Reply to If you don't have a 15 year mortgage, you're living beyond your means?

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Reply to "If you don't have a 15 year mortgage, you're living beyond your means?"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]a 15 year mortgage is, mathematically, one of the dumbest things you can do. Not a single financial expert would agree with you...unless you're Dave Ramsey ;)

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Absolutely amazing the sheer stupidity that exists on this website. So many overextended liberals desperately trying to justify their attempts to a more luxurious and undeserved lifestyle. A 15-year mortgage is, quite irrefutably, mathematically superior in all regards. [/quote]

You Trumpers really think all liberals are poor, don’t you. [/quote]

+1, just to give our example.  We bought a home for $600K non DC area, when our income was ~$300K HHI.  5/5 ARM mortgage, 7 years later, house value is ~$1M, HHI is ~500K -600K (depending on bonus and RSU, last 2 years). In 2020/2021, we refinanced our mortgage and started off with a fresh 30 year mortgage (on a ~$350K loan). Monthly mortgage payments ~$1600. We absolutely save 35%+ on our HHI. Waiting to buy a $70K luxury car and will finance it for 5-6 years, even though we have $100K+ sitting in bank account (RSU, bonus cash money). The plan is to dollar-cost-average into the market in next 6 months.

For us, success is not if we should be debt free, but can we take debt within reason to increase net worth. If one of us lost our jobs, with our emergency money, severance, unemployment benefits, low mortgage we can absolutely be able to maintain for standard of life for a year. [/quote]

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