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November 4, 2007 at 9:30 PM in reply to: Payoff Mortgage in 1/3 the time without doing anything different? #95703November 4, 2007 at 9:30 PM in reply to: Payoff Mortgage in 1/3 the time without doing anything different? #95711
CoronitaParticipantYou know. Out of all places I would read about this type of "accelerated" mortgage payment scheme…..I just was thumbing through the latest issue of the Costco Connection magazine..errr. infomercial while sitting on my throne in the morning. There was an interesting article about this from Suzi Orman. Sorry, it's not quality reading, nor do I really like Suzi…But…
http://www.costcoconnection.com/connection/200711/?u1=texterity
Page 15. The irony.. The person asking the question about this type of loan is from Temecula.
Here's the text..
The downside of
accelerating loansWe are looking at refinancing through
an “accelerating loan.” You put all your
monies in the account and it pays down
your mortgage daily according to your balance.
Can you tell us about this new loan?
—Lisa Adams, Temecula, CaliforniaSuzi Says.
STOP LOOKING! With this type of deal you set
up a home equity line of credit (HELOC) and your
paycheck is automatically deposited into the account.
You then basically use it as a mega-banking account.
From it you pay all your bills, and whatever is left over
is used to pay down your mortgage. The idea is that
if the money you put into the account each month
(your paycheck) greatly exceeds your expenses, you
should have plenty left over after paying your bills to
make an extra-large mortgage payment. The allure is
that you will end up paying off the mortgage ahead
of schedule, saving thousands in interest payments.
I am all for accelerating paying off your mortgage,
but not with a deal like this. First, you’re stuck
with a HELOC, and that means your interest rate
can and will change depending on the direction
of general interest rates. Even if you think interest
rates might be heading lower in the coming months,
there’s also the possibility that they could rise in the
future. That’s the risk with variable-rate loans, and
it’s a risk millions of homeowners are struggling with
right now. And if you ever run into a month when
your expenses exceed what you owe, you will have to
draw on the line of credit —that is, borrow more.
You can get your mortgage paid off faster without
refinancing into one of these newfangled loans
(and paying refinancing lender fees). All you have to
do is send in extra principal payments whenever you
can on your existing mortgage. Make one extra payment
a year on a 30-year mortgage and you will cut
your payback time down to about 25 years.CoronitaParticipantdjrobsd,
Thanks for sharing your personal experience. You have a lot of courage to share publicly what is going on at a personal level. I hope things work out for you. The only thing I hope you don't do is don't cash your 401k. It's suppose to be your retirement nestegg. I could be wrong about this (and someone correct me if so) but I believe 401k accounts are exempt from creditors. Someone please confirm. If the bank can't work things out for you, I'd also recommend walking. Yes it's a ding on your credit. But you aren't going to be the only one, and after 7 years, when you're ready again, you can approach home ownership again. You might though want to secure if a rental place before this though.
Good luck.
CoronitaParticipantdjrobsd,
Thanks for sharing your personal experience. You have a lot of courage to share publicly what is going on at a personal level. I hope things work out for you. The only thing I hope you don't do is don't cash your 401k. It's suppose to be your retirement nestegg. I could be wrong about this (and someone correct me if so) but I believe 401k accounts are exempt from creditors. Someone please confirm. If the bank can't work things out for you, I'd also recommend walking. Yes it's a ding on your credit. But you aren't going to be the only one, and after 7 years, when you're ready again, you can approach home ownership again. You might though want to secure if a rental place before this though.
Good luck.
CoronitaParticipantdjrobsd,
Thanks for sharing your personal experience. You have a lot of courage to share publicly what is going on at a personal level. I hope things work out for you. The only thing I hope you don't do is don't cash your 401k. It's suppose to be your retirement nestegg. I could be wrong about this (and someone correct me if so) but I believe 401k accounts are exempt from creditors. Someone please confirm. If the bank can't work things out for you, I'd also recommend walking. Yes it's a ding on your credit. But you aren't going to be the only one, and after 7 years, when you're ready again, you can approach home ownership again. You might though want to secure if a rental place before this though.
Good luck.
