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Started By
Message
Worth it to refi from 3.375 to 2.5?
Posted on 2/13/21 at 9:54 am
Posted on 2/13/21 at 9:54 am
I refinanced last year to a 3.375 30 year. My mortgage guy thinks I could get a 2.5 30 year.
Is that worth the time?
Is that worth the time?
10
Posted on 2/13/21 at 9:56 am to BoogaBear
what’s the rate/payment on 15?
Posted on 2/13/21 at 9:57 am to BoogaBear
How long do u plan on staying in the house.....
Ur refi costs vs interest saved per year will determine the payback time.
Ur refi costs vs interest saved per year will determine the payback time.
Posted on 2/13/21 at 9:58 am to BoogaBear
There are calculators out there to help you decide. Main thing(other than rate) is how long you intend to stay in this home.
Posted on 2/13/21 at 10:08 am to lighter345
We intend to stay here for a long time. Pretty much our forever home unless something crazy were to happen.
Haven't asked about the rate/payment on a 15.
Haven't asked about the rate/payment on a 15.
This post was edited on 2/13/21 at 10:09 am
Posted on 2/13/21 at 10:13 am to BoogaBear
quote:then you should do it
We intend to stay here for a long time. Pretty much our forever home unless something crazy were to happen.
Posted on 2/13/21 at 10:14 am to BoogaBear
If you stay forever then absolutely and may as well ask for 15 just to get an idea. 2.5 on 30 is insane and the flexibility to stretch out your money at such a low cost is outstanding. Just remember if the 15 isn’t too much difference it’s probably not worth it purely because you can’t pay that much smaller 30 year note at an already low 2.5.
Posted on 2/13/21 at 10:20 am to MrJimBeam
Agree, might as well keep the cash flow flexibility of the 30 year and throw money at the principal if you want to make it shorter. Or put it to work somewhere else.
Posted on 2/13/21 at 10:30 am to BoogaBear
What's the monthly payment difference and are you long term there? What would you do with the improved cash flow?
Posted on 2/13/21 at 10:31 am to BoogaBear
If I could make the payment, I’d do my best to get it to 15. Well worth it to cut your time in half, imo.
Posted on 2/13/21 at 10:34 am to High C
You can still cut your time in half with much less risk with not much more in interest. The flexibility of lets say 4-500 a month difference between a 15 and 30 at possibly a 0.5 interest rate isn’t enticing for me to do the 15 year. Life happens. shite happens. And investing the difference is another option. If you want to add more you can at not a bad rate. Just my two cents. Hopefully my brain didn’t side track too much this morning ha.
This post was edited on 2/13/21 at 10:34 am
Posted on 2/13/21 at 10:34 am to BoogaBear
I just got a quote from Better Mortgage for 1.85% on a 20 yr fixed. I locked in this morning.
Posted on 2/13/21 at 10:34 am to ihometiger
1.85? Good lord. I need to make some calls on Monday lol.
This post was edited on 2/13/21 at 10:35 am
Posted on 2/13/21 at 10:53 am to ihometiger
I'll be calling them, I'd do a 20 at that rate!
Posted on 2/13/21 at 12:53 pm to MrJimBeam
Whats ur credit rating?
Posted on 2/13/21 at 4:19 pm to ihometiger
quote:
I just got a quote from Better Mortgage for 1.85% on a 20 yr fixed. I locked in this morning.
Wish people would stop posting garbage like this when we all know there’s points involved. I have a 800 credit score and I couldn’t find any better than 30 year 2.75 no points.
Posted on 2/14/21 at 8:14 am to Fox McCloud
quote:
Wish people would stop posting garbage like this when we all know there’s points involved
Why is it garbage if there are pts involved?
Why wouldnt you buy down the rate to a 1.875?
quote:
have a 800 credit score and I couldn’t find any better than 30 year 2.75 no points.
Are you max cashing out to 80%? If not keep looking
Posted on 2/14/21 at 8:33 am to BoogaBear
Need more info.
How much longer do you have to pay on the house?
Do you plan on living in that house for another 5 years?
What’s the savings on the loan?
Will you go from a 30 to a lesser year loan.
How much longer do you have to pay on the house?
Do you plan on living in that house for another 5 years?
What’s the savings on the loan?
Will you go from a 30 to a lesser year loan.
Posted on 2/14/21 at 8:46 am to BoogaBear
Going from 3.624 to a 2.625 now 30 yr
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