ok, I just approved for my first mortgage and have a question. Should I get more on the mortgage than I need and payoff the hummer to make my monthly payments less or would paying interest for 30 years be a dumb idea? my mortgage payment would increase something like $80 a month if I take out enough for the truck, I'm payin $400 a month for the h3 now. Whacha think?

 

Thats an age old question that we all have pondered..If you can live with the fact that you're paying interest on an object that is depreciating mixed in with and object that is appreciating..Which is gaining more? the House or the Car?..But you will not in all probablility own the this house and mortgage for 30 years..So I say go for it if it make life easier on the budget now...You can always throw a double payment at the house once in a while to help catch up on your equity.

 

My god thats what my mother told me also!! Brilliant people do think alike!!

The house is actually the house I grew up in, my mom signed it over to me and the mortgage is to give the place a facelift and to buy me new tires and a gobi rack and ladder......shhhhhh....my wife doesn't know that part yet.

I've been here for 30 years already and have no intention of ever moving, my dad built it and now that he has passed I'll never sell...at least I hope not.


Thanks Dennis, I wonder if I can buy out of a GMAC lease this early?

 

Some leases have a pre-payment penalty..I have no idea what GMAC set up with you..Maybe read over your contract...

But as it sounds, you'll still be money ahead if you lumped in all your debts into the Mortgage...

 

Depends which one is higher interest. I got H3 @ 0% interest. Mortgage @ 5%
Besides if you include it in mortgage, by the time you pay it off, H3 will be gone. Say you have it for 10 years and then you will look for something else. Well, you will have 20 more years to pay for H3.

If I were you I wouldn’t do it.

 

I bought my parent house too i grew up their my grandfather and father built it i boiught it to take care of my mom.BUT I did refinance to a lower rate and i threw the h3 in there wish i did not like you said 30 years 5 years goes by faster with all the intrest and remenber your escrow it goes up every year.

If i had to do it again i would not. That the h3 in the mortgage.

The best bet if you have a 401k plan you can take a loan out of that and the intreast you pay back to yourself
thats what i did with my 4 runner.

 

thanks for the advise guys, your the best! I think I'll just keep the two seperate for now

 

Like I said, when i got my H3 (few weeks ago), GM had 0% interest.
Can't beat that deal. Just cur the check and you know 100% of it pays for car, not "FAT" bank owners

 

It's better to roll the car payment into a second if you have one. They tend to be shorter and most people pay them off sooner. Hard to beat the 0% right now.