Put 5% down on mortgage or paying off car loans?
917133
Since you're actually asking this question, I'm going to assume (dangerous thing) that you will be disciplined in your use of your dollars.....\n.... pay off the cars.  And don't go getting car loans any more.  Apply the extra $220 toward the 20% 2nd loan, and pay it off early.  Instead of re-financing, you'll just be left with the 80% loan at that point.\n\nInterest rates go up and down in cycles.  They've been at the bottom of the cycle for a good long time now.  In a few years, don't expect or plan on them being lower than today.\n\nGet the best interest rate you can on the 80% first, and plan on keeping that loan.  Pay off the 20% 2nd as fast as possible.
1069569
Sure, especially if you have no prepayment penalty on your mortgage.  Say that someone passes away and you get a decent sized inheritance, you can certainly use that money to pay off the mortgage.  Or, if you are trying to do it oin your own, if you paid in a lot of extra money every month, you could pay it off in 5 years.
947264
You are better off with a bank or proven loan agency.\nThe problem with these companys is you wind up paying so much more than you owe now as they charge high interest rates.\n\nLets say you owe $5,000 and are paying $200 a month to pay them off.  You will be paid off in a little over 2  years.\nBut these companys lower your payment to $100 a month and guess what, you will be paying them for over 5 years plus a bunch of interest. (20-30 percent)\n\nFor any you are interested in, check them out first with the better business burea.\n\nwww.bbb.com
1084515
Really straight forward:  no unsecured debt.  If you have credit card debt get rid of it.  Use your 25K if necessary.\n\nNo car payment - pay off any installment loans you have.  Use your savings if necessary.   You wil then be able to save expedentially each month.\n\nWhat kind of house are you after with $75K down?  That's a huge down payment for a first time homeowner of any age!\n\nYour first house should not be your dream house, it should be one that you can sell in 5-7 yrs to the next first time home buyer.  \nMake sure the location supports the property.  Buy the smallest/least expensive house in the best neighborhood.  \n\nDon't buy the biggest/most expensive house on the block...lose out on equity potential.
1166575
Be very cautious when looking at any loan that has an initial, short term followed by a different, longer term--- for example, the "interest only" loans where you pay only the raw interest on the loan for the first five years, then switch to combined principle and compound interest for the remaining 25 years. Too many people get lured in by the easy terms in the first part of the loan and drown in debt when the second phase kicks in.\n\nYour credit does change every time a lender does a "hard hit" on your credit so ask the potential lenders if they'll be doing "hard hits" or "soft hits" for the preapproval. It's most common for a lender to do "soft hit" checks first, to see if you have any credit at all, before investing the time required to do the more thorough check that causes a "hard hit."  A mortgage broker can better explain the difference between the two but a "good" lender will do the soft search first, then tailor a loan to your needs and run the final hard search once you've picked out a loan.\n\nYou can withdraw up to $10,000 from your 401(k) or IRA for your first-time home purchase--- assuming of course you have that much in there to begin with. This is a really, really good place to get part of your down-payment with. Check with your accountant or with the broker holding the retirement account because you may still owe tax on the money but at least you don't pay penalties. Depends on how you put the money in.\n\nThe best advice--- do not spend all of your savings on your down-payment, and don't mortgage yourself so hard that you end up "house poor." Even a brand-new home is going to want a lot of your money when you buy it.   Just because you qualify on paper for a $200,000 mortgage does not mean you really can afford it!  Your lender is going to approve you for the highest possible loan so they make the most profit they can--- don't take it just because you have the opportunity, even if you really, really want the more expensive house. Taxes and homeowner's insurance are not factored into the original mortgage quote but have to get paid to the lender monthly, and could add up to a hundred dollars a month or more. That comes out of your vacation fund, entertainment budget, etc... you will end up hating your house if you can't afford to furnish or fix it, or if you can't spend some money getting away from it every now and then!
4037
You can probably pull it off, but you will be paying through the nose.  I would wait a little bit, save up some cash / pay off debt.  Even if you can gather up 5% down payment..\nI know a guy that writes those kind of loans in PA.  Let me know if thats where you are from.
