: 5486 Registered: 02-2015 Posted From: 165.225.34.105 Rating: N/A |
Thanks.. Chiru,Veturi,SPB,Ilayaraja,Jandhyala,Vamsi,K Viswanath,Sachin,Florida | ||
Boglehead Junior Artist Username: Boglehead Post Number: 221 Registered: 06-2014 Posted From: 73.79.232.147 Rating: N/A |
@Happydays, you stated that the mortgage payment would be 50% of your salary if you went with 15 yr fixed. If this is true, you will be better off with a 30-year fixed loan. This way your cash flow will be better. Also, this cash flow will be important because you mentioned that your son will be ready for college in 7 years. As the time goes on, if you find yourself with more money left at the end of the month, you can always throw that towards the principal, and who knows you could pay it off in 15 yrs or less time. Make sure there is no prepayment penalty. To answer your other question about 20 or 30% downpayment, I would suggest 20%, so that you have more money for any unexpected expenses that might come up with purchasing a house. | ||
Cavs Junior Artist Username: Cavs Post Number: 5 Registered: 04-2017 Posted From: 107.11.34.82 Rating: N/A |
I did not get exactly what info you are looking for. You can take 30 years loan and pay it back in 15 years. Whatever advance you pay deducts directly from principle so you will be saving interest for the advance you paid. However, monthly payments won't be reduced but you would be paying less number payments depends on your advance payment. | ||
Chantabbai Junior Artist Username: Chantabbai Post Number: 2 Registered: 02-2017 Posted From: 76.213.150.0 Rating: N/A |
Yes...single or married does not make a difference when it comes to the amount of taxes you pay Only difference is you get lumpsum on tax returns which one can use for a specific purpose Just a perspective | ||
Moviebuff001 Side Hero Username: Moviebuff001 Post Number: 3099 Registered: 06-2013 Posted From: 70.196.76.134 Rating: N/A |
Ee APR ki 30 years ante, close your eyes and sign the mortgage. | ||
Happydays Side Hero Username: Happydays Post Number: 5485 Registered: 02-2015 Posted From: 165.225.34.105 Rating: N/A |
hmm..ok. Chiru,Veturi,SPB,Ilayaraja,Jandhyala,Vamsi,K Viswanath,Sachin,Florida | ||
Rediff Junior Artist Username: Rediff Post Number: 779 Registered: 12-2006 Posted From: 204.64.147.248 Rating: N/A |
I think he is purposefully running payroll with less deductions so that fed tax ekkuva cut avvuddi each payroll ki.. final gaa year end ki refund vastundi aa ea amount .. he gets one lumpsum refund which he is using for one time payment .. since paycheck slightly less vastundi kaabatti you may not know diff .. | ||
Happydays Side Hero Username: Happydays Post Number: 5483 Registered: 02-2015 Posted From: 165.225.34.105 Rating: N/A |
oh..because of deductions??..can u please clarify? Chiru,Veturi,SPB,Ilayaraja,Jandhyala,Vamsi,K Viswanath,Sachin,Florida | ||
Happydays Side Hero Username: Happydays Post Number: 5482 Registered: 02-2015 Posted From: 165.225.34.105 Rating: N/A |
ippativaruku..married jointly..any particular reason to run individually? Chiru,Veturi,SPB,Ilayaraja,Jandhyala,Vamsi,K Viswanath,Sachin,Florida | ||
Happydays Side Hero Username: Happydays Post Number: 5481 Registered: 02-2015 Posted From: 165.225.34.105 Rating: N/A |
Very luck..now ..the interest rate is 3.8.. Chiru,Veturi,SPB,Ilayaraja,Jandhyala,Vamsi,K Viswanath,Sachin,Florida | ||
Last_avataar Side Hero Username: Last_avataar Post Number: 8629 Registered: 09-2012 Posted From: 12.10.219.226 Rating: N/A |
went with Builders, gave 2k credit used for home cost at the time of designing center approval signing On top of that was lucky, that guy gave 2.875 with 0 point around year back which otherwise they charge 5k in points Silver lining is gave extra 2k in closing as credit  | ||
Chantabbai Junior Artist Username: Chantabbai Post Number: 1 Registered: 02-2017 Posted From: 63.149.188.52 Rating: N/A |
