Mortgage killing future hunting adventures?

[Coltaur87]

Update: Last fall, October I think, my wife and I refinanced from a 30 yr 7.25% to a 20 yr 5.75%. Monthly payment stayed the same but shaved 10 years off the loan! Progress! I still go back and forth every day about what is the best decision, but in the meantime, we're enjoying our home and trying to make smart choices. Thanks everyone for contributing to this thread and sharing your thoughts! It's been super helpful.

 

[180ls1]

Update: Last fall, October I think, my wife and I refinanced from a 30 yr 7.25% to a 20 yr 5.75%. Monthly payment stayed the same but shaved 10 years off the loan! Progress! I still go back and forth every day about what is the best decision, but in the meantime, we're enjoying our home and trying to make smart choices. Thanks everyone for contributing to this thread and sharing your thoughts! It's been super helpful.

Glad to hear.

As a bit of advice, what's done is done. Turn that energy into growing your income. That's almost always your highest ROI.

 

[Yoteassasin]

Glad to hear.

As a bit of advice, what's done is done. Turn that energy into growing your income. That's almost always your highest ROI.

This ! In 5 years that payment should look like a nothing burger line item . Get to promoting !

 

[ihookem]

Your Iowa home value is going up 5.75 % anyway . You are just putting money in the bank every time you make your payment. You are paying property taxes and interest that is tax deductible too. You will not lose a cent. Stay there for a long time and some day , when your house is payed off , you will see that the value has likely doubled if you have a 20 yr. loan. Location is the key and Iowa have very few bad locations . The day will come when you will realise that your house was a deal. When I bought my 4 ac. in S.E. Wisconsin in farm country , I almost didnt buy it cause it was $55,000. There is another 4 ac. next to me that is still vacant. I wish I would have just bought that 4 ac. too. To my north , there was 23 ac. for $123,000 . I wish I could have afforded that parcel too but there was no way I could have all 3 of them. In 1988 , in Price co . Wis. I could have bought 20 ac. of flat woods that had 18 yr. old popple trees on it. The trees were about 6" dia. for $3,000 and likely could have bought it for $2,500. By now, the trees would have been harvested , I no doubt would have shot a bunch of deer off it, and would have had a harvest by now that would likely have payed me $10,000 at $500 ac. for the pulp. Instead , I bought 7ac. with 300' of South Fork Flambeau River frontage down the road for $3,000 and still have it today with a simple cabin on it . I was offered $125,000 3 yrs. ago . You will surely be happy you bought that place when it is payed off. My grandpa bought a 96 ac. farm with the farmhouse , with a barn that had 1/2 mi. of river frontage on the Red River in Shawano co. Wis. He payed way too much for it in 1928 . Two yrs. later , he could have bought it for half what he did . He payed $4,800 for the property. We still have the 52 ac. with river frontage and it's worth about 1 million dollars. You wont lose a penny on your property.

 

[Rich M]

I cant think of any property that has depreciated over time. Wife and i bought a piece for 20k and dold for 40k 2 yrs later. It is now valued around 120k. Go figure.

My folks bought a piece for 10k that just sold for 80k but could have bern sold for 100k.

Hard to lose money long term w property or redidence. It is good in an investment portfolio as well.