CoronitaParticipantdjrobsd,
Thanks for sharing your personal experience. You have a lot of courage to share publicly what is going on at a personal level. I hope things work out for you. The only thing I hope you don't do is don't cash your 401k. It's suppose to be your retirement nestegg. I could be wrong about this (and someone correct me if so) but I believe 401k accounts are exempt from creditors. Someone please confirm. If the bank can't work things out for you, I'd also recommend walking. Yes it's a ding on your credit. But you aren't going to be the only one, and after 7 years, when you're ready again, you can approach home ownership again. You might though want to secure if a rental place before this though.
Good luck.
CoronitaParticipantbad things about Carmel Valley besides $$$:
– no shopping nearby (Malls, Target store, etc)That's not a bad thing. Do you want a Target/Walmart/Costco going up right next to you? UTC malls is 2-3 freeway exits away 15 minutes drive (approximate). The biggest PITA thing is if you need to go to Home Depot or Costco. HD is at the end of Mira Mesa Blvd, costco is either at morena or Carmel Mountain off 15.
– no good & cheap eats nearby (especially Asian food)
Yup , that's a problem. But convoy isn't too far anyway. Besides, the asian food blows here in San diego (chinese food at least). The only decent restaurant is Pearl. Jasmine use to be ok, but has deteriorated.
– everything closes early
What do you expect in an area with families? You're not going to go bar hopping in CV 🙂 Vons however is open 24hrs.
You have a small theater in a relatively nice strip mall along with ralphs, jimbos, and a she-she americanized french restaurant (which i forgot the name, but don't go anymore after i bit into a sandwich containing a cardboard box).
– homes, parks, & schools and not much else.
Great views of power lines and a cell phone tower, if you live in Torrey Hills.
– kids racing bicycles on your street
At least bubba won't be tinkering with his Harley and a keg in the middle of the night.
CoronitaParticipantbad things about Carmel Valley besides $$$:
– no shopping nearby (Malls, Target store, etc)That's not a bad thing. Do you want a Target/Walmart/Costco going up right next to you? UTC malls is 2-3 freeway exits away 15 minutes drive (approximate). The biggest PITA thing is if you need to go to Home Depot or Costco. HD is at the end of Mira Mesa Blvd, costco is either at morena or Carmel Mountain off 15.
– no good & cheap eats nearby (especially Asian food)
Yup , that's a problem. But convoy isn't too far anyway. Besides, the asian food blows here in San diego (chinese food at least). The only decent restaurant is Pearl. Jasmine use to be ok, but has deteriorated.
– everything closes early
What do you expect in an area with families? You're not going to go bar hopping in CV 🙂 Vons however is open 24hrs.
You have a small theater in a relatively nice strip mall along with ralphs, jimbos, and a she-she americanized french restaurant (which i forgot the name, but don't go anymore after i bit into a sandwich containing a cardboard box).
– homes, parks, & schools and not much else.
Great views of power lines and a cell phone tower, if you live in Torrey Hills.
– kids racing bicycles on your street
At least bubba won't be tinkering with his Harley and a keg in the middle of the night.
CoronitaParticipantbad things about Carmel Valley besides $$$:
– no shopping nearby (Malls, Target store, etc)That's not a bad thing. Do you want a Target/Walmart/Costco going up right next to you? UTC malls is 2-3 freeway exits away 15 minutes drive (approximate). The biggest PITA thing is if you need to go to Home Depot or Costco. HD is at the end of Mira Mesa Blvd, costco is either at morena or Carmel Mountain off 15.
– no good & cheap eats nearby (especially Asian food)
Yup , that's a problem. But convoy isn't too far anyway. Besides, the asian food blows here in San diego (chinese food at least). The only decent restaurant is Pearl. Jasmine use to be ok, but has deteriorated.
– everything closes early
What do you expect in an area with families? You're not going to go bar hopping in CV 🙂 Vons however is open 24hrs.
You have a small theater in a relatively nice strip mall along with ralphs, jimbos, and a she-she americanized french restaurant (which i forgot the name, but don't go anymore after i bit into a sandwich containing a cardboard box).
– homes, parks, & schools and not much else.
Great views of power lines and a cell phone tower, if you live in Torrey Hills.
– kids racing bicycles on your street
At least bubba won't be tinkering with his Harley and a keg in the middle of the night.
CoronitaParticipantyou got it spot on!