913295
Easy, as much as you can afford!, \n\nAt the minimum I would suggest no less than 25% but the more you put on, the less interest you will pay in the long run and you will be mortgage free years ahead of schedule!\n\nWhen we brought our first house we put every cent of savings we had on to the deposit (dont be fooled going for the minimum payment, it adds thousands to the interest!)\nwe also went for the shorter term (25 years instead of 30) to help force us to pay it off quicker (you can always re-mortgage if you get in the poo).\nAnd then we proceeded to put 50% of our income on it for the first 3 years, we have now lowered our payments as we are traveling and renting the house out, but once we return we will put the payments back up.
295967
Another simple way to address this is to get a normal mortgage (fixed/30yr) and make certain that there are NO PREPAYMENT PENALTIES.\n As long as you make the monthly payments, you can pay it off at your speed.
366742
Just make the payments and it stays yours. Fail to do so and they will take your car, determine that it's not enough to cover the loan due to depreciation and then you will still owe them money! So pay it off! And if you do have a problem go to the bank and they might work with you by just letting you pay the interest for a month or two as it is cheaper for them to do so than reposses your car.
1034769
You make 2000 a week.  Your mortgage is only about 1400.00 a month.  You should have tons of money unless you are living beyond your means, and aren't we all?  Keep the stock if doing well, if you sell you'll get killed with the capital gains, especially in your income group.  OR, sell the loosers or a portion of thes stock and put it into other vehicles.  Pay a couple extra dollars every month on the mortgage and it'll be paid off quicker.  Start saving something, even if only $1000 a month.  Try living a little simpler, and getting rid of some of those toys.  Yes, you can live without that big boat, some of us only have canoes, and you don't need the luxury sedan, they have all the same toys in cheaper cars.
587597
Depending on where you are credit wise and how much you have for a down payment will effect this question. Assuming your below 500 FICO your looking at a hard money loan. Maximum loan to value +/-70% and your looking most likely in the 10-13% range plus the lenders fees which can be as high as 6 points!\n\nIf your above 500 then your back to a conventional sub-prime lender with much lower fees and a little better loan to value matrix... maybe 80-85% if your on the low end of their scale.\n\nIf you need to speak to a loan officer give me a call or drop me an e-mail and we can go over your specifics.\n\nKruorock@firstratelending.com\n866-562-6838 x 106
1134848
There seems to be a lot of answers favoring paying it off, but really the answer is a bit more complicated.   If you think you can invest the money in something that will get you a higher average annual return than the rate you're paying on the loan, then absolutely take out the loan for the house, invest your money and the rate difference between the loan and your investment will pay not only for the interest but also leave you with a bit of a spread.   In addition, the tax deduction on the mortgage interest will offset part of the investment income.      Also, keep in mind that when I say investment, I'm not limiting things to paper investments like stocks, mutual funds, CD's, etc., but also to investment real estate whether buying another house, duplex or apartment or commercial property for the rents that produce positive cash flow after expenses and any related debt service on those properties as well.\n\nThe bottom line is you have to figure out what kind of investment you're comfortable with and what kind of knowledge you have in that area (and if you don't feel comfortable with your knowledge level, speak to a certified financial planner to find out what is possible and what the risks are) and then you can determine if you're likely to get a higher rate on investing the money or not.  If not, you're better of just paying for the house using your funds.
72001
It depends on how much you owe at which rates, and how fast you're paying them off.  If it costs you $700 to drop 5%, you would be ahead after just a year if you owed $700 / 0.05 = $700 * 20 = $14,000.
643190
Depends on how much you are needing. Second mortgage on the house maybe (if you have one). Anything of value. Is your vehicle paid off? Just shop around. You can find a good deal with some shopping. Just remember, if it sounds too good to be true...it always is.
806600
Check the loan to see if it has a pre-payment penalty clause in it.  If it does, I'd take the extra payment and put it in an interest bearing savings account created specifically for your car loan.  After 4 or 5 years, you should be able to make payments using just your special savings account.\n\nIf your car loan doesn't have a pre-payment penalty clause, I'd just go ahead and pay additional each month towards your car loan.
350612
The interest that you pay on your mortgage is tax deductible.  I would pay the mortgage off last.  If you have any credit card debt pay that off first.  Then if you are not maxing out retirement savings, put the $50 a month into a Roth IRA for yourself.  If you still have some extra money than dump it into a 529 ( http://www.529s.com )
541508
Your lender can tell you.  I'm paying a mortgage on a piece of land I am buying with a credit card that gives cash back.  It's really nice.  Pay the morgtage with card.  Pay card within grace period.  Get 5% cash back.  Of course, you can do miles, too, but the value of miles is waaaaayyyyy down from a decade ago.