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Message
When do you refinance?
Posted on 7/25/24 at 12:24 pm
Posted on 7/25/24 at 12:24 pm
Tl;dr 6.625 arm haven’t made first payment yet but seeing people now get 6.25 and wondering if it’s worth going through closing.
Bought an expensive house (2.2) and paid 20% down for 6.625 arm 7/6. At the time of shopping there was someone offering 6.5 but feared the closing would take too long. I see rates going lower and wondering if it’s worth dropping the 15-20k to refinance OR if it’s even allowed when we haven’t made a single payment yet
Bought an expensive house (2.2) and paid 20% down for 6.625 arm 7/6. At the time of shopping there was someone offering 6.5 but feared the closing would take too long. I see rates going lower and wondering if it’s worth dropping the 15-20k to refinance OR if it’s even allowed when we haven’t made a single payment yet
7
Posted on 7/25/24 at 12:28 pm to fareplay
Depends on how long you plan to stay in the house and how much closing costs are, but I’ve always read that a one point dip is considered a good rule of thumb for refi decisions.
Posted on 7/25/24 at 12:32 pm to Dixie Normus
I’ve heard this saying too but I think housing price also takes into factor as closing is fixed fees but interest isn’t?
I plan on staying for at least 5-10 years as long as it goes well. Should I bring this up to my lenders? I didn’t have to pay out of pocket for closing so still net 0
I plan on staying for at least 5-10 years as long as it goes well. Should I bring this up to my lenders? I didn’t have to pay out of pocket for closing so still net 0
Posted on 7/25/24 at 1:28 pm to fareplay
I would wait. A rate cut seems to be on the horizon.
Posted on 7/25/24 at 1:50 pm to fareplay
I personally don't know that it's worth it for less than half a point. I refinanced twice in two years going from 4.75 to 3.75 to 2.75 knowing I'd be here for 20 years minimum. 0.375 drop is just not worth it in my opinion. I'd keep waiting to closer to a full point personally.
This post was edited on 7/25/24 at 1:51 pm
Posted on 7/25/24 at 1:51 pm to fareplay
Am I reading this right? You put 20% down on a $2.2M (financed $1.75M) house and now want to refi to save 0.375% before making a payment. By my calculation, it's going to save roughly $500/mo. in interest. What's it going to cost to refi?
I think I'd wait and see how the election plays out. 0.375% isn't a big enough drop to me.
I think I'd wait and see how the election plays out. 0.375% isn't a big enough drop to me.
Posted on 7/25/24 at 2:36 pm to fareplay
quote:
I didn’t have to pay out of pocket for closing
So, you financed your closing costs at 6.625?
quote:
net 0
I don't think this means the same thing to me as it does to. In my opinion, you're burning money and you should tap the brakes. Do the A/B analysis over a reasonable time. This is a 7/6 ARM, so you're going to have to refinance at some point. I would shoot your shot then, unless it looks like rates have bottomed out before then.
I mean, I'm not derogating. I financed my closing costs, too (most of them, anyway), and I also didn't put anything down. But, I got a rate under 2.5, so that makes a world of difference.
Is your mortgage payment something like $15K?
This post was edited on 7/25/24 at 2:39 pm
Posted on 7/25/24 at 2:41 pm to fareplay
you can do a refinance calculator online. for reference, when rates were at 2.75, we refinanced from a 5.5 and the break even was 2 years. that was 6 or 7 years ago.
Posted on 7/25/24 at 2:54 pm to fareplay
god damn you are retarded lmao.
Posted on 7/25/24 at 2:54 pm to Shamoan
quote:
you can do a refinance calculator online.
This. It's honestly just math and there are free tools to make it easy and clear for you without us having to guess.
The only real estimated variable is time. And I mean estimating how long you will stay in the home.
Posted on 7/25/24 at 3:32 pm to JohnnyKilroy
quote:
god damn you are retarded lmao.
I think this is an el gaucho type account. He's the same guy that's always complaining about being broke and millennials not making enough money.
Posted on 7/25/24 at 4:03 pm to GrizzlyAlloy
my money is on babytac alter
Posted on 7/25/24 at 4:54 pm to LSUGUMBO
Yes, I’m waiting for the ideal deal within this year
Posted on 7/25/24 at 4:54 pm to Ace Midnight
No, my company paid for my closing fees since they relocated me.
Mortgage is 12.5
Mortgage is 12.5
Posted on 7/25/24 at 5:40 pm to fareplay
I would hold off until about 5.5.
Posted on 7/25/24 at 5:41 pm to JohnnyKilroy
Posted on 7/25/24 at 5:56 pm to fareplay
quote:
No, my company paid for my closing fees since they relocated me. Mortgage is 12.5
I’m fricking losing my mind thinking I’m going to pay $5,000 to $5,500 a month for a new mortgage once I find a house and you’re at 12.5
Posted on 7/25/24 at 9:55 pm to Rize
That’s just for this house. We have a cheaper one in Boston. HCOL so everything is expensive
Posted on 7/26/24 at 9:09 am to fareplay
quote:
6.625 arm
quote:
fareplay
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