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Got quoted today for 4.5 no points/no closing. Would save $125- a month. I already have 4.875 so not gonna do this one yet. For those asking about where to find these, I am in MA and my loan is just under 400k so he makes a good commission or yield on me so that's why I get a good rate.

My offer was for only 160K. Pretty sweet imo. :clyde:
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I’m officially a homeowner. Just closed.  2.75%, 15 years.  🥳

Just made my last mortgage payment yesterday!!!  I am free and clear!

If you guys would allow me to vent... I need to vent a bit... I could vent to other LO's who all know it and they just smile and nod (somehow that doesn't really feel like venting) or my wife but with

  • 3 weeks later...

Building a brand new house - opted to do a 1 time close (construction into perm). Here are my GFI closing costs - any feedback appreciated on where I have wiggle room and where I don't I would appreciate it.

$373k loan

Origination Charge								100Appraisal Fee									 350Flood Certification							  10.8Builder's Inspection Fee						 2000Credit Report								   27.88Flood Monitoring								  1.8Title Services and Lender's Title Insur		3099.6No Work Affidavit								 100Governement Recording Charges					 121Transfer Taxes									325

ETA: Deleted a few lines that I know will be removed after talking to agent

Edited by Tiger Fan
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I got 4.375% for a 30 year FHA (3.5% down) paying 1.5 points. I wasn't going to buy any points (got quoted 4.625% for that) but my agent actually got the seller to bring TOO much money to the table, so we used the excess to pay for the points.

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How low will they go is the question. I never envisioned they would be this low.

Currently I'm quoting clients 30 yr fixed 4.375% and 15 yr fixed 3.75% on loan amounts above 150K and this is with no points.

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  • 4 weeks later...

Mortgage rates drop again

WASHINGTON (AP) -- Mortgage rates sank to the lowest level in decades this week, pushed down by the Federal Reserve's move to buy up government debt to help lift the economic recovery.

Mortgage buyer Freddie Mac says the average rate for 30-year fixed loans this week was 4.44 percent, down from 4.49 percent last week. That's the lowest since Freddie Mac began tracking rates in 1971.

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  • 3 weeks later...

I got a quote on a 30 year at 4.25. And I was happy when I locked in 5.125 when i bought my house 8 years ago...

What kind of closing costs should I expect? Including appraisal, credit check, title, processing, lender fees, etc. I'm looking at $2100, which is a little higher than I expected.

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Can someone explain how I can do a quick calculation as to whether or not to re-finance?

I am in the second year of a 30 year mortgage at 5.5%.

Today I was quoted:

30 year at 4.375 - $1,258 total closing costs

20 year at 4.24 - same costs

15 year at 3.875 - same costs

This mortgage will be for ~$230,000 and I expect the appraisal will show over 20% equity.

I think we can afford the nut on the 15 year and am considering going with that.

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Can someone explain how I can do a quick calculation as to whether or not to re-finance?

I am in the second year of a 30 year mortgage at 5.5%.

Today I was quoted:

30 year at 4.375 - $1,258 total closing costs

20 year at 4.24 - same costs

15 year at 3.875 - same costs

This mortgage will be for ~$230,000 and I expect the appraisal will show over 20% equity.

I think we can afford the nut on the 15 year and am considering going with that.

Without doing the math, do it. You're gaining at least 1.125 for only $1258 in closing costs. This is a no brainer. I'll do the math later if no one else chimes in first.

ETA - I'll do it quickly now:

$230,000 @ 4.375 over 30 years: $1,148.36

Total interest paid over the life of the loan: $183,408.19

$230,000 @ 5.5 over 28 years: $1,343.12

Total interest paid over the life of the loan: $221,288.79

$1343 - $1148 = $195/month in savings.

$1258 (closing costs) / $195 (savings) = 6.5 month payback.

$230,000 @ 3.875 over 15 years: $1,686.91

Total interest paid over the life of the loan: $73,643.96

ETAA: mortgage calculator: http://www.mortgagecalculator.org/

Edited by Dragons
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Got this from the bank that I refinanced with last year...looking at a new house:

In order to avoid mortgage insurance you would need 20% but can have as little as 5% but will have mortgage insurance on anything less than 20%. The 30 year rate is at 4% with 1% origination.

The FHA loan 3.5% down payment with mortgage insurance until your loan to value reaches 78% same as conventional except you have an upfront MIP financed into your loan amount 2.25% and you do not have to have reserves on the rental property. The interest rate today for 30 years is 3.875% with 1% origination fee.

