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ESTAPLACE.COM REAL ESTATE - FREE LISTING SERVICE -
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Nesgroup address: misc.consumers.house - Date & Time for the message: 14 Jun 2005 13:05:41 -0700
/ Author of the message: trader4@optonline.net |
Title of the message: |
Re: Switch from 15 to 30 Yr. Mortgage?
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Text of the message: |
"Yes but shouldnt we only consider the difference between the 30year rate and the 15 year rate? As opposed to the whole say 5%? " The issue really isn't the diff in the rates, which is only about .5%, with the 30 yr being higher. The real issue is the with the 30 yr, the loan gets paid off much slower. If he stays there, it will take another 15 yrs and all the interest that goes with it to pay off the mortgage. Even if he doesn't, when he sells, he will have less money because the mortgage balance will be higher. So, for it to make economic sense, with the 30 yr, the few hundred a month he will have in extra cash flow has to be put somewhere it will earn more than the rate he's paying on the mortgage, with taxes factored in. With rates around 5%, if he took that cash each month and put it into a fund that duplicates the SP500, for example, there is an excellent chance that |
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Estaplace.com is one the Ceglia Giovanni projects, started on 20 July 2005, and online since 20 August as a real estate platform for listings, mainly operating on the Italian and American/English market in the Internet, Estaplace would like to become the point of referiment for home sellers and home buyers, a site where private owners or real estate agencies can have the possibility to show their offers to the world. Estaplace.com is only one of the Giovanni Ceglia's sites. Everyday Giovanni Ceglia works to improve new Internet tools and services for online marketing and business. Estaplace.com will become the biggest portal for real estate business and investments online.