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Message
re: Cash-out refi, best option for addition to house?
Posted on 11/19/12 at 11:56 am to Venelar
Posted on 11/19/12 at 11:56 am to Venelar
I know it's different strokes for different folks, but I would refi for 30 at 3.5, and do bi weekly or make one extra payment to knock 6 years off. That is exactly what I am doing.
2
Posted on 11/19/12 at 12:40 pm to ItNeverRains
quote:
I know it's different strokes for different folks, but I would refi for 30 at 3.5, and do bi weekly or make one extra payment to knock 6 years off. That is exactly what I am doing.
Dumb. You are paying a higher rate so that you can prepay?
I was with you until the bi weekly part.
Posted on 11/19/12 at 2:47 pm to ItNeverRains
quote:
bi weekly or make one extra payment to knock 6 years off. That is exactly what I am doing.
You are willingly paying extra money to prepay a loan at that low a rate? Once you take the loss of tax deduction and inflation into account, that is about a zero return on investment. You are literally locking up money for 20+ years for no return at all.
Back when rates were higher this made more sense but not now.
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