Mortgage demand rises for the first time in six weeks, despite sharply higher interest rates
- Thread starter GON
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Well done. Our main home is worth more than $2M. All in, I paid a fraction of that. We have 3 properties and no mortgages because we paid them off.
I also have substantial wealth in my Schwab and Fidelity accounts; I was able to fund them while making mortgage payments. I used some of the stock gain to help pay off the house.
Regarding our Los Gatos home; there is no way in H-E-double toothpics I could ever have got into this property without a mortgage.
Nor the other properties. It's called investing. Now I live for almost free in a wonderful place.
And I started out broke and homeless.
Again, if your investments worked for you, I salute you. Please remember there is more than one way to financial security.
Which ones?
This happens in any market. IMO, paying rent is just paying someone else's mortgage.
If you pay the monthly minimum, but that's not the only way.
Say you can buy 1 house for $400K cash.
Instead you buy 3 and take out mortgages. You rent out 2 and live in one. Rents tend to go up, right?
Keep doing this, using the equity in your homes. Take some house money off the table.
In time you may have 10 houses, just like you, instead of 1 original $400K property.
Only do this if you want to be rich.
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To name a few of my banks.
Just dont like online only banks....Bask Bank
Bask Bank, Member FDIC, is a fully digital bank offering Bask Interest Savings Accounts, Bask Mileage Savings Accounts and Bask CD Accounts.www.baskbank.com
High-Yield Savings Account | Online Banking | BrioDirect
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To name a few of my banks.
At least one of those is the online version of a local bank, specifically Dollar Direct is Emigrant Bank in NY: https://www.emigrant.com/home.html
Plus some of the other ones might be local or local enough to you.
do online banks let you get money from a ATM without a fee????
Some do, but really this is more of a savings account that you link to your local checking account via ACH transfers. IMO if you need to use your savings account for day to day usage then you aren't keeping enough money in your local checking account.
I've had an account with Emigrant Direct online in the past, and would do it again. But 6 month (or even 3 month) T-bills pay more then the above referenced bank accounts so that might be the way to go once I figure out how to do it. I'm specifically referring to purchasing T-Bills that I intend to hold to maturity, not bond funds.
That is an mistake some make. I could never understand why. The bill goes on for 30 years. You could live a paupers life for a month or two----but 30 years?
Have you checked with Treasury Direct?
Home — TreasuryDirect
www.treasurydirect.gov
I believe you can purchase bonds and link your bank account.
Have you checked with Treasury Direct?
Home — TreasuryDirect
I believe you can purchase bonds and link your bank account.
I'd rather do it through a broker that I already have an account with vs creating an entirely new account, unless there is some sort of benefit by going through Treasury Direct.
Okay who? Our current inflation has something to do with the pandemic whose name we dare not say, world wide government support for workers who were out of work because of the pandemic, the Russian invasion of the Ukraine which raised energy prices world wide, central banks in all countries that were slow on the draw, and perhaps a few other things I've missed.
It would be easy enough to blame someone. If only there was someone to blame.
Treasuries pay interest every 6 months. In addtion whenever existing debt is rolled over the cost will be reflective of the current rates. So it's not really a mis-truth.
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OK-so you know the benefits of leverage but you are still knocking buying real estate. OK. I had mortgages on my rentals at one point. The rent paid the mortgages-and as time went by they made money. Now they are paid off. What's the issue?
They appreciated FAR BEYOND the loan interest paid-that the renters paid anyway.
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It's a feature of nearly all installment loans. You're free to make additional principal only payments
I know you can buy individual bonds thru Schwab but you would have to compare the commissions.
It’s been quite some time since I opened my Schwab account but when I did I had to open a brokerage account as well as part of the deal. However, you are not obliged to fund that account.
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