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Can someone explain how I can do a quick calculation as to whether or not to re-finance?I am in the second year of a 30 year mortgage at 5.5%.Today I was quoted:30 year at 4.375 - $1,258 total closing costs20 year at 4.24 - same costs15 year at 3.875 - same costsThis mortgage will be for ~$230,000 and I expect the appraisal will show over 20% equity.I think we can afford the nut on the 15 year and am considering going with that.

Pmt @ 5.5% $1300Pmt @ 4.375% $1150Savings/mo $150Cost $1250BEP Months - 1250/150 = 9 months
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Can someone explain how I can do a quick calculation as to whether or not to re-finance?I am in the second year of a 30 year mortgage at 5.5%.Today I was quoted:30 year at 4.375 - $1,258 total closing costs20 year at 4.24 - same costs15 year at 3.875 - same costsThis mortgage will be for ~$230,000 and I expect the appraisal will show over 20% equity.I think we can afford the nut on the 15 year and am considering going with that.

Although, it seems 4.375 is a little high. Are there negative points worked into this?
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If you can afford the 15-year payment and if your goal is to get the house paid off and pay less interest, it's a no-brainer. You'll go from paying ~250k in interest (on your current 30-year mortgage) to paying ~$74k in interest on a new 15-year. Not to mention, you're cutting out 13-14 years of being in debt.

Your situation gets a little harder to analyze since you're changing the length of the loan, but a good way to get a feel for how much you're saving would be to compare the total payment you'd need to make on your current loan to pay it off in 15 years (I'm guessing you'd need to add ~$700 each month to your payment to have it paid off in 15 years), compared to what you'll pay if you refinance to the 15-year 3.875 loan. Divide your total closing costs ($1258) by the difference between the two payments, and that will give you an approximate amount of time to "break-even" on the cost of refinancing. In this scenario, I'm guessing the break-even point will be ~4-5 months.

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Can someone explain how I can do a quick calculation as to whether or not to re-finance?

I am in the second year of a 30 year mortgage at 5.5%.

Today I was quoted:

30 year at 4.375 - $1,258 total closing costs

20 year at 4.24 - same costs

15 year at 3.875 - same costs

This mortgage will be for ~$230,000 and I expect the appraisal will show over 20% equity.

I think we can afford the nut on the 15 year and am considering going with that.

You are going to love you some 15 year mortgage. It's a LOT more like an aggressive savings account than a loan, when compared to the 30 year. Watch that principle drop like a rock. Of course we have a 15 and pay extra, but still a 15 over a 30 if you can swing it.

I really like the following link (calculator) http://mortgages.interest.com/content/calc..._calculator.asp because it lets you look at the numbers in great detail.

I'm thinking about refi on the 15 (we are 15 months in) to drop my rate from 4.55 to 3.875. I can plow the savings back into the loan. But perhaps as important, I'll feel much more "recession proof" with the lower mandatory payment. It's a more difificult call when you already are into a 15 year loan though.

Edited by Hugonel
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With 30 yr vs. 15 yr mortgages, esp. with rates as low as they are, isn't it better to keep the 30 yr? Obviously you can pay it back sooner and less interest overall, but at such a low rate, keep the money yourself and get a higher rate of return on most investments, no?

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With 30 yr vs. 15 yr mortgages, esp. with rates as low as they are, isn't it better to keep the 30 yr? Obviously you can pay it back sooner and less interest overall, but at such a low rate, keep the money yourself and get a higher rate of return on most investments, no?

I've always believed, and the market has supported this to a substantial degree in the past few years, that the 100% certainty that your debt will NEVER have a bad year substantially outweighs the POSSIBILITY that your investments will do well enough to offset the tens of thousands of dollars you will voluntarily pay for a longer mortgage.I.e., by paying debt off and saving tens of thousands of dollars I am GUARANTEED to save/make money. Investments offer no such guarantee and may in fact take every dime you place in them.But I agree that your theory is viable and many, many people adhere to it. My philosophy is simply more conservative. Edited by Hugonel
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With 30 yr vs. 15 yr mortgages, esp. with rates as low as they are, isn't it better to keep the 30 yr? Obviously you can pay it back sooner and less interest overall, but at such a low rate, keep the money yourself and get a higher rate of return on most investments, no?

