Quote:
Originally Posted by David70
If going from a house to another house, in a similar price range, the market makes close to no difference, sell high/buy high or sell low/buy low has similar results.
The rest is a gamble, if waiting solely to time the market, it might never happen, rates could go up and not come down for a years, you have to deal with where you live now instead of where you want to be, waiting to buy the house has addition payments going towards rent that is gone.
We refinanced to a 15 year 2.75% in 2012, balance has dropped significantly and part going to principle gets bigger every year. 7 more years (at some point will just pay it off as the benefits of having a low balance, low rate loan aren't worth it) and it will be paid for. When possible I strongly recommend going to a 15 yr as the part of the payment going to principle is far greater and you get a lower rate.
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I have a different philosophy concerning paying off a home. I rather have a lower monthly payment and take the money that would have been put into the house and invest it. So far this strategy has done well for me. There's also the liquidity and cost factor of tying up a huge chunk of your money in your home.