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Rep Retirement Lodge 198 - A New Season Begins...

Rep Retirement Lodge 198 - A New Season Begins...

  • Hockey

    Votes: 12 63.2%

  • Bacon

    Votes: 7 36.8%

  • Giada

    Votes: 8 42.1%

  • Freddy

    Votes: 5 26.3%

  • Other

    Votes: 10 52.6%
  • Total voters
    19
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Re: Rep Retirement Lodge 198 - A New Season Begins...

Might be a little slow going tomorrow morning — HHT! (And football too!! :))
 
Re: Rep Retirement Lodge 198 - A New Season Begins...

FadeToBlack&Gold said:
Only to Europe, where it's a necessary evil to maximize vacation time and limit PTO taken.

Not worth doing domestic.
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gotta sleep anyhows... best to do it on a plane (saves a night of hotel fare to boot ;))
 
Re: Rep Retirement Lodge 198 - A New Season Begins...

Morning, Lodge. It's snowing out. I am not ready for this sh*.
 
Re: Rep Retirement Lodge 198 - A New Season Begins...

Yeah, I needed to see that this morning like a whole in the head. Perfect ending to a miserable weekend. And now I’m in a Lyft heading home. Driver asks me to put my heavy suitcase into the trunk because he had shoulder surgery a couple of weeks ago. Maybe don’t do airport runs then, ok pal? I have my own shoulder and neck issues. Then he doesn’t listen to his Waze app, almost gets in an accident when I ask why he isn’t going that way. I am not a fan of these rideshare apps and should’ve taken a cab.
 
Re: Rep Retirement Lodge 198 - A New Season Begins...

Before I start a separate thread to ask this question, I'm going to put this out here to get some advice. I got a letter from the bank that holds my mortgage. For the past year or so, I've been paying down my principal. The letter said that because I've been doing that, I've cut 27 months off the time length left on it. Which is cool. So, I can keep on doing what I'm doing and pay to off a couple years early, OR - they can decrease my monthly payment by close to about $300/month and my last payment will be what it was scheduled to be when I refinanced.

Both options are interesting. Just trying to get some feedback from a variety of people to see if there are reasons pro and con that I can't see right now. Like, tax reasons or something. What do you guys think?
 
Re: Rep Retirement Lodge 198 - A New Season Begins...

Scarlet said:
Before I start a separate thread to ask this question, I'm going to put this out here to get some advice. I got a letter from the bank that holds my mortgage. For the past year or so, I've been paying down my principal. The letter said that because I've been doing that, I've cut 27 months off the time length left on it. Which is cool. So, I can keep on doing what I'm doing and pay to off a couple years early, OR - they can decrease my monthly payment by close to about $300/month and my last payment will be what it was scheduled to be when I refinanced.

Both options are interesting. Just trying to get some feedback from a variety of people to see if there are reasons pro and con that I can't see right now. Like, tax reasons or something. What do you guys think?
Click to expand...
I did this too. We just kept paying it down until I left Practice then we went back to paying what we had to only. When we met the financial planner guy he said there was really no benefit for us to change over. We could pay down the principal without changing anything. To redo the loan we would have had to pay a bunch of fees, there would be no improvement in interest and we would end up paying interest for a longer period. Theoretically if we had kept paying the thing at the same rate we could have paid it down faster but the cost made the return less attractive. If I remember correctly we were far enough into the loan that it wouldn't help us but it might have been different if we had explored it earlier.

Curious to see what others say. It seemed counter intuitive to not do it but when we worked the #s it didn't look as good as I thought it should
 
Re: Rep Retirement Lodge 198 - A New Season Begins...

It's not re-financing, though. No change in the interest rate. All they're offering is keep it as is and end it early, or keep the same end date and lower my monthly principal payment. If I do the latter and I continue to pay more towards the principal, I could end it early AND pay less per month. I would wind up paying additional interest over the course of the loan if I did the latter.
 
Re: Rep Retirement Lodge 198 - A New Season Begins...

Good Evening, Lodge!

Above average Sunday. Drove out to Hoven's Corner Store to check out the place and then back to my office to visit the usual idiots.
 
Re: Rep Retirement Lodge 198 - A New Season Begins...

Good evening! My daughter and I spent the day making gumbo then had my wife's sisters and husbands over for dinner. Was dang good!
 
Re: Rep Retirement Lodge 198 - A New Season Begins...

Lady wore Black said:
Good Evening, Lodge!

Above average Sunday. Drove out to Hoven's Corner Store to check out the place and then back to my office to visit the usual idiots.
Click to expand...

That was fun, even with the B squad working. I should have figured they were working, since all staff was working last night for the block party they had. Which, btw, next time they have a block party, you should head on up. It's always a fun time.
 
Scarlet said:
It's not re-financing, though. No change in the interest rate. All they're offering is keep it as is and end it early, or keep the same end date and lower my monthly principal payment. If I do the latter and I continue to pay more towards the principal, I could end it early AND pay less per month. I would wind up paying additional interest over the course of the loan if I did the latter.
Click to expand...

You just found your answer. Keep doing what you’re doing. The only thing they’re offering you is the opportunity to pay them more interest.
 
Hammer said:
You just found your answer. Keep doing what you’re doing. The only thing they’re offering you is the opportunity to pay them more interest.
Click to expand...

Correct — unless you feel your monthly payment is more comfortable for you with the lower payment, keep it as is — I always ask my clients, if you need new tires on the car, your water heater breaks, and you have an unexpected medical bill all in the same month, is this minimum payment still comfortable for you? If that’s the case with your current mortgage, I’d keep it as is. If you feel the new (lower) payment would be more reasonable for your minimum payment, then it becomes more advantageous to lower it.

Flip side of this as well is how do you look at debt? Do you want none of it ever and want things paid as fast as humanly possible?

Or can you use the money you’re borrowing to make more money?

For example, if you put an extra $1,000 towards the principle, when the interest on it is 4%, can you make 5% on it anywhere? If so, why pay extra? Now of course, there’s risk involved putting your money into a market, etc. but long term you’re generally going to see returns higher than what rates have been on mortgages (until the last few months maybe).
 
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