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Mortgage/Credit Score

Discussion in 'General' started by Gorilla George, May 13, 2021.

  1. I knew you were the resident credit manipulation expert. I was wondering when you were gonna chime in. :D
  2. There is a value placed on piece of mind, I made some investments that may not have been the smartest from a return standpoint but me sleeping good at night has a value to it.
    Banditracer and Gorilla George like this.
  3. Damn good info right here. Took me a while to figure out the tricks to get my credit score maximized and as stated above sometimes it’s not about having no debt.
    gapman789 likes this.
  4. Ga sucks ass, don’t move there! Plus it’s not a symmetrical state so will drive you crazy, well that and we can’t handle a Broome :) Actually Nashville area is awesome, way better than outskirts of Atl IMO. I’m in between Greenville and Atl, Atl is a giant PITA at times to get in and out of. Greenville to me is a very under rated city, the downtown is great, enough stuff to do, clean, etc. We will go to Greenville just for the night to just get away for a night.
    Gorilla George likes this.
  5. :D

    Its funny you mention that, because the outskirts of ATL is one place we also talked about.
  6. SuddenBraking

    SuddenBraking The Iron Price

    If I saw this last night with a few vodkas in me I'd type out a paragraph or two retort, but since it's the morning I'll simply say :beer:
  7. Kris87

    Kris87 Friendly Smartass

    FWIW, I am not a fan of Dave Ramsey or any other cookie cutter financial "expert" type of person. While I wouldn't say it's a bad idea to eliminate debt, it's a much smarter long term idea to leverage your cash flow from an investment standpoint. I know someone already mentioned that, but it can't be stated enough. Investing early, rather than eliminating debt early makes much more sense. Mathematically, it's not hard to prove either with basic calculator skills. My mortgage rate is 1.875% and no way I'd pay it early with cash I can invest and make a much higher return. Do the math, delaying investments after paying off debt and it'll never come close for you.

    Just my $.02....well my $.04 :)
    Boman Forklift likes this.
  8. auminer

    auminer Renaissance Redneck

    30 year or 15?

    Cuz if it's 30, then :bow:

    Here I was braggin' about my 30 year at 2.25%.... :rolleyes:

    And, yeah, even at my advanced age, I am never going to send an extra penny to this mortgage at that rate. I wouldn't be the least bit surprised if even CDs are paying higher than that in the not-so-distant future.
    Boman Forklift likes this.
  9. njracer

    njracer Well-Known Member

    FWIW, when I'm pricing out a mortgage rate, anything over 740 gets the same rate (based on an 80ltv/conv).
  10. Kris87

    Kris87 Friendly Smartass

    10 year
  11. Venom51

    Venom51 John Deere Equipment Expert - Not really

    Mortgage debt at low interest rates isn't what any of them are against. It's the plastic rectangle debt that kills most people. You'd be a fool not to invest at average return rates of 6 to 8% if the mortgage interest is down below the 2% range. Over a longer time window it does work out better to invest early than it does to pay the house off early. Now if a certain place manages to get us back to 18% mortgage rates then it's back to being in the same class and plastic rectangle debt.
  12. Boman Forklift

    Boman Forklift Well-Known Member

    But wouldn't it make more mathematical sense for a 2.25-2.75%, 30 year loan, and keep investing as you have previously stated?

    I've always believed this, and it has bitten me once, but I still believe in investing and having a cheap interest rate mortgage.
  13. dsapsis

    dsapsis El Jefe de los Monos

    Have you changed?
    auminer likes this.
  14. This is kinda getting off the subject, and ive already stated why i wanted to get rid of the mortgage. But just for the record, i havent been sending extra to the house instead of saving for retirement.

    I have always put 15% of my paycheck into retirement, and my company matches it dollar for dollar up to 12%. My wife puts 20% of hers in there, and it is matched the same (up to 12%).

    Then i typically put about $3-4k a month in various stocks on my Robinhood app.

    I know "more is better", but we arent worried about retirement. I just want the mortgage gone so it is one less thing to worry about when we decide to haul ass.
  15. I should have said "nobody else". :D
  16. Kris87

    Kris87 Friendly Smartass

    Its going to depend on how much tax shielded money you can put away and also how much after tax money you have and where you allocate it. I know we've gotten off topic, but aren't you a business owner?
  17. Boman Forklift

    Boman Forklift Well-Known Member

    Yep. Based on things I've heard you say on here, I know you are pretty knowledgeable on this subject.
  18. SuddenBraking

    SuddenBraking The Iron Price

    Thank you for taking the time to type out my one or two paragraph retort :bow:

    @Gorilla George What is there with a mortgage to worry about?
  19. sheepofblue

    sheepofblue Well-Known Member

    To each their own but IMO DON'T let FICO run your life. Do what makes sense for you. Eventually you just pay for stuff or laugh in bankers faces when asking for a loan. I owe nothing other than credit cards and have a score very close to the max. If I need money I just get it.
  20. gixxerboy55

    gixxerboy55 Well-Known Member

    So you are a fan of Dave and paying off your mortgage early, just kidding sort of.

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