I've always believed, and the market has supported this to a substantial degree in the past few years, that the 100% certainty that your debt will NEVER have a bad year substantially outweighs the POSSIBILITY that your investments will do well enough to offset the tens of thousands of dollars you will voluntarily pay for a longer mortgage.I.e., by paying debt off and saving tens of thousands of dollars I am GUARANTEED to save/make money. Investments offer no such guarantee and may in fact take every dime you place in them.But I agree that your theory is viable and many, many people adhere to it. My philosophy is simply more conservative.
I would add that it also depends on what your goals in life are...how steady your job is, etc. Hell, there's a bunch of people who I'm sure thought their job was untouchable who are now collecting unemployment. Personally, I'll take a 5% (guaranteed every year) over an estimated 9% year-over-year return (conservative stock market estimates over the long run - with losing years built in).
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With 30 yr vs. 15 yr mortgages, esp. with rates as low as they are, isn't it better to keep the 30 yr? Obviously you can pay it back sooner and less interest overall, but at such a low rate, keep the money yourself and get a higher rate of return on most investments, no?

I've always believed, and the market has supported this to a substantial degree in the past few years, that the 100% certainty that your debt will NEVER have a bad year substantially outweighs the POSSIBILITY that your investments will do well enough to offset the tens of thousands of dollars you will voluntarily pay for a longer mortgage.I.e., by paying debt off and saving tens of thousands of dollars I am GUARANTEED to save/make money. Investments offer no such guarantee and may in fact take every dime you place in them.But I agree that your theory is viable and many, many people adhere to it. My philosophy is simply more conservative.
:popcorn: Until CD rates are higher than my mortgage rate, I'm paying extra on my mortgage.
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  • 1 month later...

Question - I recently refinanced my primary mortgage at about 5.3% - I locked into this rate in February, 2010, and closed this refinance in May. Anyways, since I have closed this refinancing, mortgage rates are now at about 4.2%. Would my bank allow me to refinance this quickly? Is this something I should be looking into this soon after I just refinanced?

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  • 2 weeks later...

I'm not in the mortgage business but I'm prepared to lock in to re-fi on or about Wednesday, November 3, 2010. That is hopefully the day that the Federal Reserve will announce plans for the second round of Quantitative Easing.

My local bank is currently at 4.125% on 30-yr fixed conventional. I'm hoping for a brief window of 3.75% but possibly as low as 3.25%. Very unlikely but it's good to be ready since some of the best pricing only lasts for an hour or two.

http://www.mortgagenewsdaily.com/consumer_rates/178041.aspx

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Chase has my current mortgage (5.0%, 15 year fixed, 90 payments made) and offered to do a refinance to 4.0%, 15 year fixed, and no points and no closing costs. Chase offered this in June, but I did not qualify due to having a HELOC with another company. This time they said it was ok as long as I close it.

It looked like a no-brainer deal to me. We are closing on Monday, 11/1/10.

Edited by Marvelous
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Chase has my current mortgage (5.0%, 15 year fixed, 90 payments made) and offered to do a refinance to 4.0%, 15 year fixed, and no points and no closing costs. Chase offered this in June, but I did not qualify due to having a HELOC with another company. This time they said it was ok as long as I close it.It looked like a no-brainer deal to me. We are closing on Monday, 11/1/10.

Did you call them and this is what they offered? Or did you get this in the mail?I'm a Chase customer (15 year at 4.5%, 13 payments made) and was wondering how I might get the same deal.Thanks.
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I'm not in the mortgage business but I'm prepared to lock in to re-fi on or about Wednesday, November 3, 2010. That is hopefully the day that the Federal Reserve will announce plans for the second round of Quantitative Easing.

My local bank is currently at 4.125% on 30-yr fixed conventional. I'm hoping for a brief window of 3.75% but possibly as low as 3.25%. Very unlikely but it's good to be ready since some of the best pricing only lasts for an hour or two.

http://www.mortgagenewsdaily.com/consumer_rates/178041.aspx

The FOMC meeting adjourns at 2:15 ET today. Hoping for good news to move rates to record lows sometime in the next day or so.

:bye:

Edited by johnnyrock62000
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If you are talking about mortgage interest rates they have not gone crazy high but in fact they are still crazy low.

