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#6278182 - 04/27/16 07:58 PM 3 years left
Sparky45 Offline
Veteran Tracker

Registered: 08/02/12
Posts: 2267
Loc: Big Country
My house loan is down to 36 months!
I have a land loan also, through Texas Veterans Land Board.
Its not that much, but they only do a 30 year loan nothing else.
once my house is paid for, I can triple my land payments but I wonder what else I could do to help my situation? The land loan interest is high, its close to 6.8 I think

I just don't want to drag it out 20 plus more years.
Any ideas?
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#6278207 - 04/27/16 08:13 PM Re: 3 years left [Re: Sparky45]
DQ Kid Online   content
Extreme Tracker

Registered: 02/20/12
Posts: 4324
Loc: Flower Mound, TX
Home equity loan - at a lower interest rate?

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#6278253 - 04/27/16 08:36 PM Re: 3 years left [Re: Sparky45]
TX Hitman Offline
Bird Dog

Registered: 10/12/11
Posts: 273
Loc: West Texas
If it were me, I just increase the land payment by at least half or all of your house payment once paid off. Interest rate difference of a couple of points only makes a huge difference on a long term loan. Be sure to check to make sure they apply the additional money to principle and not interest. Some home mortgages now penalize people who try to pay extra to principle. Now sure about land only payments.

You could check in a home equity or cash refi but once you pay closing etc vs. the cost of paying a couple points of interest over time, I'd guess you would probly be better off with the increased payment towards the land.

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#6278307 - 04/27/16 09:20 PM Re: 3 years left [Re: Sparky45]
Sparky45 Offline
Veteran Tracker

Registered: 08/02/12
Posts: 2267
Loc: Big Country
I keep seeing the VA backed home equity loans but I dont know how that would work.
I do remember on my Texas Veterans Land loan will let you pay extra payments towards principle without penalty
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#6279566 - 04/28/16 07:56 PM Re: 3 years left [Re: Sparky45]
Texas buckeye Online   content
Veteran Tracker

Registered: 11/22/11
Posts: 3332
Loc: Keller
Anytime you make an extra payment, just clarify you want the extra money going straight to principal and not combo interest&principal. That will help bring the loan down quickly, a couple years of extra payments makes a huge dent in the balance.

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#6280075 - 04/29/16 09:19 AM Re: 3 years left [Re: Sparky45]
Judd Online   content


Registered: 01/22/09
Posts: 11214
Loc: Sachse, TX
If it was me I'd take a loan on the paid off house at a much cheaper rate and pay the land loan off. Then work on paying off that note...not sure that if I wasn't in your shoes I'd be looking at doing that now rather than waiting 36 months. Money is CHEAP to borrow right now. The numbers would determine how to do it and I wouldn't in any way finance a house with the rates where they are over 15 years.

Best thing I think you could do is call or talk to Ramsey on this board and he'll get your information and tell you the best thing to do that is tailored to your situation. Great guy and very knowledgeable on the mortgage/housing market.
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#6280128 - 04/29/16 09:54 AM Re: 3 years left [Re: Sparky45]
BOBO the Clown Offline
decoy

Registered: 04/19/07
Posts: 42269
Loc: Metroplex
I wouldn't take a risk of losing home equity on land. Pay off the house then double up on land.

It's all about personal risk threshold.

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#6281221 - 04/30/16 09:26 AM Re: 3 years left [Re: BOBO the Clown]
bucksnbass357 Online   content
THF Trophy Hunter

Registered: 12/20/09
Posts: 7264
Loc: Grapevine, TX USA
Originally Posted By: BOBO the Clown
I wouldn't take a risk of losing home equity on land. Pay off the house then double up on land.

It's all about personal risk threshold.


Wisdom here. cheers up

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#6284333 - 05/02/16 08:53 PM Re: 3 years left [Re: BOBO the Clown]
STXHO Offline
THF Trophy Hunter

Registered: 04/06/11
Posts: 5166
Loc: South Texas
Originally Posted By: BOBO the Clown
I wouldn't take a risk of losing home equity on land. Pay off the house then double up on land.

It's all about personal risk threshold.


I agree with BOBO. Pay off your smallest debt then attack your largest debt.
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