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@Peter1142 wrote:
You are going to spend hundreds of thousands on interest so you can have a mortgage in your mix of credit?
*slaps hand to forehead* of course Peter is right -it is far better for you financially to not spend the extra on interest for a mix of credit IMO.
@Peter1142 wrote:
You are going to spend hundreds of thousands on interest so you can have a mortgage in your mix of credit?
Good question...my plan is only to hold the mortgage for 12-24 months, and then pay it off, which is why I need to have a mortgage with no pre-payment penalties.
12-24 months of payments could be like $20k in interest. It only helps the mix of credit as long as it is open too.
Your scores appear excellent. You would qualify for anything. Go get a 0% interest car loan if you really feel the itch that bad. Then pay half of it off.
@indiolatino61 wrote:
@Peter1142 wrote:
You are going to spend hundreds of thousands on interest so you can have a mortgage in your mix of credit?Good question...my plan is only to hold the mortgage for 12-24 months, and then pay it off, which is why I need to have a mortgage with no pre-payment penalties.
Federal law requires that every mortgagee be offered a no-prepayment-penalty option on any mortgage.
@Peter1142 wrote:
You are going to spend hundreds of thousands on interest so you can have a mortgage in your mix of credit?
I would. The interest rate will be really low with their scores. I could easily beat that rate of return, investing the money. Plus, the interest carries nice tax benefits. The mix of credit is just an added benefit. If you plan on staying in the home long-term I don't see why getting a mortgage would be a bad idea.