Been in the mortgage business for over 20 yrs and rates are at 50 yr lows, it's not unheard of to get a 30 yr fixed 3.875%-4.125% or 15 yr between 3.5%-3.75% and this is w/o points. With the positive employment news that came out last Friday rates did not really trickle up and that's probably a result of the Feds promise to buy 600 billion in treasuries. If your still on the refi fence now might be the time to grab that brass ring.

Edited by towney
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  • 2 weeks later...
  • 3 weeks later...

People really get bogged down on interest rate still, just amazes me that folks never seem to learn. The difference from 5% to 4% on $100k, really isn't enough to get in a tiss about. If it does I would like to see your shopping habits and eating habits because you must never waste a penny on anything in life.

You never write a check out on a home mtg for 4.5%

The rates are still really low, houses are priced to sell mostly, it will stay this way for awhile. If you can afford it jump in, if not then don't worry about the interest rate on these homes.

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As a general rule, is a 7 year ARM a bad idea? It appears that I missed the bottom of the 30 year rates, but I can still get a 7 year at 4% (currently 8 years into a 30 year at 5.125%).

On bankrate, 7 year arms are coming in around 3.5%.I'm heavily considering this, as I think I can get the whole thing paid off in 7 years.
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People really get bogged down on interest rate still, just amazes me that folks never seem to learn. The difference from 5% to 4% on $100k, really isn't enough to get in a tiss about. If it does I would like to see your shopping habits and eating habits because you must never waste a penny on anything in life.

You never write a check out on a home mtg for 4.5%

The rates are still really low, houses are priced to sell mostly, it will stay this way for awhile. If you can afford it jump in, if not then don't worry about the interest rate on these homes.

What does that mean?

the difference on a $300k loan between 4% and 5% is $2138/year. For one year that isn't astounding, but over time that certainly adds up.

Besides which, at least in my situation, I'll be refinancing for less than my original loan, since I've been paying against it for 8 years. So the refi difference from a monthly payment standpoint is more pronounced.

My bigger concern currently is the potential downside of a 7 year vs. 30 year.

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People really get bogged down on interest rate still, just amazes me that folks never seem to learn. The difference from 5% to 4% on $100k, really isn't enough to get in a tiss about. If it does I would like to see your shopping habits and eating habits because you must never waste a penny on anything in life.

You never write a check out on a home mtg for 4.5%

The rates are still really low, houses are priced to sell mostly, it will stay this way for awhile. If you can afford it jump in, if not then don't worry about the interest rate on these homes.

What does that mean?

the difference on a $300k loan between 4% and 5% is $2138/year. For one year that isn't astounding, but over time that certainly adds up.

I was a mtg broker or many years and I never saw anyone really take advantage of being able to pay more on their actual leans. I used a 100k in the example, you used 300k...OK $2,200 a year saved. Most folks will simply squander that money on other things. Do folks realize the amount of retired folks that retire just a little above broke? How many folks that retire really have 1-2 million put away in the bank? It's a farce for most, makes great commercials for Chalres Schwab

If you can afford a $300k+ home then you probably are not up fretting about a couple hundred dollars a month.

I checked FHA loans and it looks like the rates are under 5% and those types of loans only require a small down payment of about 3.5%.

I think we're on the same side of the fence, you and I. I feel like people should be trying to buy a home right now. It's a good tme to do it and most people should just feel good about the rates being even as low as they are. Do I need to pull the footage of the 8-9% era and higher? :lmao:

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People really get bogged down on interest rate still, just amazes me that folks never seem to learn. The difference from 5% to 4% on $100k, really isn't enough to get in a tiss about. If it does I would like to see your shopping habits and eating habits because you must never waste a penny on anything in life.

You never write a check out on a home mtg for 4.5%

:lmao:

we refi'd and saved 180 a month on a payment just over 100k. i know for whole foods stock boys such as yourself that's walk around money but to families with tight budgets that's nothing to sneeze at.

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People really get bogged down on interest rate still, just amazes me that folks never seem to learn. The difference from 5% to 4% on $100k, really isn't enough to get in a tiss about. If it does I would like to see your shopping habits and eating habits because you must never waste a penny on anything in life.

You never write a check out on a home mtg for 4.5%

:lmao:

we refi'd and saved 180 a month on a payment just over 100k. i know for whole foods stock boys such as yourself that's walk around money but to families with tight budgets that's nothing to sneeze at.

how much was your closing costs?

I'm thinking about refinancing but with them contemplating dropping the mortage tax deduction I'm not sure I want too.

