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| I was very proud of my financial savvy until today I closed last week on a 3.25% 30 year fixed rate mortgage with Pentagon Federal CU. Felt like I was stealing candy from a baby. Today they are advertising 3.125%.  Reply • Back to Top |
| What could have been your 15-year rate? Reply • Back to Top |
quote: Pigs get fat and hogs get slaughtered... Reply • Back to Top |
quote: The ROI on the higher payments is so negative after taxes and inflation that a 15 year is actually worth less. Yes, I did run the numbers. The only way a 15 year beats a 30 is if inflation stays under about 3% for the next 15-20 years. I personally doubt this quite strongly, although Japan has proved it to be possible. Reply • Back to Top |
quote: Was this a refinance or new loan? Points? I closed recently 30 year 3.5%, 80% LTV, and 0 points. I too thought I was getting a good deal. Not a big deal though since I plan on turning it into a rental. I try not to worry too much about these things as my savings rate right now is much more important than my investment returns. If rates go down low enough, I'll refinance with no closing and take a slightly higher rate. Reply • Back to Top |
Condo refi with no points.  Reply • Back to Top |
| The 5/5 @ 2.75% with no closing costs continues to tempt me but I am very inert these days. Reply • Back to Top |
quote: Yeah, but that's assuming that you won't move for 30 years. How many people actually live in the same house for 30 years? Reply • Back to Top |
quote: quote: How many people actually pay on the same house for 30 years? Reply • Back to Top |
quote: That's assuming I won't sell for 30 years. I can move and rent the property.  Reply • Back to Top |
| Isn't there a clause that you must be have the house as your primary residence in most loans? Reply • Back to Top |
quote: Almost all loans for a primary occupant specify that you have to intend to occupy it for one year. Reply • Back to Top |
| Correct- after that you just need to notify the bank in writing that you aren't living there anymore and they have to allow you to move out unless there is some unusual circumstance that would pose a risk to the bank (they say it in more formal legalese than this). Reply • Back to Top |
quote: Exactly. And I have every intention of doing that. But I don't have to stay there for the full 30. Reply • Back to Top |
quote: I'm 41 and just built my 30 year house. I'm here til I take a dirt nap. Reply • Back to Top |
quote: was you condo development comply with all the FHA rules or whatever its called? Reply • Back to Top |
quote: no way i would lock rate in for only 5 years unless i was 2000% sure i was going to pay it off in 5 years... and even then it that might not be sure enough. in 5 years interest rates will touching 10% Reply • Back to Top |
quote: It's a conventional conforming loan if that's what you mean. Not FHA. Reply • Back to Top |
| so it qualified for all of those BS standards they have (they are only bs b/c my condo dev doesnt qualify)  Reply • Back to Top |
quote: Do tell. Reply • Back to Top • Refresh |
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