Stock market is up. Asset allocation = time to sell comics?

[FlyingDonut]

Signing the papers today to refinance my mortgage (for the sixth time in this house). 4.375 fixed for 15 years, will be paid off in eight. Take that, global financial markets!

You`ve locked in a phenomenal interest rate, so why would you want to pay if off early?

 

Because in eight years I will have two children in college at the same time, and I want to be able to either (1) stretch out the amount I owe through the overlap years or (2) simply switch the payment from Citibank to whatever college I have to use. This way gives me more options. (thumbs u

[FlyingDonut]

Signing the papers today to refinance my mortgage (for the sixth time in this house). 4.375 fixed for 15 years, will be paid off in eight. Take that, global financial markets!

Speaking of, I gotta look into refi, I'm in 6% right now, way tooooo high.

 

You're WAY too high if you're paying 6%. You'd better jump now, though, because rates are going to go back up. You should be able to knock a point off that without doing anything.

[fantastic_four]

I'm closing a refinance from these guys tomorrow:

 

http://www.capcenter.com

 

4.5% for 15 years, no points, no closing costs at all. The no closing costs thing sounds too good to be true, but I know someone else who has used these guys for a refinance with no problem. Anyone else found these no closing cost loan companies? They claim they can do it because they do all the closing and lending themselves and outsource almost nothing, i.e. they own a title search service and most or all of the other closing services banks typically outsource.

[the blob]

new york has this stupid mortgage recording tax (something like 1.5% of the amount), which applies even when you refinance. so i'd be paying like $6K just in the stupid tax unless I go through my current bank, and then it isn't considered a new "recording" --- it gives your current lender tremendous leverage.

 

i need to think about the 15 year loan, particularly if a lower rate means my payment doesn't go up. i can't really afford a higher payment right now.

[DR.X]

Signing the papers today to refinance my mortgage (for the sixth time in this house). 4.375 fixed for 15 years, will be paid off in eight. Take that, global financial markets!

 

 

 

Good for you. (thumbs u Theres no better relief than not having to write that check every month. People with the argument that you need the write off doesnt wash when you factor in what you paid out in interest and what you get back. Been mortgage free for eight or nine years. F-ck giving the bank your money.

 

Sounds like maybe you took a bi-weekly mortgage if your paying it off in eight. Those can be great products. The banks wont volunteer them, but they do have them.

 

 

 

DRX

[Hedge Collector]

Paying off debt is great, especially mortgage debt since it is most people's largest.

 

It is a guaranteed rate of return.

[bronzilla]

Signing the papers today to refinance my mortgage (for the sixth time in this house). 4.375 fixed for 15 years, will be paid off in eight. Take that, global financial markets!

 

 

 

Good for you. (thumbs u Theres no better relief than not having to write that check every month. People with the argument that you need the write off doesnt wash when you factor in what you paid out in interest and what you get back. Been mortgage free for eight or nine years. F-ck giving the bank your money.

 

Sounds like maybe you took a bi-weekly mortgage if your paying it off in eight. Those can be great products. The banks wont volunteer them, but they do have them.

 

 

 

DRX

 

 

Gawd I love you DRX!

[the blob]

the mortgage decuction is a nice way to offset some AMT though (I know you don't get the full deduction due to the AMT, but every bit helps), or some of it, for those of us who are considered "rich" by the federal government because we are two income families living in high COL states

 

but yes, for my psyche, I would love to not have this huge monthly nut hovering over me

 

it's just that friends who are renting with a smilar income to us and 2 kids but no mortgage deductions are getting KILLED by the AMT

[DR.X]

Signing the papers today to refinance my mortgage (for the sixth time in this house). 4.375 fixed for 15 years, will be paid off in eight. Take that, global financial markets!

 

 

 

Good for you. (thumbs u Theres no better relief than not having to write that check every month. People with the argument that you need the write off doesnt wash when you factor in what you paid out in interest and what you get back. Been mortgage free for eight or nine years. F-ck giving the bank your money.

 

Sounds like maybe you took a bi-weekly mortgage if your paying it off in eight. Those can be great products. The banks wont volunteer them, but they do have them.

 

 

 

DRX

 

 

Gawd I love you DRX!

