Hey financial knowing stuff type guys!

hobbit

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Re: Hey financial knowing stuff type guys!

« Reply #15 on: February 04, 2008, 12:29:22 AM »

Quote from: Clive on February 03, 2008, 11:17:07 PM

Quote from: spacey on February 03, 2008, 10:53:20 PM

She's going with the "look at the 'big picture'" scenario, i.e. we'll own the house free and clear in 15 years and for at least part of that equation it won't cost us more than it does right now. My mind keeps heading towards the "yeah, but what about when we need to replace one of the cars and we're still paying for the one we don't have anymore?" part of the equation.

Like hobbit said, there's bad debt and there's not-so-bad debt. I'd rather pay a mortgage for 20 years and eliminate my higher-interest debt (car and bike) in 3 or 4 years. Even if the grant total of interest paid worked against me, I just like having low-interest debt against an asset I can further borrow against, if need be, and the ability to sell a motor vehicle cleanly (no debt, title in hand), if need be. But again, that's just me -- I'm not a financial guy for a living.

Yes - it makes much more sense to me to consolidate your mortgages (and perhaps student loan) and leave the vehicles out of it.

And your long-term loan on vehicle practice, no matter how risk averse it seems - itsa no gouda. Shorter term loan should always get you a lower rate - take advantage of that.

Now, if I could only get back to sleep Sad


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Blader

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Re: Hey financial knowing stuff type guys!

« Reply #16 on: February 04, 2008, 04:48:04 AM »

I wouldn't roll short term debt into a home mortgage. That's just me. I like to keep things in separate piles.


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stroh

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Re: Hey financial knowing stuff type guys!

« Reply #17 on: February 04, 2008, 06:20:41 AM »

Really long cables.


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Walfredo

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Re: Hey financial knowing stuff type guys!

« Reply #18 on: February 04, 2008, 06:54:06 AM »

I would be leary of consolidating your debt too. It doesn't seem like you need it. Not sure what your student loans are but mine is now 1.5% interest. No reason to do anything with that but pay the monthly payments.

And as far as house goes you are in the same situation as us. Pretty good amount of equity with 2 mortgages. I'm thinking about refinancing at some point to move to one note but I have a pretty good fixed rate so I too am not sure how the numbers stack up in that regard.

I would just continue doing what you are doing. Pay off the car/bike a little faster, keep your equity in your home, leave the student loan as is. Continue to save and what not. I mean you may be having a baby in the future right?


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spacey

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Re: Hey financial knowing stuff type guys!

« Reply #19 on: February 04, 2008, 08:36:50 AM »

Thanks all, you have given me much food for thought.* Pretty much I'm back to where I began, but at least I know that I'm not alone in my thinking.

*Except stroh and Butbackstagethingswerfal, you guys are useless.


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