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Old 06-27-2016, 11:23 AM  
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Investing megathread extravaganza
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Old 02-20-2021, 11:54 AM   #7561
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Lenders are ****ing scum. They want you to borrow more so you can get ****ed harder.

Every mortgage conversation includes that part about the maximum they'll let you have. Dealing with lenders is always a reminder of how humans often treat each other like sh*t.
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Old 02-20-2021, 11:55 AM   #7562
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Originally Posted by EPodolak View Post
Every mortgage conversation includes that part about the maximum they'll let you have. Dealing with lenders is always a reminder of how humans often treat each other like sh*t.
Honestly, I have a low tolerance for bullshit. This makes me just want to save more money and pay cash for a house and give the finger to literally everyone, including my own savings accounts.
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Old 02-20-2021, 12:09 PM   #7563
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Honestly, I have a low tolerance for bullshit. This makes me just want to save more money and pay cash for a house and give the finger to literally everyone, including my own savings accounts.
With rates so low, borrowing money is actually not a bad idea.

Just borrow your comfort level on Monthly Payments and hold the line on the amount you borrow.

Savings accounts don't pay shit sadly.
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Old 02-20-2021, 12:21 PM   #7564
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Honestly, I have a low tolerance for bullshit. This makes me just want to save more money and pay cash for a house and give the finger to literally everyone, including my own savings accounts.
Not worth it with rates this low. With your down payment and house price, your mortgage will be dirt cheap. Still makes sense to buy.
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Old 02-20-2021, 12:22 PM   #7565
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Nice tax write off too. **** paying rent.
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Old 02-20-2021, 12:24 PM   #7566
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Nice tax write off too. **** paying rent.
Yeah. I'm going to need that tax write off next year.
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Old 02-20-2021, 12:30 PM   #7567
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Not worth it with rates this low. With your down payment and house price, your mortgage will be dirt cheap. Still makes sense to buy.
I think I found a good local lender on my third try. Quicken was trying to go in dry.

Just got pre approved for 15 year conventional for an amount that I actually need, not what they want to lube their loan cock with.
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Old 02-20-2021, 12:47 PM   #7568
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Nah. You don’t get to write off home mortgage interest unless you itemize. Which after Tax Cuts and Jobs Act the standard deduction is super high and virtually nobody itemizes.

Even then you’re only deducting itemized expenses OVER what the standard deduction is.

For instance, Clay, your standard deduction for 2020 is 12,400. If you make any money medical is probably kicked out as there is a 7.5% of AGI exemption. And state taxes (which would include your property tax, so as a single dude, that’s the one limit that isn’t halved for single dudes you might have something there, but whatever. Follow along) is limited to 10K. So in order to fully deduct your mortgage your SALT and contributions would have to equal 12,400.

Here’s an example with made up numbers.

2020 Clay:
Medial: $0
SALT: $2000
Home mortgage interest: $0
Contributions: $500
TOTAL Itemized: $2500. Clay is taking $12,400 Standard Deduction.

2021 Clay
Medical: $0
SALT: $7,000 ($5k additional PPT)
Home Mortgage: $8000
Contributions: $500
Total Itemized: 15,500. Clay itemizes $15500.

Marginal additional “deductible” expense: $13,000 (plus principle, which is not deductible but still comes Out of your pocket and is probably in the neighborhood of 3-4K the first year)
Marginal additional Tax Deduction: $3,100.

If you can even hit itemized, it’s not a dollar for dollar deduction. Be careful relying too much on deducting anything.

Don’t count too much on the deduction.
Last edited by Buehler445; 02-20-2021 at 12:49 PM.. Reason: Name of the tax bill
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Old 02-20-2021, 12:51 PM   #7569
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So there are no tax breaks for first-time homebuyers?

****.
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Old 02-20-2021, 01:19 PM   #7570
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So there are no tax breaks for first-time homebuyers?

****.
Not for a decade. Federally anyway.

https://smartasset.com/taxes/first-t...yer-tax-credit

FWIW, I'm pro-owning your own home. I'm just anti-bad financial decision making.

Buy the house if you can afford it. If you get added benefits, book that as a bonus, don't count on it.
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Old 02-20-2021, 01:23 PM   #7571
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Off topic...I’m thinking about buying silver. What are your guys’ thoughts?

Worth it? Not sure when will it actually become profitable.
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Old 02-20-2021, 01:34 PM   #7572
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Off topic...I’m thinking about buying silver. What are your guys’ thoughts?

Worth it? Not sure when will it actually become profitable.
You're considering purchase of an asset that you don't know when or if it will provide a return?
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Old 02-20-2021, 01:42 PM   #7573
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Off topic...I’m thinking about buying silver. What are your guys’ thoughts?

Worth it? Not sure when will it actually become profitable.
It's a commodity. You're in the oil field right? It's similar to you buying oil contracts for a long term hold.

100 Year Silver Chart. Check the numbers on the left

Silver Prices - 100 Year Historical Chart

100 year DJIA (and that's not what's running hard now)

Dow Jones - DJIA - 100 Year Historical Chart

EDIT: You'll have to click the link.

DON'T "Invest" in commodities. Bottom line the sister****ers trying to get you to invest in metals are hucksters. If the dollar fails we're all ****ed and silver won't save you.
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Old 02-20-2021, 01:42 PM   #7574
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You're considering purchase of an asset that you don't know when or if it will provide a return?
Correct, it’s basically similar as stocks. You can purchase, but won’t know when it’ll profitable.

Maybe somebody here has more knowledge, that’s why I ask.
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Old 02-20-2021, 01:42 PM   #7575
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Originally Posted by Buehler445 View Post
It's a commodity. You're in the oil field right? It's similar to you buying oil contracts for a long term hold.

100 Year Silver Chart. Check the numbers on the left

Silver Prices - 100 Year Historical Chart

100 year DJIA (and that's not what's running hard now)

Dow Jones - DJIA - 100 Year Historical Chart

EDIT: You'll have to click the link.

DON'T "Invest" in commodities
Awesome! Thanks for the info man. Interesting.
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Old 02-20-2021, 01:44 PM
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