I’m too close to paying off my mortgage to really be able to take advantage of the rates now (7 years left), but man, it was a great feeling when I refinanced about 8 years ago. I had an 80% mortgage at 5.5% and a 10% at 7%. 30-year fixed. Went to a 15-year fixed at 2.99%. Monthly payments went up slightly because of the shorter term, but I shaved 8 years and $100,000 off the lifetime of the loan.
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And by the way, holy shit, I went to look at my mortgage account online and on the lender’s homepage is the “unfaithful boyfriend meme” couple:
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He should do what my friend did our first year in college. For visuals, he was a 5’ 9"-ish portly black guy. When a tour group would come through to see what a dorm was like, he would stumble out of his room in his tighty-whities like he was drunk and pass out face-first on the floor, just as they were approaching his room.
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We did the same at almost the exact same time and saved almost the same. But you got a slightly better rate. It was a great feeling.
Haha, you dumbass. Looks like I’m refinancing at 2.625% for a 30-year fixed. What a world.
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Can I ask roughly what the up-front fees are? I only ask because we’re in the process of scoping refis as well and I’m not sure the current quote is competitive.
I don’t think this reveals anything personal:
Unless you own your house in a trust, you can eliminate the $150 Trust Review Fee.
With around a $380k mortgage, I figure this–dropping from 3.625% to 2.625%–breaks even within about a year. (I got into a spat with a friend of mine about how exactly to calculate this, so it’s possible to think about it in different ways I guess.)
Banks are furious about this .5% Fannie/Freddie refi fee
So I should definitely wait on buying my first house right? I only have like 5% down saved up. Would rather continue renting my dope apartment than move to the suburbs. Nice houses in my neighborhood are $400-550k. I assume housing prices are going to fall in 4-6 months when people can’t pay their mortgages but could see a similar trend like STONKS. My rent is $2300. Wife and I make a little under $200k a year with only 50k in low interest debt (student loans / car payment). I think I am fine paying PMI as saving 20% down seems painful and -ev. Thoughts from you smart people?
I would continue renting. I’m fine with you buying with 5% down but only once you’ve saved at least 6 months expenses in an emergency fund.
Rent is NOT throwing away money.
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Got the emergency fund. Told the wife that I am absolutely not buying a house in the middle of a pandemic. The stress isn’t worth it. Just going to keep saving and try to get to 10% down + 6 months emergency fund.
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I literally got paid $6 to refinance back in March and dropped a whole point.
Do you like puttering around in the yard? Are you good at fixing things or at least like learning how to? If the answer to both is no, I might suggest just renting forever. I bought a house at 20 (lol poker) and am renting for the first time 15 years later. Renting is awesome if you have a good landlord and the right renter’s market. People buy houses way too much out of mere inertia or because it’s what they’re “supposed” to do.
Home ownership is overrated unless you actually enjoy repairing and caring for a home, imo.
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On the other hand…
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It’s complete b.s. that landlords don’t have to provide their own references, give an interview, provide bank statements, etc. The tenant has just as much (and often more!) to lose from a bad renter-landlord relationship.
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Update: my ceiling is leaking again.
Wow, I had no idea interest rates were so low.
168k outstanding on my 30yr loan at 4% with 2043 maturity rate, excellent credit.
Snap call my mortgage broker first thing tomorrow morning? Tempted to go to 15yr loan instead and save some more money.
Let us know in the thread what you do please, I have about the same in principal left and am also at 4.0%. Was planning on paying it off in 5 years though as I have nothing to do with the $ that I’m happy with in covidiot land.
I despise any outside work and am a complete idiot when it comes to fixing things. Our maintenance guy usually shows up within 2 hours to repair whatever is needed. I guess as long as I’m funneling money into retirement then not building equity in a house is fine?