China is a repressive government run by a corrupt mob that puts out a nice dinner table for visitors!.Hey, As an American, you feel poor?
you sound like an ungrateful, spoiled, and entitled idiot, who can't see that he had the greatest luck in he's live to be born or become an American!See, what happens when you watch too much TV, you start believing all the rich looking fantasy "Movie Studio props" are real for all the Chinese. Ask a non-elite, non-party member Chinese how he feels to be a Chinese and living in China rather then the USA, and do him a favor, ask him where he is not afraid to answer honestly because he'll be thrown in jail for a long term re-education on how great he should feel to be part of this great wealth the party is building for all it's people!
blackbox,
. First off, you probably should read the name handle more carefully to figure out who to address. Second, why do folks like you take offense so easily when someone mentions that certain aspects of a life outside of the U.S. is possibly be better.
You pretty much missed my point. I wasn't saying China was better than U.S. I saying that the quality of living was improving, average chinese folks are growing in wealth, which was apparent from the commerce that was going on in the locally. You probably haven't set foot in foreign countries and sound like you're living in denial that everything is perfect here.
I'm pretty greatful about this country. In fact, I wouldn't want to live anywhere else. But at the same time, anyone would be a fool to deny there is plenty of overseas opportunities. If you want to continue to wallow in self pity and denial that everything is fine and stick to your own ignorance, that's really up to you.
See, what happens when you watch too much TV, you start believing all the rich looking fantasy "Movie Studio props" are real for all the Chinese.
I said I visited the country….Based on what you talk about "non-party people", etc… Seems like you learned all about this from TV yourself. Ignorance is bliss. Good for you.
I can tell you as a chinese born american,I see pros and cons of living in US. Generally, here i have the freedom to criticize. But I do feel a stigma of discrimnation both in school and in corporate america. I'll be happy to elaborate on that. But frankly, I'm not going to play the "race" card and scream racism/discrimination. And relatively speaking, I have a pretty cushy life here. At the same time, my ability to do business in China will be limited, as I really am not considered chinese by locale people there either. In fact, being caucasian and showing interesting in business, you stand a greater chance than being american born chinese that can't read/write chinese.
Anyway, you really should take the blinders off, and look what's going around in the world. I wouldn't want to live anywhere else, but other parts of the world are definitely moving faster at this moment in time.
CoronitaParticipantyou got it spot on!
China is a repressive government run by a corrupt mob that puts out a nice dinner table for visitors!.Hey, As an American, you feel poor?
you sound like an ungrateful, spoiled, and entitled idiot, who can't see that he had the greatest luck in he's live to be born or become an American!See, what happens when you watch too much TV, you start believing all the rich looking fantasy "Movie Studio props" are real for all the Chinese. Ask a non-elite, non-party member Chinese how he feels to be a Chinese and living in China rather then the USA, and do him a favor, ask him where he is not afraid to answer honestly because he'll be thrown in jail for a long term re-education on how great he should feel to be part of this great wealth the party is building for all it's people!
blackbox,
. First off, you probably should read the name handle more carefully to figure out who to address. Second, why do folks like you take offense so easily when someone mentions that certain aspects of a life outside of the U.S. is possibly be better.
You pretty much missed my point. I wasn't saying China was better than U.S. I saying that the quality of living was improving, average chinese folks are growing in wealth, which was apparent from the commerce that was going on in the locally. You probably haven't set foot in foreign countries and sound like you're living in denial that everything is perfect here.
I'm pretty greatful about this country. In fact, I wouldn't want to live anywhere else. But at the same time, anyone would be a fool to deny there is plenty of overseas opportunities. If you want to continue to wallow in self pity and denial that everything is fine and stick to your own ignorance, that's really up to you.
See, what happens when you watch too much TV, you start believing all the rich looking fantasy "Movie Studio props" are real for all the Chinese.
I said I visited the country….Based on what you talk about "non-party people", etc… Seems like you learned all about this from TV yourself. Ignorance is bliss. Good for you.
I can tell you as a chinese born american,I see pros and cons of living in US. Generally, here i have the freedom to criticize. But I do feel a stigma of discrimnation both in school and in corporate america. I'll be happy to elaborate on that. But frankly, I'm not going to play the "race" card and scream racism/discrimination. And relatively speaking, I have a pretty cushy life here. At the same time, my ability to do business in China will be limited, as I really am not considered chinese by locale people there either. In fact, being caucasian and showing interesting in business, you stand a greater chance than being american born chinese that can't read/write chinese.
