- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Coaching Changes
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Buying points or paying down the loan amount?
Posted on 10/17/22 at 7:24 pm to AUHighPlainsDrifter
Posted on 10/17/22 at 7:24 pm to AUHighPlainsDrifter
Nope. Put money down. Do the math. Plus, rates WILL come down at some point.
0
Posted on 10/17/22 at 8:09 pm to llfshoals
quote:
As for it being a forever house, never plan on that. I designed our first house, we never planned to leave it. I’m on my 3rd since, and I’ve designed and built them all. I’ll be on my 4th one of these days, maybe it’ll be the last.
Normally I'd agree with you, but we've moved all over the world in the last 20 years and we're just done. We are finally at a place, close enough to home, that we like and are pretty established.
Posted on 10/17/22 at 9:41 pm to TMFBB21
Are ARMs still a thing? If so, if you think rates will drop in a few years, wouldn’t an ARM offer a lower rate than a 30 year?
Posted on 10/17/22 at 9:47 pm to SEC. 593
quote:Me too, still on my 3rd since.
we've moved all over the world in the last 20 years and we're just done. We are finally at a place, close enough to home, that we like and are pretty established
Plans change, kids and grandchildren have a habit of changing them for you.
Posted on 10/18/22 at 11:34 am to SEC. 593
save you money moving the loan a full 1% down will easly cost you 3% of the loan amount in discount points. In the next few years you will get an oppurtunity for a much lower rate with a refinance. Save the money and pay all the refinance money out of pocket.
Posted on 10/18/22 at 7:35 pm to hawkeye007
Thanks to everyone for all the advice.
Posted on 10/18/22 at 9:28 pm to SEC. 593
Don’t buy points. It was one of the worst financial mistakes I’ve made in my life. Rates were super high years ago and I paid 10 points. Of course mortgage rates fell and I could have refinanced. All of that money was wasted. Should have applied it to the principal instead.
Posted on 10/19/22 at 10:28 am to RedMustang
quote:
Don’t buy points. It was one of the worst financial mistakes I’ve made in my life. Rates were super high years ago and I paid 10 points. Of course mortgage rates fell and I could have refinanced. All of that money was wasted. Should have applied it to the principal instead.
Yeah, but the rates were super high then. They aren't right now and they, most likely, won't be falling that much in the future either. As I pointed out earlier, rates are still lower right now than the 40 year average. The truth is that there is no one size fits all answer to the question. For some, buying down the rate makes complete sense, but for others, not so much.
Posted on 11/11/22 at 7:39 am to Free888
Just seeing this… yes ARMs are a good option. Unfortunately They are pricing higher than 30 year fixed. Many sellers are offering buy downs which can really help in this market. Buyers are in the drivers seat so I’m seeing ppl getting great deals on houses
Page 2 of 2
Popular
Back to top
Follow TigerDroppings for LSU Football News