 

I absolutley despise banks. I have some good horror stories about my dealings with them. I used to try and think of ways to screw them right back. When I did have a mortgage on my current residence, the payment was due on the 1st of the month. But they give you till the 15th to make your payment before late charges accrue. I had a check writing money market account with Fidelity. I would always wait till the 15th, walk in with my Fidelity check for the payment. It would then take another 7 days for the check to clear from Fidelity so they couldnt do squat about it. My money market was still accruing interest till they released the dough 7 days later. F-ck them. The check was always in there hands on the 15th. Now you wait for your dough. They despised me at that bank. I loved it. Whooo Hooo.

 

DRX

[fantastic_four]

Paying off debt is great, especially mortgage debt since it is most people's largest.

 

It is a guaranteed rate of return.

 

Surprised to hear you say this, unless you're just giving out advice to the average person. Aren't you one of the day traders around here? Every person I've ever personally known who majored in or works in a financial area or who has owned a smaller company I've worked for has always refinanced to maximize their home loan amount figuring they can invest that money to beat whatever the current mortgage rate is minus the 25% or so tax deduction you get from the interest.

[Hedge Collector]

Paying off debt is great, especially mortgage debt since it is most people's largest.

 

It is a guaranteed rate of return.

 

Surprised to hear you say this, unless you're just giving out advice to the average person. Aren't you one of the day traders around here? Every person I've ever personally known who majored in or works in a financial area or who has owned a smaller company I've worked for has always refinanced to maximize their home loan amount figuring they can invest that money to beat whatever the current mortgage rate is minus the 25% or so tax deduction you get from the interest.

 

I know what you are saying. (I'm not a day trader per se, though I do work in the industry). This is more of a personal opinion, rather than advice I would give to others.

 

I think it is no coincidence to me that most people who have paid off their mortgage early that I know of are wealthy and relatively conservative considering their wealth. It is not for everyone. And I have heard all the arguments for keeping a reasonable mortgage at a good rate - from the tax deduction perspective to the put the extra money somewhere else for a better rate of return perspective to the if there is an emergency you can't liquify the funds in your home perspective, etc.

 

I, myself, am not sure I would steer clients in the direction of paying off one's mortgage early - for the main reason that everyone's financial situation is different. But of the people I know that have chosen that direction, it has always been a successful financial decision.

 

Paying off one's mortgage falls in line with other fixed rates of return. For the most part, you will not get burned by it since it is guaranteed. And it is not a step towards getting outlandishly rich.

 

Personally, I abhor mortgages. The main reason is because it allows one to buy something that one cannot afford (even with 20% down, it is an 80% loan).

 

The one reason for which I do like loans is the fact that it acts as a forced savings plan for the average person. Most people are not savers. Without this forced savings plan, most people would have nothing left when they stopped working. I've known many, many average incomers who were financially saved because by retirement they were able to sell their home, which had by then been paid off, to fund their nest egg.

 

Sorry for the long post!...

[kidcolt]

The old revolving door comic collection. I have the same type of collection. Buy, read, sell, buy, read, sell.........

 

I'm trying to sell some books to buy other books!

[BucOne-migration]

Signing the papers today to refinance my mortgage (for the sixth time in this house). 4.375 fixed for 15 years, will be paid off in eight. Take that, global financial markets!

 

they can't give houses away in Chicago. Someone finally sold a 9 bedroom for 15K

[october]

Signing the papers today to refinance my mortgage (for the sixth time in this house). 4.375 fixed for 15 years, will be paid off in eight. Take that, global financial markets!

 

they can't give houses away in Chicago. Someone finally sold a 9 bedroom for 15K

 

What a bunch of BS. Nine bedroom what? Cardboard box?

[DR.X]

Signing the papers today to refinance my mortgage (for the sixth time in this house). 4.375 fixed for 15 years, will be paid off in eight. Take that, global financial markets!

 

they can't give houses away in Chicago. Someone finally sold a 9 bedroom for 15K

 

What a bunch of BS. Nine bedroom what? Cardboard box?

 

(thumbs u You cant buy a lot on 38th and Langley with 15K. And then you'd need a Mini-14 to walk around your lot.

 

 

DRX

[october]

Signing the papers today to refinance my mortgage (for the sixth time in this house). 4.375 fixed for 15 years, will be paid off in eight. Take that, global financial markets!

 

they can't give houses away in Chicago. Someone finally sold a 9 bedroom for 15K

 

What a bunch of BS. Nine bedroom what? Cardboard box?

 

(thumbs u You cant buy a lot on 38th and Langley with 15K. And then you'd need a Mini-14 to walk around your lot.

 

 

DRX

 

Maybe the nine bedroom is at the bottom of Lake Michigan.

