To Refi or Not?
- Thread starter Dominic
- Start date
Yes that is what I am hearing.
You can most def get below that, I can give you a phone number this guy is great he got it done fast!! Just PM you
My broker just quoted me a 2.49. Will a 1 point drop be worth it?
Likely yes. on a 1pt drop you can typically recover the cost of the transaction in under 2 years and every subsequent year is gravy
Totally. I plugged in my numbers and it dropped a few hundred dollars a month.
notintheface
GOLD
If you aren't planning on moving within the next couple years, get into a 15-year. better.com is amazing.
San Diego area, conforming non-jumbo loan. Went from 3.75 to 2.75, no points, no fees, etc. Did extend the term to 30yrs from the 22yrs that were remaining. Roughly a $600 per month cash flow savings.
Other options at the time were 2.75, no points etc. same monthly payment with a 2yr reduction on the term to 20yrs or 25yrs with cash out, roughly the same monthly payment.
I don’t plan on living in this house for more than 15 years, when I no longer need access to the public school district for my kids. But... $600/month over 15yrs is a savings of $108,000 in cash flow over that period. I’m looking at that as a down payment on the next home down the road (plus investment income on that cash saved) and will turn the current property into a rental. I doubt rates will be anywhere near this level by then and will use the added rental income to offset any future home purchase increases in P&I payments while doubling my equity growth in the process with the next property.
Other options at the time were 2.75, no points etc. same monthly payment with a 2yr reduction on the term to 20yrs or 25yrs with cash out, roughly the same monthly payment.
I don’t plan on living in this house for more than 15 years, when I no longer need access to the public school district for my kids. But... $600/month over 15yrs is a savings of $108,000 in cash flow over that period. I’m looking at that as a down payment on the next home down the road (plus investment income on that cash saved) and will turn the current property into a rental. I doubt rates will be anywhere near this level by then and will use the added rental income to offset any future home purchase increases in P&I payments while doubling my equity growth in the process with the next property.
I think that what another has already stated is true, those that engage are already inclined to help. That extends beyond soccer related topics. Love the idea of non-political off-topic discussions and appreciate the seeded discussions that avoid politics.
SoccerFan4Life
PREMIER
Keep in mind the number of years left, I have a mortgage with 10 years and even with close to a point lower on a 15 year loan it was not worth it.
oh canada
GOLD
never pay points. also keep in mind it will take a loooong time to close with the backlog -- likely at least 6 months
Let's also not forget to share your house with others in the future. EVERYONE will be offering free rooms to all. It's called sharing with others who have less. Plus free breakfast. In fact, if you have more then one house, give it away. Next year will interesting. I have a friend who has two rentals in socal and has not been paid rent for 8 months from either places. One guy told him to f off and the other family is truly going through difficult times. He truly is stuck between a rock and hard place. He keeps paying the bank because he loves to look at his credit score. It has to be over 800 or he panics and freaks out. He's loaded and can handle the non rent but he's worried how long he has to keep paying. SHARE what you have with others and if you own a house, get ready to share it. 2.5% rates? You have to share just for that reason alone
SoccerFan4Life
PREMIER
Let's also not forget to share your house with others in the future. EVERYONE will be offering free rooms to all. It's called sharing with others who have less. Plus free breakfast. In fact, if you have more then one house, give it away. Next year will interesting. I have a friend who has two rentals in socal and has not been paid rent for 8 months from either places. One guy told him to f off and the other family is truly going through difficult times. He truly is stuck between a rock and hard place. He keeps paying the bank because he loves to look at his credit score. It has to be over 800 or he panics and freaks out. He's loaded and can handle the non rent but he's worried how long he has to keep paying. SHARE what you have with others and if you own a house, get ready to share it. 2.5% rates? You have to share just for that reason alone
I have several and everyone has paid so far. He can sell his home and eliminate this issue. Also the covid exception is over in February.