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Originally Posted by intecel
Great info guys....
My house is in about the same shape as the person 2 doors down. I'm pretty sure their value was a little higher because of their patio that they added on, and that they're on a corner lot.
My home is kept up very nice. I live in a golf club community with a lake across the street and a fairway view to the side i look 3 homes down. I'm actually in the process of landscaping my yard with new plants, which should be done within the next couple weeks.
I like the info about doing what I feel is right... I'm usually pretty bad with money (hence the 30k in credit debt), which is why taking out the extra money wouldn't be the greatest idea, but if I were to stick it in an investment that cannot be touched for a year or 2, that would probably work the best for me.
Once the refi goes through, I will only have the house and car payment (5k left) to pay off. I have no children, no wife (but a girlfriend who supports herself), and I make over 45k a year in a very stable position.
I've only got another day to decide on this.. but all your input has definitely helped... thanks!
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It's interesting that you note you make $45k a year. Many mortgage companies(and real estate offices) at first glance multiply your annual gross income by 3 to gauge how much you may be able to afford in mortgage payments, then take 1% of that as an estimated monthly affordable payment. Thus, your affordable monthly payment would hover around $1350.
For a single guy, I guess it's doable; I know for our family, ours IS that much and isn't very doable at all and we have a second mortgage of about $400 a month (our gross annual is approx $60k)
Our house here also went through the roof as far as it's appraisal and I have a feeling it was inflated. In two years, the market value went from $200k to over $295k, yet the houses on this street that have actually sold haven't sold for $200k yet. So, I'd be cautious about appraisal vs selling price.
Why not take that car payment and toss it in there? You're throwing a car payment to something that's deflationary in value, and the interest isn't tax deductable. But mortgage interest is, so you save some there as well.