@ recasting keeps your term and interest rate the same. In other words if you owed 15 years on a 30 year loan, if you paid a chunk of money down, they would re-amortize the remaining balance over what is left on the original term of 15 years.
I want to keep the 30 year term as it spreads out the amortization of 30 years. If I switch to 15 years it would put more of the interest up front again. Think it’s more beneficial for me to keep interest spread out as you end up paying less in interest over the life of the loan that way.
I think it is incredible that you and your husband can discuss finances. Any time I would discuss this with my ex wife, I would just get gas lit and lied too. Maybe you can have a video on how you and your husband built trust and stayed to a plan with finance. So many people out there divorce over finances.
Aww, thank you. We got married in our 30s so we each had our own accounts. We just added a combined one and had the bulk of our paychecks go into it. Our individual spending money went into our own accounts. He just got extra as he picked up more of the out of the house bills, like eating out. But in general we just always considered everything our money. But will definitely talk more about it, particularly as money has never been a point of stress for us. Thanks for commenting!
8:25
Have you considered recasting your loan?
I will be recasting a loan in the future.
No. That would extend the time. Looking to be free from the loan in general. :)
@ recasting keeps your term and interest rate the same. In other words if you owed 15 years on a 30 year loan, if you paid a chunk of money down, they would re-amortize the remaining balance over what is left on the original term of 15 years.
I want to keep the 30 year term as it spreads out the amortization of 30 years. If I switch to 15 years it would put more of the interest up front again. Think it’s more beneficial for me to keep interest spread out as you end up paying less in interest over the life of the loan that way.
I think it is incredible that you and your husband can discuss finances. Any time I would discuss this with my ex wife, I would just get gas lit and lied too. Maybe you can have a video on how you and your husband built trust and stayed to a plan with finance. So many people out there divorce over finances.
Aww, thank you. We got married in our 30s so we each had our own accounts. We just added a combined one and had the bulk of our paychecks go into it. Our individual spending money went into our own accounts. He just got extra as he picked up more of the out of the house bills, like eating out. But in general we just always considered everything our money. But will definitely talk more about it, particularly as money has never been a point of stress for us. Thanks for commenting!