Money Matters
Dear Community,
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Our new housing strategy
DH and I purchased a small 3rd floor condo about 8 years ago when we were newlyweds. Fast forward 8 years and we have a child and would like to have a second we also have two large dogs. We are busting at the seams and no matter how much we purge for goodwill or stash away things in the attic there's just no room to live life. We are past our breaking point and have been looking to move on for awhile now. For about a year prior to the baby being born we tried selling but with no success. Now our property value has sunk to about 1/2 of what we paid and it would cost about 60k + just to sell. We don't have that kind of money so we have decided to rent (these types of properties as a rental are in huge demand right now and we can cover all of monthly costs and then some) the property out for the next few years until we can sell. In the meantime we have been looking and new homes that we can grow into so we don't have to move again. So long story short here is my question.... When we bought the condo we put down 20% but this time around we just don't have that kind of cash without draining our e-fund and that isn't happening. Our plan is to put down 5% which we have worked out with our lender. What we would like to do is pay double principle payments each month to get the mortgage payed down as rapidly as possible. We also are thinking that any money that came out of the condo we could use as large principle pay down as well. Does anyone know if that would work? We need to sit down with our lender when we have some time and make sure it is an option but I was curious to know if anyone else had done this to knock out a mortgage faster.
Re: Our new housing strategy
You will also be paying PMI. Be sure you know when that will be dropped.
Yes, paying extra on principal will get your home paid off sooner. You need to make sure your mortgage does not have a penalty for doing so or requires it done