Is it just me, or there are more ! [modified]
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I just googled it and it seems pretty interesting from the perspective of a consumer. To me it sounds like a pretty wise thing to do if you are trying to pay down a mortgage rapidly.
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Yeah, it's my own home, my rental I keep the mortgage high, as there are tax benefits. I want to pay off my own home as quick as I can, so I can focus my money on rental properties, that is, houses I can make money on. You never make money on your own home, because when you sell, you have to buy into the same market.
Christian Graus - Microsoft MVP - C++ "I am working on a project that will convert a FORTRAN code to corresponding C++ code.I am not aware of FORTRAN syntax" ( spotted in the C++/CLI forum )
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We're talking bank account ? Mine is pretty much always empty, because I channel all my money into my home loan, because I have a redraw facility, and I save more in interest than any savings account could pay me.
Christian Graus - Microsoft MVP - C++ "I am working on a project that will convert a FORTRAN code to corresponding C++ code.I am not aware of FORTRAN syntax" ( spotted in the C++/CLI forum )
Christian Graus wrote:
I channel all my money into my home loan, because I have a redraw facility
I have a similar thing - my mortgage[^] is my only bank account (it's my current/checking account and saving account), and allows me to take money out of the mortgage account up to the amount I borrowed. It's designed so that your salary goes in each month, paying off more than your minimum monthly payment. Whatever income you have left at the end of the month goes to paying off the capital. It's pretty sweet for someone (like me) who's careful with their money. I'm hoping to pay the thing off in 15 years or less rather than the standard term of 25 years. So, my balance at the end of each month (as the amount I borrowed gets factored in) is round about £-85,000 - helps focus the mind on the mortgage :).
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Christian Graus wrote:
I channel all my money into my home loan, because I have a redraw facility
I have a similar thing - my mortgage[^] is my only bank account (it's my current/checking account and saving account), and allows me to take money out of the mortgage account up to the amount I borrowed. It's designed so that your salary goes in each month, paying off more than your minimum monthly payment. Whatever income you have left at the end of the month goes to paying off the capital. It's pretty sweet for someone (like me) who's careful with their money. I'm hoping to pay the thing off in 15 years or less rather than the standard term of 25 years. So, my balance at the end of each month (as the amount I borrowed gets factored in) is round about £-85,000 - helps focus the mind on the mortgage :).
I'm with the same crowd, I think the setup is great.
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We're talking bank account ? Mine is pretty much always empty, because I channel all my money into my home loan, because I have a redraw facility, and I save more in interest than any savings account could pay me.
Christian Graus - Microsoft MVP - C++ "I am working on a project that will convert a FORTRAN code to corresponding C++ code.I am not aware of FORTRAN syntax" ( spotted in the C++/CLI forum )
I have an interesting home loan. It's a massive overdraft on my cheque account, secured by a mortgage on my house. My salary is paid in every month, reducing the balance, and interest due, by my whole salary minus my repayment, until the balance returns to the new outstanding at month end. This causes a significant saving in interest over time, especially if I maintain a balance in excess of the amount due.
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Christian Graus wrote:
I channel all my money into my home loan, because I have a redraw facility
I have a similar thing - my mortgage[^] is my only bank account (it's my current/checking account and saving account), and allows me to take money out of the mortgage account up to the amount I borrowed. It's designed so that your salary goes in each month, paying off more than your minimum monthly payment. Whatever income you have left at the end of the month goes to paying off the capital. It's pretty sweet for someone (like me) who's careful with their money. I'm hoping to pay the thing off in 15 years or less rather than the standard term of 25 years. So, my balance at the end of each month (as the amount I borrowed gets factored in) is round about £-85,000 - helps focus the mind on the mortgage :).
Wow, didn't see this when I described mine. Almost exactly the same. Yes, the balance is quite funny, especially if someone else sees it, as -ZAR610,000.
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Is it just my bank account which shows < 300 balance at the monthend :(( or you guys happen to be same ! just curious :-> regards, -- modified at 1:57 Friday 27th July, 2007
Chase your dreams ! http://eminencetech.net[^]
Almost every month. I'm paying off debt arrears at a punishing rate of almost 50% of my net monthly salary.
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Is it just my bank account which shows < 300 balance at the monthend :(( or you guys happen to be same ! just curious :-> regards, -- modified at 1:57 Friday 27th July, 2007
Chase your dreams ! http://eminencetech.net[^]
I maintain a good ZERO figure there in Citibank India (http://www.citibank.co.in/[^]) As I immediately siphon them out into my Nationalized Bank account either with Canara Bank (http://www.canbankindia.com/[^]) or State Bank of India (http://www.statebankofindia.com/[^])
Vasudevan Deepak Kumar Personal Homepage Tech Gossips
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We're talking bank account ? Mine is pretty much always empty, because I channel all my money into my home loan, because I have a redraw facility, and I save more in interest than any savings account could pay me.
