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Money, But No Job?

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Peter1142
Established Contributor

Re: Money, But No Job?

You are going to spend hundreds of thousands on interest so you can have a mortgage in your mix of credit?
Message 11 of 16
StartingOver10
Moderator Emerita

Re: Money, But No Job?


@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.

Message 12 of 16
indiolatino61
Valued Contributor

Re: Money, But No Job?


@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.

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Message 13 of 16
Peter1142
Established Contributor

Re: Money, But No Job?

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.

Message 14 of 16
ezdriver
Senior Contributor

Re: Money, But No Job?


@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.

Message 15 of 16
unc0mm0n1
Established Contributor

Re: Money, But No Job?


@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. 

Last App March 23, 2015. Gardening until November 25, 2015
Current Score: 766 EX 734 EQ 780 TU 6/30/2015Starting Score/Goal Score: 580s/780s across the board
Message 16 of 16
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