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svelteParticipant[quote=Coronita]except he doesn’t sound like he really needs the money now, and he could shoot himself in the foot of he needs access to more money beyond just 3 months. [/quote]
Using the numbers I roughed in above, it would take him 2.5 years just to get a single dollar ahead with your method.
Just a single dollar. And that’s if he gets to skip a payment when doing the refinance.
svelteParticipant[quote=Coronita]
If his current loan is .5% or higher than what he could get right now via refinancing, to me refinancing seems like a much better option because you can lower your monthly payment and also save on interest… After a refinance , he could still make the same monthly payment on his new loan so that more of it goes toward principle upfront, over time he could bring in the loan a few years….[/quote]I think you’ve answered your own question with the “over time” words.
Refinancing wouldn’t get him NEAR as much cash up front during CV as not making payments would.
Let’s run a theoretical. Say he has a loan in the 450K range. Not unusual for the San Diego.
And if you think it would make sense to refi if he can save 0.5% interest rate. Let’s start him out at 4.5% and say he can get down to 4%.
A current 4.5% loan would be $2,281 mo for 30 years
A refi-ed 4% loan would be $2148 mo for 30 yearsHe’d save $133 a month. In three months time, he could save $6800 if he didn’t make the payments, or $400 if he refinanced. Not even close.
Let’s say he was able to skip a payment during the refi process (also pretty common)…that would make it $6800 to $2900.
Still not close. If you need money right now and in the short term, refi is not the way to get it. Not making mortgage payments is.
In the real long term, refi is the better solution obviously.
svelteParticipant[quote=Coronita]. So again, I’ll ask what’s remaining mortgage balance and what’s the monthly mortgage amount?
[/quote]Well to be perfectly honest, all of us know that just leads to the next question: how much are you bringing in each month?
And for Josh to give us his complete financial picture on a public forum wouldn’t be very advisable in my opinion.
So you can ask. I’m just not sure you’re gonna get an answer, especially if Josh is like me.
I can count on my fingers the people who know my complete financial picture and (a) they are all family, and (b) that is by design. My grandfather told me way too many stories from the early 1900s about people getting murdered for their money. The conversations are still vivid in my mind. He was 6 ft 4 and quite the storyteller…one especially vivid memory is him talking to me while we waited out a thunderstorm huddled together in a Ford on the edge of a lake in North Dakota…”don’t touch metal!” he said, for fear we’d get struck by lightning and die. He then proceeded to tell us about a family who was murdered in their home because they had told everyone about their safe full of cash.
But I digress.
svelteParticipant[quote=barnaby33]
Wall St and the banks aren’t the cause of this crisis, they’re the cause of the LAST crisis from which we never emerged.
[/quote]You know, it’s always felt that way to me too. Not me personally, but looking at the bigger picture.
[quote=barnaby33]
I’m asking the question I did, because I want to stimulate thought about how each and every one of us is going to get through this whole. There is a whole lot more financial pain coming, we’ve only just begun the process of getting over this virus…
[/quote]yeah, I think a lot of us including me felt that once things peaked, then around summertime it would all start being just a memory.
This was the week where it dawned on us all that is not going to happen. We’ve held the number of cases down pretty well, and that just means a much wider curve.
I think the only chance we have of getting to something approach normalcy this year is if a vaccine is discovered early on.
Which begs the question you’re asking…how should each of us handle this year? Hoard cash? Just be conservative? Buy while things are cheap?
svelteParticipantMy dad bought plots for everyone in the family that wanted one in Northern California. I opted out. Cremation is the path for me. Much cheaper and doesn’t take up land.
I didn’t realize it at the time, but he held the titles for those plots and they are now in my possession. Guess I have to distribute them here soon, not sure why he hadn’t done that before.
Seems me to they say you have to transfer the plot title to have someone else buried there other than the named individual on the title, but then again I didn’t read it that closely.
svelteParticipantWhen I was growing up, my father used to advocate doing away with the fire department.