Christian Graus - Microsoft MVP - C++ "I am working on a project that will convert a FORTRAN code to corresponding C++ code.I am not aware of FORTRAN syntax" ( spotted in the C++/CLI forum )
Christian Graus wrote:
I channel all my money into my home loan, because I have a redraw facility
Good way. These Indian banking jerks have real totally isolated accounts for Savings and Loans.
Vasudevan Deepak Kumar Personal Homepage Tech Gossips
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Probably. In a nutshell, if I am more than two payments in advance, I can withdraw from my mortgage. There is a $10 fee, so it's not quite a full bank account, but for the purposes of savings, and making the odd large withdrawal, it's a lot more sensible than earning 2% in a savings account.
Christian Graus - Microsoft MVP - C++ "I am working on a project that will convert a FORTRAN code to corresponding C++ code.I am not aware of FORTRAN syntax" ( spotted in the C++/CLI forum )
Christian Graus wrote:
2% in a savings account
3.5 per annum right in India. But don't trust private operators. Nationalized banks and preferably Fixed Deposits (even short terms like 15 days, 91 days etc) really help greatly.
Vasudevan Deepak Kumar Personal Homepage Tech Gossips
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Is it just my bank account which shows < 300 balance at the monthend :(( or you guys happen to be same ! just curious :-> regards, -- modified at 1:57 Friday 27th July, 2007
Chase your dreams ! http://eminencetech.net[^]
Wow. You mean you actaully have money! I remember when I was a young developer back in the good old days of half a dozen years ago when there were 17,000 IT vacancies in this country and with 3 years experience I was being paid £28,000, living with my parents and too busy to spend much of it. Personally I find being happy is much more important. If I could do without the wage I would. Just a tip. If you want to remain 'rich' stay out of politics. It's very expensive.:laugh:
Nothing is exactly what it seems but everything with seems can be unpicked.
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We're talking bank account ? Mine is pretty much always empty, because I channel all my money into my home loan, because I have a redraw facility, and I save more in interest than any savings account could pay me.
Christian Graus - Microsoft MVP - C++ "I am working on a project that will convert a FORTRAN code to corresponding C++ code.I am not aware of FORTRAN syntax" ( spotted in the C++/CLI forum )
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Probably. In a nutshell, if I am more than two payments in advance, I can withdraw from my mortgage. There is a $10 fee, so it's not quite a full bank account, but for the purposes of savings, and making the odd large withdrawal, it's a lot more sensible than earning 2% in a savings account.
Christian Graus - Microsoft MVP - C++ "I am working on a project that will convert a FORTRAN code to corresponding C++ code.I am not aware of FORTRAN syntax" ( spotted in the C++/CLI forum )
Well, FNOBDirect.com has a 6% savings account. Which is still low compared to most mutual funds.
I didn't get any requirements for the signature
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Is it just my bank account which shows < 300 balance at the monthend :(( or you guys happen to be same ! just curious :-> regards, -- modified at 1:57 Friday 27th July, 2007
Chase your dreams ! http://eminencetech.net[^]
No way, never. I always have at least $1000 in my checking account. I also have at least $1000 in my savings. I also have money invested in mutual funds that I could tap into in a few days.
I didn't get any requirements for the signature
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We're talking bank account ? Mine is pretty much always empty, because I channel all my money into my home loan, because I have a redraw facility, and I save more in interest than any savings account could pay me.
Christian Graus - Microsoft MVP - C++ "I am working on a project that will convert a FORTRAN code to corresponding C++ code.I am not aware of FORTRAN syntax" ( spotted in the C++/CLI forum )
I usually have 8-10k in mine.
"Why don't you tie a kerosene-soaked rag around your ankles so the ants won't climb up and eat your candy ass..." - Dale Earnhardt, 1997
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"...the staggering layers of obscenity in your statement make it a work of art on so many levels." - Jason Jystad, 10/26/2001 -
Christian Graus wrote:
2% in a savings account
3.5 per annum right in India. But don't trust private operators. Nationalized banks and preferably Fixed Deposits (even short terms like 15 days, 91 days etc) really help greatly.
Vasudevan Deepak Kumar Personal Homepage Tech Gossips
Vasudevan Deepak Kumar wrote:
3.5 per annum
That's not much when you consider than the standard human only has one anum, unless you're talking about politicians and lawyers, who have two anums.
"Why don't you tie a kerosene-soaked rag around your ankles so the ants won't climb up and eat your candy ass..." - Dale Earnhardt, 1997
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"...the staggering layers of obscenity in your statement make it a work of art on so many levels." - Jason Jystad, 10/26/2001
