Tundras live: A Bunch of Idiots And A Bunch of BS- Resume discussion group

This one was easier to transition into for me for some reason. I'm just hoping the rest of this hitch goes as smoothly.

Are you on nights?

 

Yes. Two more hrs to go, hit the wall like at 2am

 

2 hours left for me as well, but I've avoided the wall tonight. Not normal for me. Hope your last bit goes smoothly and you sleep well after!

 

Only 9 more to go!

 

Yup. It'll be good on the paycheck.

 

Yessir

 

Yes! Trucks parts don’t pay for themselves

 

I would say I'm not buying truck parts since trading the Tundra out, but I try not to lie.

 

I was speaking for myself lol. 15 mins to go!

 

LOL. I was agreeing. I try not to buy mods, but I wind up "needing" stuff.

Also on the 15 minute countdown.

 

You have to keep the $$$$ rolling in

This needs to be purchased in abundance to "Keep that Orange appearance"



Good morning

 

9° outside. Spring in Wyoming feels a lot like winter.

 

Now I'm curious if any of my former coworkers felt like that a couple years ago...

 

Due to various little things adding up, wife and I are sitting on a big chunk of cash right now and I'm trying to figure out the best use for it. Options:

1. Put it towards our mortgage. I think our interest rate is 2.8% or something like that but our 5 year term is up at the end of this year so I suspect we're in for a big adjustment there.
2. Put it towards the wife's car loan, which has a 4.9% interest rate.
3. Invest it. I've been averaging somewhere around about 8% returns since I switched to my current advisor about 8 years ago (with some tough years in there) but I'd have to pay tax on anything I make as our RRSPs and TFSAs are maxed out.

I'm leaning towards the mortgage but curious if any of you guys with more experience and knowledge than me have any better advice.

I can also move this to the money section if you guys don't want it here.

 

I would sit on it at least until you know your new mortgage rate.

If it skyrockets you could try and lock in a 15 year mortgage with a lower rate and fund the difference of the higher payment with the extra cash.

 

I'm a pay it off type. How close to paying off the wife's car would you get? Also, why aren't you in a fixed rate mortgage on a long haul investment like a home?

 

Good night, Everybody.

 

1. always a good idea
2. I'd vote this for an immediate (one less thing to worry about)
3. good idea for long term and in general.

I don't have a lot of experience but just what I'd do.

 

The only reason I say hold off until you see the mortgage rate, it could easily be higher than the wife's car loan.
You could even "buy down" the rate and lock in a much lower rate, saving you way more money in the long run compared to the interest on the car.

Everything just depends on the new rate

 

Same.

Night all

 

That would get us pretty close if not all the way on her car.

We're in a fixed rate mortgage on a 5 year term (25 year amortization). (Just double checked and it turns out it's 3.8%.) Do banks in the US offer longer terms than that?

 

Yeah, guaranteed that rate will be higher than what we've got on her car. I think prime is 6 something now. That's why I'm leaning towards the mortgage rather than the car even though getting rid of the car loan would clean stuff up for us.

 

30 year is common. Actually not sure if there is longer? Just googled and saw there is 40 year

EDIT: there is 50 year

 

Yeah, we deliberately chose to go 25 even though they offered us 30.

Now I'm glad we didn't try to go 20...

 

Remember that your mortgage is amortized, which means it's (very probably) taking the most money out of your pocket month over month. Adding principal, whether by lump sum or a little each month, will drastically change the total interest paid by the end of the loan. Unless you're near the end of your mortgage term (doesn't sound like you are), or plan on moving soon, this will be your biggest hitter.

Plus, paying off my mortgage was the 2nd biggest emotional baggage offload I've ever experienced, and put my resting mood way higher.

 

I'm with Zach here.
That 5/25 is a lot like a variable interest rate loan...you get in at a lower entry but that balloon (or refinance) at the end of 5 is a gamble. If you'd refinanced a year ago into a conventional a year or so ago, you'd be sitting pretty (we got in on 2.4% for a 15-yr conventional). Unfortunately, things have swung the other direction with the FED (at least in the US) pushing to completely stall the economy inflation with high interest rates. There's still some hope that by the end of the year you might see some relief on mortgage rates, but I'd be using that money to buy down your rate or get your principal reduced before you get bitch-slapped in the refinance.