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[–] 25350544? 0 points 1 point (+1|-0) ago 

Thank you for sharing your knowledge. It takes time to read it all but is well spent. I want to go research many of your statements not because I don’t believe them but because if I try to share them with anyone they will challenge me and I can only say some guy on the internet told me.

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[–] 25350633? [S] ago  (edited ago)

Anything that you would like to have better supported, just ask (as one source of research on anything of interest to you that overlaps with what's mentioned). That POTUS is doing something on actual Friday was mostly wishing and not as much reasoning or research but I should be able to point you at some resources that I found interesting on anything else.

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[–] 25350452? ago 

I'm good about making payments on time and having a healthy balance sheet and income producing investments. Beyond that I never studied finance too much.

What I know is my monthly mortgage payment when I refinance is going to be less than what i was paying in rent 15 years ago.

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[–] 25351930? ago 

When you refinance for another 30 years, you are taking your existing mortgage debt and extending it out. Monthly payment will of course go down.

Rent vs mortgage. Look at your mortgage statements. Payments for the first decade of your mortgage are mainly interest payments. When you refinance, you pay off your principle and all those interest payments made for years prior are like rent. Then you start the process again. Tally your accumlated interest payments if you want to make yourself sick.

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[–] 25364329? ago 

I'm well aware.

Accounting for all that, I'm still ahead 200 a month in saved interest.

And if I make the same payment I'm currently making + the extra every month I pay I can have this mortgage paid off in 8 years.

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[–] 25350479? [S] ago 

Awesome. Totally valid unless you are losing something in the fine print. Read carefully.

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[–] 25350539? ago 

2500 or so in origination fees. And I need to pre-fund escrow for around $3800. And a few other fees like title company stuff and a couple other small misc. items.