BaileyMae wrote:
Is this something one should consider doing if you don't intend to stay in the house of the entire life of the loan?
we WILL NOT be staying in this house for 30yrs. For our first home we went way underbudget. We are both 40+ DINKS still recovering from 2008 crisis. But rent here was getting soooo high it just made sense to buy....our mortgage is half our former rent. Heres our game plan/philosophy:
1. pay an extra $100 a month....mailed separately. This will cut 10 years off our mortgage.
2. paying cash to slowly upgrade home. it was in great shape...move in ready but needed upgrading and to be more energy effiecient. This will add resale value
3. we bought on my income alone...DH will continue to boost our savings
We feel when we do sell we will be in a much better position to buy our forever home. Savings will be restored to where it needs to be...we will be otherwise debt free...plus we should walk away from closing table with a nice check.
