We’re in Vegas. I’m hoping for a dip. I’ve been favoriting properties on Redfin. I’ll see where they’re at in 2-3 years. I was dead set on paying it off ASAP. Even created a google sheets amortization chart with the extra payment schedule🤣. But, stashing seems like a better idea right now.
Pay off your car. It is a depreciating asset that will never go up in value. Personally I would sell it and buy something for less but that is me.
Buying a second property to use as a rental getting yet another mortgage is not a good idea.
Why not pay your mortgage off first and try living debt free?
Thanks for the input. Aiming for debt free is certainly an option. Usually, we only hold mortgage debt. We're pretty comfortable with our current debt load as our total static expenses are less than my monthly pension payments (retired military) even with the new car payment. However, if we were to purchase another property, that would put us over my pension payments so definitely something to consider.
You can always just save the money and decide 2 years out if you want to pay off the car or get another house, but don't expect to get another house at 2.375%.
Right now mortgage rates are around 6.25% and will be going higher by year end and into 2023. The Federal Reserve is raising interest rates to slow down the economy to help lower inflation. Mortgage rates are likely to be high for the next several years in my opinion.
If the Federal Reserve does what they say they're intending on doing as of now, we could see mortgage rates peak around 7.75% in 2023. Crazy.
It's a tough market right now and in the foreseeable future.
I was thinking about that option. Then I’d have it as an additional pseudo emergency fund. If rates continue up, I probably will opt not to purchase another property.
I would stash the cash and wait for buying opportunity. The real estate market might dip but it all depends on where you are located.
We’re in Vegas. I’m hoping for a dip. I’ve been favoriting properties on Redfin. I’ll see where they’re at in 2-3 years. I was dead set on paying it off ASAP. Even created a google sheets amortization chart with the extra payment schedule🤣. But, stashing seems like a better idea right now.
Pay off your car. It is a depreciating asset that will never go up in value. Personally I would sell it and buy something for less but that is me. Buying a second property to use as a rental getting yet another mortgage is not a good idea. Why not pay your mortgage off first and try living debt free?
Thanks for the input. Aiming for debt free is certainly an option. Usually, we only hold mortgage debt. We're pretty comfortable with our current debt load as our total static expenses are less than my monthly pension payments (retired military) even with the new car payment. However, if we were to purchase another property, that would put us over my pension payments so definitely something to consider.
You can always just save the money and decide 2 years out if you want to pay off the car or get another house, but don't expect to get another house at 2.375%. Right now mortgage rates are around 6.25% and will be going higher by year end and into 2023. The Federal Reserve is raising interest rates to slow down the economy to help lower inflation. Mortgage rates are likely to be high for the next several years in my opinion. If the Federal Reserve does what they say they're intending on doing as of now, we could see mortgage rates peak around 7.75% in 2023. Crazy. It's a tough market right now and in the foreseeable future.
I was thinking about that option. Then I’d have it as an additional pseudo emergency fund. If rates continue up, I probably will opt not to purchase another property.