1) Take 30 Year loan with 20 % down 2) Run payroll as if you are single( in my case...both me and my wife) 3) During tax return,you get money in turn. Push that money towards one annual payment towards the house me & my wife have been doing it. Doing so would typically knock off your home loan in 15-18 Years without you feeling the pinch | ||
Rediff Junior Artist Username: Rediff Post Number: 778 Registered: 12-2006 Posted From: 204.64.147.248 Rating: N/A |
realtor commission istunnaada meeku kontha .. if so you can officially use it towards closing costs (not down payment) usually thesedays third party lenders chaalamandi lender credit istunnaaru ..mostly by adding 0.125/0.25 to rate .. compare couple of lenders and see if that credit/rate make sense .. that credit can also be used towards closing costs similarly .. new home ayite builder cheppina title company tho velthe they usually give credit of 2K (approx.) amount equivalent to title insurance .. again this credit can be used for closing costs .. all in all oka 10K ilaa credits tho lagincheyochu .. | ||
Happydays Side Hero Username: Happydays Post Number: 5477 Registered: 02-2015 Posted From: 165.156.40.47 Rating: N/A |
elend konchem cheap gaa undi..Do you know anyone?.. Chiru,Veturi,SPB,Ilayaraja,Jandhyala,Vamsi,K Viswanath,Sachin,Florida | ||
Moviebuff001 Side Hero Username: Moviebuff001 Post Number: 3095 Registered: 06-2013 Posted From: 165.225.34.109 Rating: N/A |
Pretty high. 500K home aina kooda 15K ante 3%. Ekkuva anipistundi. Did you shop around for loans? | ||
Happydays Side Hero Username: Happydays Post Number: 5469 Registered: 02-2015 Posted From: 73.206.238.181 Rating: N/A |
yes...i am putting 20 % Down payment..Closing costs 15,000 antunaaru and then additional 30k to be on safe side..chaala karchu..  oh..refinancing cheste..malli..closing costs pay cheyaala?...hmm..was not knowing that.. Chiru,Veturi,SPB,Ilayaraja,Jandhyala,Vamsi,K Viswanath,Sachin,Florida | ||
Moviebuff001 Side Hero Username: Moviebuff001 Post Number: 3094 Registered: 06-2013 Posted From: 165.225.34.109 Rating: N/A |
By refinancing. Malli closing costs add autai. | ||
Moviebuff001 Side Hero Username: Moviebuff001 Post Number: 3093 Registered: 06-2013 Posted From: 165.225.34.109 Rating: N/A |
It really depends on you. Closing costs can be included in the loan. That will reduce immediate burden.Intiki kavalasina samanu konataniki keep 20-30k aside.. You may not need all of it. Down enta cheste, daniki taggattu monthly payment taggutadi. 15 year loan ki 5% extra downpayment may not make huge difference in monthly payment... I think. | ||
Happydays Side Hero Username: Happydays Post Number: 5467 Registered: 02-2015 Posted From: 73.206.238.181 Rating: N/A |
yes..last sentence chaala critical kadha.. so.you are saying we can change from 30 to 15 years later also? Chiru,Veturi,SPB,Ilayaraja,Jandhyala,Vamsi,K Viswanath,Sachin,Florida | ||
Moviebuff001 Side Hero Username: Moviebuff001 Post Number: 3092 Registered: 06-2013 Posted From: 165.225.34.109 Rating: N/A |
I took a 30 year loan at 3.625 APR with 20% down payment. Nachina illu ventane konataniki loan shopping chese time leka ila chesam. After a year, inko 10% Principle kattesi, 15 year 3% loan teesukunnam. Payment went up by 350 to 450 or so. But katte interest chaala takkuva. I would definitely advise 15 year mortgage if you can manage monthly payments. | ||
Happydays Side Hero Username: Happydays Post Number: 5465 Registered: 02-2015 Posted From: 73.206.238.181 Rating: N/A |
15 years teesukunte...if i am unable to pay, then problem avuntundi..being first time, i don't know the expenses involved..so andukune.. Chiru,Veturi,SPB,Ilayaraja,Jandhyala,Vamsi,K Viswanath,Sachin,Florida | ||
Rebel Hero Username: Rebel Post Number: 15915 Registered: 02-2008 Posted From: 159.45.186.41 Rating: N/A |
>>i will go with 30 years fixed and then try to pay aggressively as if i took for 15 years deeniki 15 yrs e teeskovachu kada..interest rate will be less. anyway 30 is the norm..go ahead. | ||
Happydays Side Hero Username: Happydays Post Number: 5464 Registered: 02-2015 Posted From: 73.206.238.181 Rating: N/A |
