MarvB
Well-known member
Not a refi but a new home purchase, getting quotes of 3.25% on a 30 yesterday in OR
Mortgage refinance
- Thread starter C_Dick_Run
- Start date
Moving?
MarvB
Well-known member
Yep Tyler, pulled stakes and got the heck out of Cali....now jobless, homeless, and kinda liking it lol.
Retired in December and just sold the place in NorCal two weeks ago so right now we are in Central Oregon hitting a lot of rivers and a lot of breweries! Kind of just fishing our way across the state until something strikes our fancy or until its time to head to Idaho for elk season. Not even sure if I'm going back to use my California tag this year
Congrats on retirement!! I think I could enjoy the vagabond life! Good luck and let us know where you land.Yep Tyler, pulled stakes and got the heck out of Cali....now jobless, homeless, and kinda liking it lol.
Retired in December and just sold the place in NorCal two weeks ago so right now we are in Central Oregon hitting a lot of rivers and a lot of breweries! Kind of just fishing our way across the state until something strikes our fancy or until its time to head to Idaho for elk season. Not even sure if I'm going back to use my California tag this year
BackofBeyond
Well-known member
We just refi-ed, we went from a 30 year @ 4.25% to a 15 year @ 2.8%. We were adding an extra $500/mo for principle each month, and managed to keep the new payment under our monthly budget.
Next decision is do I slack off on my Roth IRA, and pump that into the mortgage principle? Would cut a couple more years off the end, and Boise is blowing up. Our tax appraisal jumped 15% this year, after jumping 10% the year before... My Roth is doing good, but sure as hell not pulling in 12.5%.
Next decision is do I slack off on my Roth IRA, and pump that into the mortgage principle? Would cut a couple more years off the end, and Boise is blowing up. Our tax appraisal jumped 15% this year, after jumping 10% the year before... My Roth is doing good, but sure as hell not pulling in 12.5%.
Irrelevant
Well-known member
at the start of covid we dropped from a 4% 30-yr to 3% 30-yr, my sister was quoted 2.85% for a 30-yr a couple of weeks ago. I know my parents are slack jawed at the rates compared to when they had a mortgage.
bullbugle307
Well-known member
- Joined
- Jul 19, 2018
- Messages
- 934
We're in the process of refinancing right now. Sounds like we're going to lower our interest rate by a little over a percent to somewhere less than 3 percent. And we're moving to a 15 year fixed rate instead of 30 since we were already overpaying quite a bit on the 30 year loan.
MarvB
Well-known member
Update to the story; just entered escrow...hope to have the new digs in 30 days! Ended up at a 3.15% lock on the 30yr with no points so happy with that. Will be calling Prineville, OR our new bus stop (well about 9-10 miles from there anyhow) and it feels good to be back in the junipers after 30+ years. Had wanted to go a little farther east but the missus doesn't do extended cold real well and if momma ain't happy....well you know the rest.
MarvB
Well-known member
I remember the first home I built I was tickled pink to get an 8.8% rate...anything under 10% back then was golden (around 1986) but still had to saddle up with PMI for a couple of years
Irrelevant
Well-known member
I think my parents started at 13% about that same time.
bullbugle307
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- Jul 19, 2018
- Messages
- 934
Good grief! I suppose houses were probably a lot cheaper then, but still!
MarvB
Well-known member
They were, built the first one for $86k including the (small) lot in town and that was 1470sf. Would to have loved to kept it as a rental when I finally built the second but there wasn’t enough flow ($) and another kid on the way.
MarvB
Well-known member
One of my buddy’s is a lender, he had said the nation’s avg peaked back in ‘81 at like 16.6%....sheesh!
westbranch
Well-known member
Going to close on a refinancing Tuesday at 3.125% for a 30 yr. Sounds like there is a chance to get <3% on a 30 yr now but we are good with this rate. It is 1.25% lower than our current rate and even with that the payoff is about 20 months after the closing costs. Our appraisal is up just under 15% in 14 months, which is nuts. Real estate has not slowed down at all in our area based on what some realtor friends have said.
More city big $ families are entertaining the move for less dense populated areas. Heard the same from our relative realtor for our area.
Make the time and effort to shop around. In the process of closing a refinance at 2.25 for 15 years. The delta on rates between institutions was as much as a full percent. Took a few weeks of calling around and asking questions, but pays to be patient and find the right lender to go with.
Irrelevant
Well-known member
I've found Zillow to be the best place to find low rates and good brokers. I've gone through it three times now.
Westxhunter
Active member
- Joined
- Apr 26, 2020
- Messages
- 168
We refinanced a few years ago down to a 15 yr 3.2%. Cut our time in half and kept the same house payment. Needless to say we're less than 4 years away from paying off our house. If you can manage, go for it. My thinking is that once we pay off our house, it doesn't matter much what I do for a living as long as we bring in a decent salary. I'm looking forward to scaling back on work and spending more time with the wife and the great outdoors.
Mortgage rates plunge after refinance fee is put on hold
But one expert says borrowers now have just a few weeks to beat the new surcharge.
