People can’t handle a 12-18 month long freight cycle so 10 years is a pipe dream.
barg obv but my mortgage is paid off in 8 months with min payments. What do I even do then minus the usual suspects? I’d feel like an idiot getting back in to SPY but…? I am not doing fucking landlord stuff that sounds miserable. I guess its fiduciary time IDK. Or I’ll just do what you guys say amirite.
Buy monkey jpgs.
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Buy cruise stonks. Guaranteed to beat the market forever.
I just keep buying Vanguard target retirement funds so I don’t have to think about anything.
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yeah this is a good call I bought a bunch of VOO VTI etc a few years ago and my total ROI is now… -0.3%.
Oh yeah I forgot about that. In Canada we more typically have a mortgage that has something like a 30 year amortization period but the rate resets after 5 years. Basically your contract with the lender lapses after 5 years and you can renew with them or take your remaining debt somewhere else. This works against you if rates go up a lot, but in a neutral environment you at least get to test the market again and possible switch to a lender with a favorable rate compared to your current lender.
I think 30 year mortgages here are rare no? Most are 20 or 25 I thought.
LolCanada. In USA #1 we get a locked in rate for 30 years AND can refinance at any time if rates drop.
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Could be. Before 2008 they definitely used to allow 30+ year amortizations because interest rates were going to stay low forever and housing prices were always going to go up.
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And you get to write off interest which we don’t.
We can also refinance in the interim, like if you have a 5 year term and rates drop a ton in the first year you do have the option to break your old mortgage contract and pay a penalty designed to compensate the lender for your greedy selfish action.
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I’m paying 1.84% currently for the next 3 years as part of the first 5 years of my 25 year mortgage. Can you do better?
@Riverman here’s another chance to short SAVA at $50. It has gone up like 67% on no news, just people pumping it on stocktwit and reddit (more so the short-squeeze subs than WSB). Of course the pump might not be over.
Cassava is currently under investigation by the DOJ for the accusations of data manipulation. A couple days after news of that broke, some journal JPAD came out and and said there was no evidence of data fuckery, and that’s when the stonk originally started taking off. Idk if JPAD is a legit journal or what, but I found the timing of that to be suspiciously convenient.
But that news was already priced and the run from $30 to $50 is just ape manipulation.
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One of the dumber things I’ve done is get my current mortgage at 30 year fixed 4.0% and paying it off in 9 years instead of a 10 year at like 2.8 yeah.
But then again the only way to beat 4% interest rate in the last few years is… I bonds. Anyone have some SSNs sitting around they don’t need?
Can’t beat the rate but i’m locked at 2.25% for the remaining 12 or 13 years of my mortgage.
I pay 1.62% but only locked to Feb 2026.
That’s what we did. We made two balloon payments last year and this year to pay off our mortgage this December, to avoid the higher rates in 2024.
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I don’t like this move. A friend does this too. Even with the higher rates you can still get a better return on those dollars in the market (on average). Only reason to pay down mortgage super fast is psychological or if you fear large job gaps
Kind of. It depends a bit on if your alternatives include saving in a taxable or tax sheltered account. If you have $1 and your options are to pay down your mortgage or invest it in a taxable account, the mortgage might actually be better.