Thanks for the advice..I am the first time home buyer..i will go with 30 years fixed and then try to pay aggressively as if i took for 15 years. first 5-6 years lo i am paying interest only..so, best option is to pay as quickly as possible.. Chiru,Veturi,SPB,Ilayaraja,Jandhyala,Vamsi,K Viswanath,Sachin,Florida | ||
Maverick Legend Username: Maverick Post Number: 64090 Registered: 01-2008 Posted From: 108.171.130.187 Rating: N/A |
im planning 10/1 arm, any advice? Happy Vizag | ||
Rebel Hero Username: Rebel Post Number: 15913 Registered: 02-2008 Posted From: 159.45.186.41 Rating: N/A |
>>i guess for longer duration stocks should be ok, no? yes. unless we put in some obscure stocks..index funds tend to return 9% long term | ||
Jalsa Legend Username: Jalsa Post Number: 35775 Registered: 02-2008 Posted From: 159.53.46.142 Rating: N/A |
even in longer term? unless we need that money for day-day, i guess for longer duration stocks should be ok, no? | ||
Jai_ycp Side Hero Username: Jai_ycp Post Number: 8763 Registered: 04-2015 Posted From: 100.36.224.18 Rating: N/A |
I am not suggesting that. people who are risk takers do that approach. its a fact mortgage rates are lowest ones. its like evadi daggaro 1 lakh 1 ruppee interest ki techi 3 rupees interest ki ivvatamu. other point for is irrespective of whether you have loan or not, house appreciation is not impacted. it is good option to pay as minimal as possible to house loans while at same time use that saved money to generate more money. it works only for risk takers. the story of YCP and TDP in 2014 (AP)- http://goo.gl/zgrYmQ http://goo.gl/gn6XL5 the story of TDP in 2014 (T) - http://goo.gl/nyu1Wu | ||
Rebel Hero Username: Rebel Post Number: 15912 Registered: 02-2008 Posted From: 159.45.186.41 Rating: N/A |
>>instead of paying the loan at 3% completely, use the money to generate income at rate of 4-5% like stocks, investing etc. . you will make money ani philosophy or lose 30- 50% of ur money investing in stocks. a bird in hand worth 2 in the bush ani cheppar peddalu go for 15 yr..30 yrs is a long time to be a slave to ur house. | ||
Jai_ycp Side Hero Username: Jai_ycp Post Number: 8760 Registered: 04-2015 Posted From: 100.36.224.18 Rating: N/A |
ante concept emiti ante. you have loan amount for lets 3%. instead of paying the loan at 3% completely, use the money to generate income at rate of 4-5% like stocks, investing etc. . you will make money ani philosophy. idhi andaru cheyyaleru. the story of YCP and TDP in 2014 (AP)- http://goo.gl/zgrYmQ http://goo.gl/gn6XL5 the story of TDP in 2014 (T) - http://goo.gl/nyu1Wu | ||
Moviefreak Junior Artist Username: Moviefreak Post Number: 170 Registered: 12-2015 Posted From: 198.28.69.5 Rating: N/A |
ee logic ardham kaaledu.. naa mortgage load around 200K...mortgage 950/month for the next 25yrs ki 285K or 30yrs ki 342K.. aa difference aythey ekkuve undi kada.. adi clear chesukovatam better ee kada always? | ||
Mukunda Junior Artist Username: Mukunda Post Number: 225 Registered: 02-2011 Posted From: 62.232.92.61 Rating: N/A |
I assume you are in either US or UK. I never want to clear off my home loan because the interests are very low here. Paying off loan really kills all our energy/savings/time etc etc. Let us say, if we buy a good house ( not apartment) here are my stats. House : 600k Loan : 500k If I can keep that house for next 10 to 15 years , assuming the house price would be 1million, even after 15 years I need to pay 500k to the bank , that means money is 500k including my initial payment. All I need to do is just able to pay the monthly payments for 15 years and if there is any money left use it wisely!!! | ||
Savyasachi Comedian Username: Savyasachi Post Number: 1807 Registered: 12-2013 Posted From: 98.192.131.235 Rating: N/A |
pisal unte make 20% down that way you can avoid PMI , get 30 year term. and keep paying extra everymonth. instead of having 15 years and agrssive monthly payment amount. this way in any month if you get any un expected expenses you are covered. if not you can pay towards mortgate. peace of mind untadi. | ||