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People really get bogged down on interest rate still, just amazes me that folks never seem to learn. The difference from 5% to 4% on $100k, really isn't enough to get in a tiss about. If it does I would like to see your shopping habits and eating habits because you must never waste a penny on anything in life.

You never write a check out on a home mtg for 4.5%

:lmao:

we refi'd and saved 180 a month on a payment just over 100k. i know for whole foods stock boys such as yourself that's walk around money but to families with tight budgets that's nothing to sneeze at.

From what to what? 5% of 100k is $5,000...go down to 4% and it's 4,000, that's $1,000 over 12 months or about $80-$85 a month. How did you save $180 and what did it cost you to do the refi? Include the time it took to fill out the paperwork, sign all the documents, fiddle fart with the mtg guy on the phone.

I'm happy for you, go spend that $180 you saved on local business in your town and keep people working.

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People really get bogged down on interest rate still, just amazes me that folks never seem to learn. The difference from 5% to 4% on $100k, really isn't enough to get in a tiss about. If it does I would like to see your shopping habits and eating habits because you must never waste a penny on anything in life.

You never write a check out on a home mtg for 4.5%

:lmao:

we refi'd and saved 180 a month on a payment just over 100k. i know for whole foods stock boys such as yourself that's walk around money but to families with tight budgets that's nothing to sneeze at.

how much was your closing costs?

I'm thinking about refinancing but with them contemplating dropping the mortage tax deduction I'm not sure I want too.

do not recall. we did this last spring before the rates really plummeted.. not looking to do it again but the savings was nice. allowed us to have another kid and start to fix up our house much quicker than we thought we'd be able to.
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People really get bogged down on interest rate still, just amazes me that folks never seem to learn. The difference from 5% to 4% on $100k, really isn't enough to get in a tiss about. If it does I would like to see your shopping habits and eating habits because you must never waste a penny on anything in life.

You never write a check out on a home mtg for 4.5%

:shrug:

we refi'd and saved 180 a month on a payment just over 100k. i know for whole foods stock boys such as yourself that's walk around money but to families with tight budgets that's nothing to sneeze at.

how much was your closing costs?

I'm thinking about refinancing but with them contemplating dropping the mortage tax deduction I'm not sure I want too.

Closing Friday. Dropped from 5.5 to 4.25. Knocked 4.5 years off the mortgage, knocking about 145 a month off, financed 1000 towards closing, out of pocket is 1 month mortgage. Basically I'm not getting a month off and paid for appraisal. :shrug: SO it wasn't about the monthly savings which is nice but the 75000 in interest I'll be saving Edited by belljr
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People really get bogged down on interest rate still, just amazes me that folks never seem to learn. The difference from 5% to 4% on $100k, really isn't enough to get in a tiss about. If it does I would like to see your shopping habits and eating habits because you must never waste a penny on anything in life.

You never write a check out on a home mtg for 4.5%

The rates are still really low, houses are priced to sell mostly, it will stay this way for awhile. If you can afford it jump in, if not then don't worry about the interest rate on these homes.

What does that mean?

the difference on a $300k loan between 4% and 5% is $2138/year. For one year that isn't astounding, but over time that certainly adds up.

I was a mtg broker or many years and I never saw anyone really take advantage of being able to pay more on their actual leans. I used a 100k in the example, you used 300k...OK $2,200 a year saved. Most folks will simply squander that money on other things. Do folks realize the amount of retired folks that retire just a little above broke? How many folks that retire really have 1-2 million put away in the bank? It's a farce for most, makes great commercials for Chalres Schwab

If you can afford a $300k+ home then you probably are not up fretting about a couple hundred dollars a month.

I checked FHA loans and it looks like the rates are under 5% and those types of loans only require a small down payment of about 3.5%.

I think we're on the same side of the fence, you and I. I feel like people should be trying to buy a home right now. It's a good tme to do it and most people should just feel good about the rates being even as low as they are. Do I need to pull the footage of the 8-9% era and higher? :unsure:

MOP

Going to be building a home hopefully soon and just wondering if the rates will remain in the 4-7% range or do you think the rates are going to jump >7 within the next year. Just curious TIA.

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People really get bogged down on interest rate still, just amazes me that folks never seem to learn. The difference from 5% to 4% on $100k, really isn't enough to get in a tiss about. If it does I would like to see your shopping habits and eating habits because you must never waste a penny on anything in life.

