Buy Down?

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[Post New]12/10/2012 13:08
quote
Anonymous
Considering buying down 500K mortgage to 420K. Intrest rate would drop half a point and payment monthly payment would drop 1K. SO may lose job this summer and the extra cash would be nice to have. We have the cash in savings for the buy down and have no other debt whatsoever.

Thoughts?
[Post New]12/10/2012 13:43
quote
Anonymous
Anonymous wrote:Considering buying down 500K mortgage to 420K. Intrest rate would drop half a point and payment monthly payment would drop 1K. SO may lose job this summer and the extra cash would be nice to have. We have the cash in savings for the buy down and have no other debt whatsoever.

Thoughts?


Letting go of 80 grand in cash is not a good idea with SO's job at risk. Unless, you've got a pile more.
[Post New]12/10/2012 14:39
quote
Anonymous
Anonymous wrote:
Anonymous wrote:Considering buying down 500K mortgage to 420K. Intrest rate would drop half a point and payment monthly payment would drop 1K. SO may lose job this summer and the extra cash would be nice to have. We have the cash in savings for the buy down and have no other debt whatsoever.

Thoughts?


Letting go of 80 grand in cash is not a good idea with SO's job at risk. Unless, you've got a pile more.


I agree. Can you do a no cost refi and at least lower payment a little?
[Post New]12/10/2012 15:01
quote
Anonymous
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:Considering buying down 500K mortgage to 420K. Intrest rate would drop half a point and payment monthly payment would drop 1K. SO may lose job this summer and the extra cash would be nice to have. We have the cash in savings for the buy down and have no other debt whatsoever.

Thoughts?


Letting go of 80 grand in cash is not a good idea with SO's job at risk. Unless, you've got a pile more.


I agree. Can you do a no cost refi and at least lower payment a little?


We'd have another 50K left over and my job is very stable and at around 150K/year. The total payment would come in at approx. 2500/month, house is worth around 900K and we have another house on the bay that we own outright.
[Post New]12/11/2012 21:08
quote
Anonymous
Pay it down. It will lower your monthly nut a lot and you still have enough saved, coupled with your so MAY lose his job.
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