Yah, I started with a 30 year wheda loan and paid PMI for 2 years. Refinanced about 2 years ago to a 15. Payment only went up about 50 bucks. But, I also got an interest-free loan from the city to do rehab work back when I was single. Unfortunately, when I got married and got a better job and all, I didn't qualify for interest free anymore, so the interest kicked in at 10%. Yikes. So, I got a HELOC at prime and we're throwing every available cent (without touching savings) at getting rid of the thing. Parents offered to give me a fixed rate loan instead of doing the HELOC - but then it's not tax deductible and prime is still under the interest rate they were offering. (My parents do not loan free money.) I actually had most of the money saved to pay off the rehab loan when it came due (cause I knew it would eventually). But, then I married this guy that had school loans and we paid those off in one feel swoop. Ah, love. It makes you do crazy things.
On Fri, 21 Jan 2005 10:55:03 -0600, G <[EMAIL PROTECTED]> wrote: > Ditto here Deanna. I hate debt. > > I actually borrowed a bit from the "Bank of Dad" (great low interest rate > there *wink*) so that i could put 20% down upfront and avoid all PMI. Then i > refi'd from 30 to 15 the first chance i got. > > Monthly payment went up about 200 bucks.....the amount I save in interest > though....could be in the ten's of thousands. > > > > Yep, I'm familiar with the 80/20 deal. A friend just did it. But, she > > was going to end up paying more that way because her interest rate was > > higher on the 20% loan. (Her other option was WHEDA, though, and she > > didn't want to be locked in for 10 years.) > > > > Me? I have more than 50% equity in my house already. (About 56%, > > actually.) I'm one of those crazy people that hates debt and does my > > best to get rid of it ASAP, though. > > > > > > ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Find out how CFTicket can increase your company's customer support efficiency by 100% http://www.houseoffusion.com/banners/view.cfm?bannerid=49 Message: http://www.houseoffusion.com/lists.cfm/link=i:5:143816 Archives: http://www.houseoffusion.com/cf_lists/threads.cfm/5 Subscription: http://www.houseoffusion.com/lists.cfm/link=s:5 Unsubscribe: http://www.houseoffusion.com/cf_lists/unsubscribe.cfm?user=89.70.5 Donations & Support: http://www.houseoffusion.com/tiny.cfm/54