Anyway, you really should take the blinders off, and look what's going around in the world. I wouldn't want to live anywhere else, but other parts of the world are definitely moving faster at this moment in time.
CoronitaParticipantyou got it spot on!
China is a repressive government run by a corrupt mob that puts out a nice dinner table for visitors!.Hey, As an American, you feel poor?
you sound like an ungrateful, spoiled, and entitled idiot, who can't see that he had the greatest luck in he's live to be born or become an American!See, what happens when you watch too much TV, you start believing all the rich looking fantasy "Movie Studio props" are real for all the Chinese. Ask a non-elite, non-party member Chinese how he feels to be a Chinese and living in China rather then the USA, and do him a favor, ask him where he is not afraid to answer honestly because he'll be thrown in jail for a long term re-education on how great he should feel to be part of this great wealth the party is building for all it's people!
blackbox,
. First off, you probably should read the name handle more carefully to figure out who to address. Second, why do folks like you take offense so easily when someone mentions that certain aspects of a life outside of the U.S. is possibly be better.
You pretty much missed my point. I wasn't saying China was better than U.S. I saying that the quality of living was improving, average chinese folks are growing in wealth, which was apparent from the commerce that was going on in the locally. You probably haven't set foot in foreign countries and sound like you're living in denial that everything is perfect here.
I'm pretty greatful about this country. In fact, I wouldn't want to live anywhere else. But at the same time, anyone would be a fool to deny there is plenty of overseas opportunities. If you want to continue to wallow in self pity and denial that everything is fine and stick to your own ignorance, that's really up to you.
See, what happens when you watch too much TV, you start believing all the rich looking fantasy "Movie Studio props" are real for all the Chinese.
I said I visited the country….Based on what you talk about "non-party people", etc… Seems like you learned all about this from TV yourself. Ignorance is bliss. Good for you.
I can tell you as a chinese born american,I see pros and cons of living in US. Generally, here i have the freedom to criticize. But I do feel a stigma of discrimnation both in school and in corporate america. I'll be happy to elaborate on that. But frankly, I'm not going to play the "race" card and scream racism/discrimination. And relatively speaking, I have a pretty cushy life here. At the same time, my ability to do business in China will be limited, as I really am not considered chinese by locale people there either. In fact, being caucasian and showing interesting in business, you stand a greater chance than being american born chinese that can't read/write chinese.
Anyway, you really should take the blinders off, and look what's going around in the world. I wouldn't want to live anywhere else, but other parts of the world are definitely moving faster at this moment in time.
CoronitaParticipantTaiwan independence: I went to Taiwan and asked just about everyone who was willing to talk to me about it what they thought about China's stance on Taiwan. I was surprised to find that about 50% of the people I talked to were in favor of Taiwan being part of China. I looked into it further and found that polls have shown the same thing: about 50% of Taiwanese favor being part of China. Again, I suspect that the whole conflict might be something of a charade of sensationalistic news reports or some political anti-China rhetoric.
OT: TAIWAN IS NOT PART OF CHINA. Even though my wife seems to mysteriously think so. Source of large debate in my family. But that's what happens when someone with taiwanese roots marries someone from PRC.
CoronitaParticipantTaiwan independence: I went to Taiwan and asked just about everyone who was willing to talk to me about it what they thought about China's stance on Taiwan. I was surprised to find that about 50% of the people I talked to were in favor of Taiwan being part of China. I looked into it further and found that polls have shown the same thing: about 50% of Taiwanese favor being part of China. Again, I suspect that the whole conflict might be something of a charade of sensationalistic news reports or some political anti-China rhetoric.
OT: TAIWAN IS NOT PART OF CHINA. Even though my wife seems to mysteriously think so. Source of large debate in my family. But that's what happens when someone with taiwanese roots marries someone from PRC.
CoronitaParticipantTaiwan independence: I went to Taiwan and asked just about everyone who was willing to talk to me about it what they thought about China's stance on Taiwan. I was surprised to find that about 50% of the people I talked to were in favor of Taiwan being part of China. I looked into it further and found that polls have shown the same thing: about 50% of Taiwanese favor being part of China. Again, I suspect that the whole conflict might be something of a charade of sensationalistic news reports or some political anti-China rhetoric.
OT: TAIWAN IS NOT PART OF CHINA. Even though my wife seems to mysteriously think so. Source of large debate in my family. But that's what happens when someone with taiwanese roots marries someone from PRC.
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