[DR.X]

Signing the papers today to refinance my mortgage (for the sixth time in this house). 4.375 fixed for 15 years, will be paid off in eight. Take that, global financial markets!

 

they can't give houses away in Chicago. Someone finally sold a 9 bedroom for 15K

 

What a bunch of BS. Nine bedroom what? Cardboard box?

 

(thumbs u You cant buy a lot on 38th and Langley with 15K. And then you'd need a Mini-14 to walk around your lot.

 

 

DRX

 

Maybe the nine bedroom is at the bottom of Lake Michigan.

 

Could be Lower Wacker Drive by Lower Columbus. Theres some nice large appliance boxes down there.

 

DRX

[Silver Surfer]

Signing the papers today to refinance my mortgage (for the sixth time in this house). 4.375 fixed for 15 years, will be paid off in eight. Take that, global financial markets!

 

 

 

Good for you. (thumbs u Theres no better relief than not having to write that check every month. People with the argument that you need the write off doesnt wash when you factor in what you paid out in interest and what you get back. Been mortgage free for eight or nine years. F-ck giving the bank your money.

 

Sounds like maybe you took a bi-weekly mortgage if your paying it off in eight. Those can be great products. The banks wont volunteer them, but they do have them.

 

 

 

DRX

 

 

Gawd I love you DRX!

 

I absolutley despise banks. I have some good horror stories about my dealings with them. I used to try and think of ways to screw them right back. When I did have a mortgage on my current residence, the payment was due on the 1st of the month. But they give you till the 15th to make your payment before late charges accrue. I had a check writing money market account with Fidelity. I would always wait till the 15th, walk in with my Fidelity check for the payment. It would then take another 7 days for the check to clear from Fidelity so they couldnt do squat about it. My money market was still accruing interest till they released the dough 7 days later. F-ck them. The check was always in there hands on the 15th. Now you wait for your dough. They despised me at that bank. I loved it. Whooo Hooo.

 

DRX

 

Would that still effect your credit rating because they could report your mortgage as being late every month?

[DR.X]

Signing the papers today to refinance my mortgage (for the sixth time in this house). 4.375 fixed for 15 years, will be paid off in eight. Take that, global financial markets!

 

 

 

Good for you. (thumbs u Theres no better relief than not having to write that check every month. People with the argument that you need the write off doesnt wash when you factor in what you paid out in interest and what you get back. Been mortgage free for eight or nine years. F-ck giving the bank your money.

 

Sounds like maybe you took a bi-weekly mortgage if your paying it off in eight. Those can be great products. The banks wont volunteer them, but they do have them.

 

 

 

DRX

 

 

Gawd I love you DRX!

 

I absolutley despise banks. I have some good horror stories about my dealings with them. I used to try and think of ways to screw them right back. When I did have a mortgage on my current residence, the payment was due on the 1st of the month. But they give you till the 15th to make your payment before late charges accrue. I had a check writing money market account with Fidelity. I would always wait till the 15th, walk in with my Fidelity check for the payment. It would then take another 7 days for the check to clear from Fidelity so they couldnt do squat about it. My money market was still accruing interest till they released the dough 7 days later. F-ck them. The check was always in there hands on the 15th. Now you wait for your dough. They despised me at that bank. I loved it. Whooo Hooo.

 

DRX

 

Would that still effect your credit rating because they could report your mortgage as being late every month?

 

No, I have perfect credit. My payment was never late. It would have been late if it was paid after the 15th. Most banks put part of you payment in an escrow account for property taxes. That is one of the biggest scams the banks ever came up with. Billions of of dollars sitting in escrow accounts the banks can use for themselves and then pay out two tax installments on your behalf. Do you get interest from them for them holding your money. Nope. I always paid my own taxes. Most people say its just convienient to have the bank do it. Alls it takes is a little discipline to put away X amount of dollars each pay check. I did it for every property I owned. The bank never made a dime of my property tax money.

 

DRX

[worldsbestcomics]

The prices on a lot of my bronze 9.8s and especially my mint books has jumped so much over the past couple years that I have actually been thinking that I should sell. Not because of any market timing belief but because of diversification. My collection has become a sizeable "asset" even though I always thought of it has a hobby and something fun. Whenever any of my stocks increase to the point that I am "overweight" in an area, I sell and move the money into something that I feel is undervalued. And I am feeling some intellectual pressure to do the same with my comics. Anybody else thinking along those lines?