Gochi Side Hero Username: Gochi Post Number: 2800 Registered: 12-2006 Posted From: 64.121.67.210 Rating: N/A |
50% of salary is very high...Advise u to go with 30 yr then..20% down payment is good enough, u will avoid PMI...keep rest in savings as emergency fund.. | ||
Happydays Side Hero Username: Happydays Post Number: 5457 Registered: 02-2015 Posted From: 73.206.238.181 Rating: N/A |
pls ignore "i already planning to take home..50% of salary " Chiru,Veturi,SPB,Ilayaraja,Jandhyala,Vamsi,K Viswanath,Sachin,Florida | ||
Happydays Side Hero Username: Happydays Post Number: 5456 Registered: 02-2015 Posted From: 73.206.238.181 Rating: N/A |
i already planning to take home..50% of salary
thanks for the advice..30 years ki touching 35%.if it's 15 years...it will be around 50%.naaku illu chaala nachindi..so proceed avudamani.. i just saw it..2 years lo ekkuva interest ye kadutunaanu.. inkoti...20% or 25%downpayment..which one do u suggest? Chiru,Veturi,SPB,Ilayaraja,Jandhyala,Vamsi,K Viswanath,Sachin,Florida | ||
Gochi Side Hero Username: Gochi Post Number: 2797 Registered: 12-2006 Posted From: 64.121.67.210 Rating: N/A |
30 year is too long bro...i know many people go for it but u pay huge interest overall...300k loan ki u will end up paying 450k...check the amortization calendar on zillow...u will be paying only interest for the first 3-4 yrs, very very small amt goes towards principal..so to payoff quickly either you need to keep paying lumpsum payments every year like additional 10k per year...or add more money to your mortgage payment every month like pay 500 extra every month...i would not recommend 30 yr fixed unless u live in places like california where there is a huge appreciation in property value and u cannot afford a 15 year term due to the high property cost...Rule of thumb is, ur mortgage payment should not be more than 30%-35% of your monthly salary... so based on this, plan and buy a low cost property... if possible take a 15 yr fixed mortgage and clear it off iin 10-12 years... | ||
Happydays Side Hero Username: Happydays Post Number: 5453 Registered: 02-2015 Posted From: 165.225.34.105 Rating: N/A |
30 Year Fixed Rate Mortgage The traditional loan is the 30-year fixed rate mortgage. This is the most popular loan for those buying homes for the first time and even those who own more than one home. The 30-year fixed home loan fits more financial situations than any other home loan. This loan program also allows the homebuyer to have low monthly payments without paying large amounts of interest over the life of the loan. The rate is also fixed and will never change during the life of the mortgage. That makes this loan the perfect choice for future homeowners. Highlights of the 30 year fixed rate mortgage are: If the homebuyer chooses to increase their monthly payments, they can increase the equity that is in their home. There are usually no pre-payment penalties with a 30-year fixed rate mortgage. The low payments allow the homebuyer to use their extra money for investing and on other expenses. Chiru,Veturi,SPB,Ilayaraja,Jandhyala,Vamsi,K Viswanath,Sachin,Florida | ||
Uno Comedian Username: Uno Post Number: 1245 Registered: 03-2016 Posted From: 174.115.80.19 Rating: N/A |
I think the term will be for 5 yrs Fixed/variable with 30 years Amortization and can not be fixed for 30 yrs (unlike in India) You need to renew every 5 yrs or whatever the term agreed | ||
Happydays Side Hero Username: Happydays Post Number: 5451 Registered: 02-2015 Posted From: 73.206.238.181 Rating: N/A |
30 Year fixed teesukunte..average gaa entha time lo clear cheyachu..I should have taken home long time back..ippudu chaala late gaa teesukuntunaanu..almost 7 years lo maa vaadu college ki veltaadu..next my daughter in 10 years.. any tips or suggestions.. Chiru,Veturi,SPB,Ilayaraja,Jandhyala,Vamsi,K Viswanath,Sachin,Florida |