You never write a check out on a home mtg for 4.5%

The rates are still really low, houses are priced to sell mostly, it will stay this way for awhile. If you can afford it jump in, if not then don't worry about the interest rate on these homes.

What does that mean?

the difference on a $300k loan between 4% and 5% is $2138/year. For one year that isn't astounding, but over time that certainly adds up.

I was a mtg broker or many years and I never saw anyone really take advantage of being able to pay more on their actual leans.

Wow, just wow. I think you worked the deli dept too long and have been hearing people ask if the roast beef is lean today.

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People really get bogged down on interest rate still, just amazes me that folks never seem to learn. The difference from 5% to 4% on $100k, really isn't enough to get in a tiss about. If it does I would like to see your shopping habits and eating habits because you must never waste a penny on anything in life.

You never write a check out on a home mtg for 4.5%

:towelwave:

we refi'd and saved 180 a month on a payment just over 100k. i know for whole foods stock boys such as yourself that's walk around money but to families with tight budgets that's nothing to sneeze at.

how much was your closing costs?

I'm thinking about refinancing but with them contemplating dropping the mortage tax deduction I'm not sure I want too.

Closing Friday. Dropped from 5.5 to 4.25. Knocked 4.5 years off the mortgage, knocking about 145 a month off, financed 1000 towards closing, out of pocket is 1 month mortgage. Basically I'm not getting a month off and paid for appraisal. :homer: SO it wasn't about the monthly savings which is nice but the 75000 in interest I'll be saving
Pay attention folks, because THIS (above) is how it should be done...take YEARS and $ off your mortgage...I worry that people saving $150 per month are turning a 30 year mortage into a 34 year mortgage (by refinancing when they are 4 years in) and not realizing the impact.
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People really get bogged down on interest rate still, just amazes me that folks never seem to learn. The difference from 5% to 4% on $100k, really isn't enough to get in a tiss about. If it does I would like to see your shopping habits and eating habits because you must never waste a penny on anything in life.

You never write a check out on a home mtg for 4.5%

:rolleyes:

we refi'd and saved 180 a month on a payment just over 100k. i know for whole foods stock boys such as yourself that's walk around money but to families with tight budgets that's nothing to sneeze at.

how much was your closing costs?

I'm thinking about refinancing but with them contemplating dropping the mortage tax deduction I'm not sure I want too.

Closing Friday. Dropped from 5.5 to 4.25. Knocked 4.5 years off the mortgage, knocking about 145 a month off, financed 1000 towards closing, out of pocket is 1 month mortgage. Basically I'm not getting a month off and paid for appraisal. :bag: SO it wasn't about the monthly savings which is nice but the 75000 in interest I'll be saving
Pay attention folks, because THIS (above) is how it should be done...take YEARS and $ off your mortgage...I worry that people saving $150 per month are turning a 30 year mortage into a 34 year mortgage (by refinancing when they are 4 years in) and not realizing the impact.
Refinancing to a lower rate is usually a good idea. The money you save is not money that is going to an asset (Your House) It is money going to pay for a service (The Loan). Reducing the money you pay for the service is always good fiscal policy.

What could be bad fiscal policy is what you do with the additional money. Do you use it to pay off other debt? Do you invest it for your future retirement? Or do you buy a sports car?

Historically, paying off your house early is a questionable financial investment. Including the tax break for interest makes your rate of return around 3%-4%. In Normal times, you can do better with the Stock Market. However, these may not be normal times, and each person needs to determine their own tolerance of risk. The 3-4% is a gaurenteed, compounding rate of return, so it has 0 risk (unless you go through foreclosure/bankrupcy)

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Refinancing to a lower rate is usually a good idea. The money you save is not money that is going to an asset (Your House) It is money going to pay for a service (The Loan). Reducing the money you pay for the service is always good fiscal policy. What could be bad fiscal policy is what you do with the additional money. Do you use it to pay off other debt? Do you invest it for your future retirement? Or do you buy a sports car?Historically, paying off your house early is a questionable financial investment. Including the tax break for interest makes your rate of return around 3%-4%. In Normal times, you can do better with the Stock Market. However, these may not be normal times, and each person needs to determine their own tolerance of risk. The 3-4% is a gaurenteed, compounding rate of return, so it has 0 risk (unless you go through foreclosure/bankrupcy)

The fact they are trying to get rid of mortgage interest as a write off also is a factor. My numbers were a bot off - only lowering by about 110 but still knocked off 4 years so that interest alone is worth it.
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