I have been sitting on a 4.65 home loan rate for a while now but I just locked in a 3.25 rate on a cash out refinance loan. I will cash out $40,000 for some much needed home repairs. (and maybe a new toy) and I will still be paying $150 less a month. My oldest daughter just locked in a 2.85 refinance.
crazy low interest rates
- Thread starter gouch
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ChrisS
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- Dec 29, 2016
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- 122
My wife and I are in a dilemma as we don't know if we'd rather cash-out refi and update our current home or buy a different one. If we refi, then I don't want to plan on going anywhere for a while.
Irrelevant
Well-known member
We're dropping to 3.25 30-yr. I do wish I'd waited a little bit though, we started a few weeks back.
huntin24/7
Well-known member
Definitely interested in this thread. We’re 6 years into a 30 year mortgage but are about 5 years ahead of schedule on payments already and trying to figure out our best route to get this house paid off the fastest.
you're probably above 4% then right? You'd definitely still be money ahead to refi to a 15 yr (sounds like you can afford it if you've gotten that far ahead in 6 years)
D
Deleted member 28227
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I'm weighing it as well... I'm at 4.15 on a 30... but thinking of possibly selling within 2 years. But a refi would eliminate my PMI.... 
We're in the same boat and still opted to refi. Our banker said if we stay at least 11 months I think it was that it will pay off. Getting rid of the PMI and paying the principal down as fast as possible to roll equity into the next place were our driving factors.I'm weighing it as well... I'm at 4.15 on a 30... but thinking of possibly selling within 2 years. But a refi would eliminate my PMI....
Doublecluck
Well-known member
I’m at 3.375 on a 30, home value has increased 20-25% in 4 years, mostly due to the market and that I fully finished the 800 sq ft basement.
The question, refi and pay off all my debt and go on vacation with about the same payment before corona virus kills us all?
Or
Sell, pay off all my debt and put about 50 k down on a more rural home with property? Downside being there’s not a lot of great inventory on the market right now.
It’s weird, whenever we play blackjack and I’m up my wife is like walk away and I never listen.. for about 6 months Ive been telling her it’s time to cash in our chips... thinking I got her attention now..
The question, refi and pay off all my debt and go on vacation with about the same payment before corona virus kills us all?
Or
Sell, pay off all my debt and put about 50 k down on a more rural home with property? Downside being there’s not a lot of great inventory on the market right now.
It’s weird, whenever we play blackjack and I’m up my wife is like walk away and I never listen.. for about 6 months Ive been telling her it’s time to cash in our chips... thinking I got her attention now..
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IdahoPotato
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I put in an offer on a piece of land for a home build back in December. Banker estimated the rate at 4.65%. I figured at that time rates were headed up because of the election year crap and the market. Never saw this coming. Building bids are almost done and I have to lock a rate before March 20th, looking like I will get below 4% for a home build construction loan. Considering buying a few more points and not having to think about refinancing for a while. Insanity.
Pucky Freak
Well-known member
Refi is overrated. Pretty much just a fee making a banker some money. You don’t “feel” the cost because most people roll the loan fee into to balance. I’m at 3.65. Pointless to switch to 3.25 since we’re paying extra towards the principal anyways and the whole thing will be gone in several years anyways.
shootbrownelk
Well-known member
My home has been paid for the past 40 years. No house payments, no vehicle payments. I like it that way.
I’m in a situation where 6 months ago we were in the process of buying a home. If I remember correctly right at 4%. Long story short the sellers didn’t fulfill there side of the contract and we backed out. We have a buy/sell agreement signed between a family friend to purchase his mother’s old house on some acreage. Was planning on closing sometime mid April or whenever the snow melts (we are both very lenient on timeframe). Hopefully I can secure a better rate either now or within the next couple months.
SAJ-99
Well-known member
Very good chance. Rates are no longer a reactionary function, they are predictive. These rates are predicting we are in a recession within weeks.
Im looking at a refi at 2.9% but a wrench just got tossed into the gears. Realtor says he can sell my house in a week for at least $275k when I bought it three years ago for $170k. Might move on to the next abode for that kind of profit.
Carl 9.3x62
Well-known member
I had to refinance in Oct to get the ex's name off the mortgage. Got a 15 year mortgage 3.15%. And an new garage roof.
Elkmagnet
Well-known member
If you guys are refinancing float until either the 10 year treasury note turns around or you are ready to close. Rates are lagging behind the 10 year and should continue to improve until something forces them up.