His reasoning was that, for the amount we paid for firemen and fire equipment, we could replace every building that burned down and have money left over.
The fallacy in that position is that if it weren’t for fire departments and firemen, many more buildings would burn down and no doubt cost far more in life and property loss than what we pay for the fire department.
Think about that when you hear arguments about how low the death toll is so we should do away with restrictions. There is an analogy there…
svelteParticipant[quote=FlyerInHi]
Trump said at one of his briefings that we spent $8 trillion in the Middle East. My question is: For what? Just to hunt down a few suspected terrorists?[/quote]We have strategic military bases there that the general public seems to ignore. The news passes them over for some reason.
svelteParticipant[quote=spdrun]
The delirium thing seems like a general consequence of being on a vent and sedated for a long time, not of some form of viral encephalitis, but who knows?[/quote]Yeah I have no idea either. Something to keep an eye on though.
We’re all trying to figure out the size of this tiger…is it the size of a dinosaur or a house cat? It is not clear.
svelteParticipant[quote=sdduuuude]How about in cities where less than 1 in a million school-aged people have died, we send them back to school.
The latest – in San Diego county, 2 people under the age of 50 have died. Zero under 20. Zero. None.[/quote]
It’s not that younger folk have a very big chance of dying.
It’s that they can transmit it to higher risk folk.
And some of the stories in that area aren’t pretty. Delirium is being reported in survivors.
https://www.cnn.com/2020/04/15/us/coronavirus-icu-delirium/index.html
svelteParticipantI can see both sides of this.
On the one hand, I definitely live by the rule what goes around comes around and try to be self sufficient and ask for as little as possible.
on the other hand, it does sound like Josh is taking a financial hit and neither he nor the rest of us have any idea of what the next 6 to 12 months will look like. I can imagine myself in situations where I may try to conserve my cash as much as possible right now and as a matter of fact have taken some steps in that direction myself – though not anything to do with my mortgage as I still want to pay that puppy off ASAP. Sick of owing the bank.
svelteParticipant[quote=sdduuuude]I meant I hope he lets things open county-by-county cuz I don’t want to wait around for all the other counties to get their act together.[/quote]
I’m not sure county by county will work since it is common for folks to travel inter-county to go to work. I guess a county having issues could restrict folks from entering or leaving the county.
State by state would work better as folks don’t go between states as often.
svelteParticipantso Mr. “Total Authority” has just realized that was gonna bite him in the arse and has decided to delegate the authority to the governors….right after Cuomo threatened to sue him!
svelteParticipant[quote=FlyerInHi][quote=svelte][quote=FlyerInHi]Svelte, I’m afraid that no matter what Trump does, Republicans will vote for him anyway. He’s their daddy. The tribal instinct has taken hold over logic.
[/quote]Same on the Democratic side.
What really matters is which way the moderates and undeclared folks lean.[/quote]
That’s not a fair comparison because Democrats have not selected a leader as divisive and mean spirited as Trump. Weak attempt to be “balanced”.
[/quote]No, the Dems did that last time with Hillary. I cannot believe you of all people would accuse someone of not being balanced. I’m not sure a balanced statement has ever left your lips!
[quote=FlyerInHi]
The people who matter are the “angry” voters of PA, WI, MI. Maybe independents will flip Florida, maybe.
[/quote]And those angry voters will be the moderate or undeclared voters in those areas. Surely you’re not saying those angry voters are Republicans who, by your own words, will vote for Trump no matter what:
[quote=FlyerInHi]
I’m afraid that no matter what Trump does, Republicans will vote for him anyway.
[/quote]svelteParticipant[quote=FlyerInHi]Svelte, I’m afraid that no matter what Trump does, Republicans will vote for him anyway. He’s their daddy. The tribal instinct has taken hold over logic.
[/quote]Same on the Democratic side.
What really matters is which way the moderates and undeclared folks lean.
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