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When you finally by your own house (lemmy.ca)
submitted 1 year ago by to c/memes@lemmy.world
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Samoli pirate meme format with LOOK AT ME in white letters at the top and I AM THE LANDLORD NOW! at the bottom
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[–] 6 points 1 year ago* (3 children)

Better to work off that debt over 10-30 years (which is what mortgages usually run for, not 40) and then be able to sell the house and get your money back than paying rent for 10-30 years and have nothing.

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  • [–] -4 points 1 year ago (2 children)

    True, also best to not pay off your mortgage. It is a line of credit if worth more than you owe. Once you pay it off that credit line is gone.

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  • [–] 3 points 1 year ago (1 child)

    If you have a HELOC, yeah but the rate isn't great. If you do pay off, you can always open a new HELOC.

    Funny story, I had a HELOC as part of buying a house with no closing cost on it I paid the balance off but kept it open. They called me one day and asked if I would close the account. I said that I don't think I should, because I'd suddenly owe the money for closing costs for paying off early, and they confirmed I could either sit with a zero balance for two years for free our pay a few thousand dollars for the privilege of choosing the account...

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  • [–] 1 point 1 year ago

    I paid my Car note and owed like $250 more for it to be paid off. My lender sent me a bill for $250 + $50 late fee. I called them and explained I just paid $430 and was going to pay the remaining next month. They said my 72 month contract ended is why. Okay but a late fee? I told them I will never do any business with them again.

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