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I've been trying to convince my wife that there's no reason to make a big point to pay extra on the mortgage, especially after a refi. They're giving us almost free money for 30 years!
If I knew I was going to stay here for a long time, I'd pay the $2k to refinance at a point lower and pay it off as slowly as I could.
It took convincing with my wife to not pay extra now. We're at 3.625%. My threshold is about 4-4.5% where I start deciding the guaranteed return is better than the risk premium.
I don't know cali-forn-i-a, but generally speaking the reason an insurance company wouldn't be willing to sell you insurance isn't that your property is just that damn risky so it's impossible for them to sell a policy that'd make a profit, it's that the state regulators won't let the insurance company charge as much as the insurance company thinks it needs to ensure it doesn't go belly up if there's a fire.You're still personally liable on the mortgage, no? I was under the impression that the mortgage was just a security interest in the property.
You’re still personally liable for the loan, the property is a security interest, it’s still a recourse loan.If you owe a million dollars on the property and it burns, who's out a million bucks? Not you. Is this so difficult?