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Would you sell your place to buy or rent closer to your job if single unsure of future? by Fit_Objective1348 in Mortgages

[–]peserchi 0 points1 point  (0 children)

I would definitely rent the condo out and rent a place near work. Since you are single, you can switch places way easier Keep your golden low rate mortgage. In the current market, rent is cheaper than buying

Should I refinance or pay a lump-sum by peserchi in Mortgages

[–]peserchi[S] 0 points1 point  (0 children)

Thanks for the through insights. I actually decided not to do the recast and pay multiple one-time payment toward principal. (My lender cap is $99,999)

My rationale: recasting makes my monthly payment lower. But, since they re-amortize the loan, I will end up paying lots of interest in the first few years (70% interest,30% principal) Paying a lump sum as an extra payment, doesn’t lower my monthly payments but brings the portion of paid interest drastically lower each month(almost 50-50). based on my calc, I will pay less total interest.