Quote:
Originally Posted by DareRing
This isn't directed at you personally, but it completely flummoxes me when people don't seem to realize that house they bought for "$350,000" will end up costing them $1,000,000 at the rate they're paying it off ... Put everything you can afford into paying back your mortgage ASAP. Until you do that, you're not a homeowner; you're renting from the bank. Even a few hundred extra here and there, whenever you're able, can save you tens of thousands over time. Start looking at the price of everything you buy and double or triple the cost in your mind. That $2000 Plasma TV could knock $6000 off your total mortgage payments instead.
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that's a great point...I was thinking If i brought 20k in, I could refi at a better rate as well as pay it off sooner, if that point was not clearly made. thats one option, but i was looking at other things, I don't usually have a big lump sum like that