MONKEY MUSINGS DAILY OPEN DISCUSSION #26 3/9/09 - 3/14/09

[Green Eyes]

MT CALL ME!!!!!  I just took my Ambien!!

Oh Jackie I hope all is okay.
GE

Everything is fine.  MT likes to talk to me right after I take my sleeping pill - she thinks she gets more info out of me.

Okay,
Thank You I was worried. Good Night and Sweet Dreams
God Bless
GE

[peanut]

[Green Eyes]

Those are cute babies

[peanut]

good night and sweet dreams to everyone headed for bed!

[peanut]

Those are cute babies

hehe ya, so tiny and sweet. i like how the one has that 'omg you didnt!' look on his little face.

[KCJackie]

Those are cute babies

How Sweet.

[Green Eyes]

Those are cute babies

hehe ya, so tiny and sweet. i like how the one has that 'omg you didnt!' look on his little face.

He really does have that look doesn't he. I am going to call it a night. Good Night all.
Sweet Dreams
Take Care & God Bless
GE

[KCJackie]

Good Night Green Eyes!!!  Sweet Dreams!

[peanut]

nighters ge, sleep well! *hugs*

[crazybabyborg]

Sorry......................

Dog started hacking so I had to get her out quickly!

[crazybabyborg]

cbb, not to be a pain but could you please edit my text out of my original post i just quoted? i edited it out here and replaced it with a pic, but the original needs a good wiping clean. *puppy eyes*

thank you!

Is that what you wanted, Peanut?

[crazybabyborg]

I can' wait for the responses from this crew, but here goes............

I've been filling out an application to refinance the lakehouse because the rates are down. I have a 30 yr. fixed, and was applying for another for the balance due.

I got to thinking.....................

All mortgages have all the interest up front, right?

So, if I just applied for a simple home equity loan and used it to pay off the existing mortgage, then I'd have simple interest to pay and every time I made a pmt. a bunch more would come off the principle, and I'd have the house paid for in about 6 years according to my calaculations, making the exact payment I'm makng now.

What am I missng?

I am not sure about just paying interest on the equity loan. Without going into how much you owe and what you asking to borrow, would make a difference. But would you get the same low rate on an equity loan as a refinance loan?

Home Equity Loans run about 3/4 -1 percent higher. But that's still 1.5 percent lower than my existing mortgage. I owe 129K, and the original mortgage was 160k. The house appraised for 273k. I'm paying $666.13 every 2 weeks. I'm thinking if I continue the payments on 129k exactly as I am, the principle would come down a LOT quicker because the interest would be simple rather than "amoritized".  Does that make sense?

I guess it's been so long since I have had to think about these things. But can you us the Equity loan payments as tax deductable interest for you income. That doesn't sound right. Hope you get what I am trying to say.

Home equity loans are tax deductions just like a mortgage. The interest paid is deductable.

So, even though I would pay interest on the HEL, the interest is tied to the amount left on the principle each day, not "front loaded" as in a traditional mortgage. Therefore, more goes to principle from day one, leaving the balance due smaller much faster than with a traditional home loan.

Am I thinking right?

[crazybabyborg]

Jackie!

I love the Boops!!!   

Thank You!!!

[peanut]

no cbb, that was me trying to replace the quoted text with a pic instead...wouldnt let me, obviously. its on pg 2 reply 29... can you just wipe it all out please?

[crazybabyborg]

no cbb, that was me trying to replace the quoted text with a pic instead...wouldnt let me, obviously. its on pg 2 reply 29... can you just wipe it all out please?

 

Done!   

[peanut]

no cbb, that was me trying to replace the quoted text with a pic instead...wouldnt let me, obviously. its on pg 2 reply 29... can you just wipe it all out please?

 

Done!   

haha, no, it was me being as clear as mud...im sorry, and a big thank you!

[crazybabyborg]

With the new time, I'm going to be dragging in the morning. Think I'll head to the monkey bunkey. Have a peaceful night all, and may smiling angels watch over you as you sleep!

[crazybabyborg]

I was just going through some searches I was doing on this mortgage thing, and look at this:

http://www.truthinequity.com/Video/TIEonFox030809.htm

[KCJackie]

With the new time, I'm going to be dragging in the morning. Think I'll head to the monkey bunkey. Have a peaceful night all, and may smiling angels watch over you as you sleep!

Good Night and Sweet Dreams!!

[peanut]

night cbb and jackie, im off to bed too...sweet dreams to all!