I just read the OP
I would do it now b4 you pay $$ into interest and it just goes in the shitter
my house we looking into “REFI” and we have had the house 2 years I have paid $200 into principal (from my monthly payment …I pay extra on it)
im at 7% if i was to REFI at 5.5% (with a new 4k closing)I would save 20K(in interest) in the end “looks good on paper” but I have paid almost 25K in interest …soo in 30 years if i was to REFI I would be out 29k
wat
You won’t, nor will she. She is either a) dumb b) full of shit or c) both if she thinks that she got that rate without an ARM or points.
4.8% is likely with 1 point
the whole thing
points are good, if some one else pays them!
i want to switch to another bank, so i’d probably refinance at 4.00% even though my current rate is not much higher than that.
Where do you plan on getting 4.0%?
yeah, I want some 4% action.
I’m at 7, but it doesn’t make much sense to refi if I plan to move within a year. Can’t recoup the closing costs in time.
People treat interest rates like Supra owners treat dyno numbers. They love to brag about them, but in the end, it means very little.
How does it mean very little? lol If I add 2% to my interest rate it adds $73,xxx over the term over 30 years.
Because most people don’t carry their loans to term, and in the short term, when you’ve already lived in your house for a few years. Refinancing to drop a point isn’t going to pay off when you move in a few years.
Long term? Sure. Just like there are some fast supras that aren’t Dyno queens.
But if you are dropping 2+% off your loan you’re doing it wrong.
I am not doing shit i already have my house and it is 5%. But for plenty of people it is quite relevant. Especially considering the market outside of Buffalo where people are carrying much higher mortgage amounts. Certainly not something to just write off as bragging rights. Dropping 2% is doing it wrong? I am positive that there are plenty of people paying 7+% out there.
what if someone wanted to refinance from a 30 to a 15? any bank peeps want to set me up with some details?
They are doing it wrong by ending up with a 7%+ mortgage in the first place.
People banter rates around on the internet like it is some kind of dick measuring contest. 9 times out of 10 they are young, new in their mortgage, and not planning to stayin the house for >10 years and are bragging about refinancing to drop a half a point. It is just silly.
Plenty of mortgage calculators out there, you’d save a ton of money. You’d have to run the numbers to figure out if it would save you any money versus just increasing your payments to principle over the next 15 years and paying it off in the same term.
I have 7% but I have a FHA 203K loan… I was told its a different animal
Ew.
You can refinance a FHA loan. 203k is a rehab loan, don’t see anything making it particularly different other than how you get it in relation being approved with a lower income to do improvements.
To be clear I am saying that they do not in fact mean very little.
This is an entirely different explanation then saying they mean very little. Obviously you know I understand all of this just saying they do matter but refi is not always the best option. As far as the 7% doing it wrong I still do not follow ya at all. You know before the times of free money and recessions avg loans were over 7% right? So refis ESPECIALLY make sense to people that are 6-10 years into a mortgage.
