Paying Mortgage. How Do You Get By??

Discussion in 'The Backstage' started by mtm105, May 18, 2016.

  1. South Park

    South Park Well-Known Member

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    As long as you can get it done that is what maters . I have the same saw . It is a job to store all this stuff . It is good you are doing this work it will pay off .
     
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  2. Gutch220

    Gutch220 Well-Known Member

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    This is/was a super old thread.

    But it goes without saying, gold is the currency of Kings, silver is the currency of gentlemen, barter is the currency of the peasants, and debt is the currency of slaves.
    Don't be in such a rush to go into debt. Live below your means, debt free. This life is a lot better. If you must go into debt, do it with things that go UP in value. A good real estate investment can be this as long as it doesn't cripple you.
     
  3. Ramo

    Ramo Well-Known Member

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    I've started paying the mortgage at 35 years old, three years ago I should have done it way sooner instead of wasting money on pointless things.

    Oh, well what's done is done.


    I hope you find good rates for your mortgage, best of luck on finding a new place and with your retirement.
     
  4. axe4me

    axe4me Well-Known Member

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    I'm 67.

    No mortgage.

    Self employed.

    I had 3 bouts with colon cancer in the last 7 years.

    Because of this, I've had to borrow money from my home equity loan and use credit cards when I wasn't working.

    I'm not a bum.

    I'm in debt for over $100k.

    I'm working now.

    We'll sell our home.

    Get out of NJ and live happily ever after.

    We'll pay our taxes and other things because we pay for the sins of our leaders.

    This is America.

    The end.
     
  5. dro

    dro Well-Known Member

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    I think, if you are asking this bunch for financial advice. You are going to need to sell all of your gear. Amps, guitars keyboards, recording gear, even your computer. Buy a tent, or get a cardboard box. Go fight for a spot under the freeway, and live like a troll.
     
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  6. ibmorjamn

    ibmorjamn Well-Known Member

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    The entire west coast is anything but cheap !
     
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  7. ALtsMagent

    ALtsMagent New Member

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    I have temporary financial difficulties, so I need to do a mortgage refinancing if you know anything about this please share your experience. I've heard that it helps to save significantly on interest payments by reducing the loan term or the amount of the monthly payment. Of course I have a plan and I believe that in a short time I will be able to resume my business and the ability to pay off the mortgage, so that I don't have any problems and a bad credit history to retire. And I want to say thank you to one of the members of this community for sending me in a personal message a recommendation where I can get a mortgage advice Birmingham at an affordable price.
     
    Last edited: Feb 5, 2021
  8. Nkyrental

    Nkyrental Well-Known Member

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    Not having a mortgage should be the first priority prior to retirement, health expenses covered the second.
     
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  9. Jethro Rocker

    Jethro Rocker Well-Known Member Silver Supporting Member

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    Another spam account.
     
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  10. Trident

    Trident Well-Known Member

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    :agreed::agreed::agreed::agreed:
     
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  11. Gutch220

    Gutch220 Well-Known Member

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    yes. get out of debt as soon as possible, especially with things that lose value, and don't make money (like cars).
    I worked hard and saved and saved to payoff my mortgage at 36 and I now am able to save a lot of money. I hope this pays off for my future, if I can save even more I was thinking about buying a 2nd house to rent out for extra income, then sell later on.
     
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  12. Jethro Rocker

    Jethro Rocker Well-Known Member Silver Supporting Member

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    Yep. We are on our third home but made sure each was paid off before getting the next. We paid this off right away. Never run C Cards up amd not pay off in full every month. Budget accordingly.
     
  13. Gutch220

    Gutch220 Well-Known Member

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    yes, credit & debt hold you down. Really, you've got generations of people that live their whole lives either in debt, or investing in 'paying rent' which they'll never get back
     
  14. Old Punker

    Old Punker Well-Known Member

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    You sir are lucky with house prices like that! Where I live in Canada, I'm in a middle class neighborhood and here a 1,259 sq. ft. 2 bedroom townhouse with a single car garage will set you back $450,000 - 589,000! No kidding. I and my neighbors mostly drive Fords, Toyotas, and Hyundai's (we're not rich). The prices in Ontario are absurd and with a middle class job you can barely scrape by. There is also a 13% sales tax on anything you buy.
     
  15. IOSEPHVS

    IOSEPHVS Well-Known Member

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    We took out a 30-year mortgage in 2006; we paid it off in 2014. We didn't have much money left over each month for those 8 years, but it was worth it.
     
  16. Madfinger

    Madfinger Well-Known Member

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    I took minimum payments @ 15 years on 450k & paid a bit more when I could. The place went up in value to 675k 13years in when I paid it off, sold & downsized. At first the interest rates were 9% after 6 years they dropped to 5.2% so I refinanced through a different bank. Rule of thumb is if interest rates are low lock it in, high go variable. The help for me was getting a good financial adviser, things change regularly & rapidly over time in the financial sector that us mere mortals can't keep up with so get advice from a good financial adviser before, during & after!!!!
    Oh & NEVER NEVER EVER take financial advice from the banks, go a independent.
     
  17. Adieu

    Adieu Well-Known Member

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    Ugh, rich people problems
     
  18. Madfinger

    Madfinger Well-Known Member

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    Prob. Just different countries but the banks will fuck you over what ever country your in. In Aus. the values would roughly equate to the op's if in the US.
    Edit: In Aus. we have the ACCC that tries to keep the banks on a chain but every time they introduce a new rule the banks find a way arround it. Hate to think what the average punter gets shafted on in outher countries, could end up 100k plus over 15 years. Reason I posted the op's repayments sound excessive but that depends on the term of the loan. A independent financial adviser will cost some money but will save you shit loads more especially with a asset purchase like a home with long term repayments.
     
    Last edited: Jan 29, 2021
  19. Fenjy

    Fenjy New Member

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    I pay my mortgage for over 5 years already, sometimes it is difficult to pay, especially last covid year. I wonder what is about deferral or lowering % for home loans due to the pandemic situation? Cuz I am thinking about remortgage or about asking my lender to review the payment or rate, at least something to help, do you think they can be loyal?
    The second problem I have now is that I am about divorce from my wife, so I do not know how to do everything correctly now with this mortgage. I took the mortgage with the brokers' help, maybe I should ask them if they can help, it was agents from Coventry, a small company https://coventrymoneyman.com/
    do you think such agencies like this one can solve questions about remortgage or other deals about bank loyalty?
     
  20. MarshallDog

    MarshallDog Well-Known Member Gold Supporting Member

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    Did you figure in health care costs and college costs. Do you have any 401Ks? You need to speak with a good Financial Advisor, theres a lot to consider when retiring that young especially with a 13 year old. I plan on going around 60-62, we have great Financial Planners that have made us a lot of money over the past several years but I still want to stock pile the money!
     

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