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Feb 11, 2012, 04:43:49 AM

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What to do with money left over from mortgage?

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Topic: What to do with money left over from mortgage? (Read 814 times)

zeroguy

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Joined: Mar 2008
Posts: 133

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Gender: Male

United States

Jan 13, 2009, 12:08:46 PM

My wife and I took out a 230k mortgage to build our house. The house is built and we have 30k left over.

Do you think we should give the bank back the 30k and have a 200k mortgage, or with current times should we hold onto the 30k for a rainy day

Landman

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Joined: Aug 2008
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Landman is from United States

United States

Jan 15, 2009, 06:40:00 PM

In essence you wouldn't be holding the $30K for a rainy day as you would be paying interest on it. It's better to return it and make your mortgage amount less.

WMortgage

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Joined: Oct 2008
Posts: 47

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United States

Jan 17, 2009, 12:43:57 PM

It would be advisable to return the unused portion if your mortgage company will allow because your ammortization will have you paying interest first on the money. It's doubtful you would be able to invest the money securely and get as high of a rate of interest that your mortgage company is collecting.

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michelle170

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Joined: Sep 2010
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Sep 23, 2010, 09:55:47 PM

When I was new to this mortgage business, I spent the money left over from mortgage after repair. I saved the money so I still have something on hand just in case I am short in my budget. It is hard to reconstruct a mortgage loan. Today, due to economic crisis some banks have lower interest rates and this helps a lot to us.


« Last Edit: Oct 06, 2010, 05:09:44 AM By: michelle170 »

jducey1234

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Joined: Jul 2011
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Jul 04, 2011, 10:46:39 AM

Do you have other higher interest debt? Pay that off if you do, other wise apply it to your mortgage. Do you have a clause that overpayement goes directly to principle? That will help.

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