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Started By
Message
re: 1st mortage, is 4.5 a good rate on 30 yrs?
Posted on 4/2/14 at 12:31 pm to jtmiller02
Posted on 4/2/14 at 12:31 pm to jtmiller02
quote:
Prop Taxes: approx $24,000/yr Insurance: approx $28,000/yr plus windstorm risk exposure approx $100,000 (deductable)
Holy shite. Guess it's all relative.
Taxes on 1.7M here in Franklin would be around 9k and insurance would be 2k max. That's a 40k a year difference
0
Posted on 4/2/14 at 12:32 pm to Kankles
quote:
Got 3.5 in 2012
This for me as well. Was able to get more house in a better neighborhood.
Posted on 4/2/14 at 12:42 pm to D Tide
lock that 4.5% i pulled a refi rate this morning and it was 4.75%
Posted on 4/2/14 at 12:45 pm to Will Cover
Will Cover is winning.
I have a 3.9% adjustable 30 yr on a non-traditional condo that I bought dirt cheap in foreclosure (loan isn't great but it was so far below market price, I should make up for in in resale appreciation), a 3.0% fixed 15 year on my personal residence (condo), a 3.875% 15 year on a duplex in the hood (which included renovation at the time of the loan), and just locked in a 4.25% 15 year on another duplex which will include the renovation costs.
I have a 3.9% adjustable 30 yr on a non-traditional condo that I bought dirt cheap in foreclosure (loan isn't great but it was so far below market price, I should make up for in in resale appreciation), a 3.0% fixed 15 year on my personal residence (condo), a 3.875% 15 year on a duplex in the hood (which included renovation at the time of the loan), and just locked in a 4.25% 15 year on another duplex which will include the renovation costs.
Posted on 4/2/14 at 2:36 pm to jtmiller02
quote:
the only real way to get a good deal on a house is to pay down the mortgage much quicker than 30 years.
How you handle the financing has nothing to do with the value of the house. If your borrowing rate is less than the rate of inflation (taking into the account the mortgage tax break) you should string it out as long as you can. It is literally free money.
Posted on 4/2/14 at 2:40 pm to foshizzle
But Dave Ramsey told them to pay it off in 4 years.
Posted on 4/2/14 at 6:23 pm to iknowmorethanyou
Often, yes. Sigh.
As I noted earlier, I got 3.25% for 30 years. After the tax break that's about 2.5%. With a rate like that I wish it had been an interest-only loan, I'd make the absolute minimum payment until I die.
There's actually a real precedent for this - the Bank of England is currently paying a 2.5% perpetual bond series that they issued back before the First World War. Obviously there is no urgency to pay it off.
As I noted earlier, I got 3.25% for 30 years. After the tax break that's about 2.5%. With a rate like that I wish it had been an interest-only loan, I'd make the absolute minimum payment until I die.
There's actually a real precedent for this - the Bank of England is currently paying a 2.5% perpetual bond series that they issued back before the First World War. Obviously there is no urgency to pay it off.
Posted on 4/2/14 at 7:05 pm to D Tide
quote:
Posted by Message D Tide 1st mortage, is 4.5 a good rate on 30 yrs? I knew they were in the 3's at one point. I guess I missed the boat on that. They offered 15 at 3.65 I will most likely get 20 yrs at like 4.3 Is anyone still offering really low rates?
My first mortgage was 16.8. Yep.
Posted on 4/2/14 at 8:16 pm to D Tide
I will join too. 2.375% on a 15 year loan. Second home... we bought at the bottom of the market. 
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