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Post by fishnfool on Feb 3, 2021 14:39:54 GMT -5
Over the last 3 or 4 months I have been exploring refinancing my mortgage because rates have come down so much. My current of 3.775 which was crazy good back in 2015 doesn't look so great today.
Around Thanksgiving I almost locked in at 3%. Well I am glad I didn't because today I locked at 2.62% on a 30 yr fixed with zero points, a lender closing credit and they even waived the appraisal. Total closing costs including title fees $2400.
Guy locked me up for 45 days, expects closing to occur in 30 to 35 days.
Our plan is to keep paying what we are paying and pay it off in +/-15 yrs.
Crazy low rates today!
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Post by hookedup on Feb 3, 2021 14:49:08 GMT -5
Sounds like a good deal and a great plan.
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Post by jski59 on Feb 3, 2021 16:25:20 GMT -5
Ha I was literally looking at refi rates over my coffee this morning, although I'm at currently at 3.5 so not sure if it'll be worth it.
What lender did you go with?
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Post by finatic on Feb 3, 2021 19:01:33 GMT -5
Wow that's a great deal, the money you save may compensate for the rising price of fuel were going to pay this boating season. America last unbelievable where we came from and where were heading.
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Post by fishnfool on Feb 3, 2021 21:22:46 GMT -5
Ha I was literally looking at refi rates over my coffee this morning, although I'm at currently at 3.5 so not sure if it'll be worth it. What lender did you go with? I think any savings if 75 bps or more is worth it. I could have got 2.5 if I escrowed so for you that would be a point less. www.mcglonemtg.com/
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Post by fishnfool on Feb 3, 2021 21:25:05 GMT -5
Wow that's a great deal, the money you save may compensate for the rising price of fuel were going to pay this boating season. America last unbelievable where we came from and where were heading. I'm just going to keep paying what we're paying now so the house is paid off before I retire. Then it's express boat time.
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Post by finatic on Feb 4, 2021 7:53:25 GMT -5
I had a little different approach my brothers and I all built our own homes mine took me five years no contractors. Long 16-hour days working a regular job then working the house into the night and weekends. Living paycheck to paycheck. But in the end five years later no mortgage. Can't even imagine building another home now with material being so crazy.
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Post by outtadblue on Feb 4, 2021 12:14:34 GMT -5
I went a similar route Glen. I did a lot of the construction myself as well. Paid off my mortgage in 15 years. I did take out a new mortgage 4 years ago to put daughter through college and pay some medical bills. I don’t have much left to pay on it. Maybe a new boat when she is out of school.
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Post by barryturano on Feb 4, 2021 13:35:05 GMT -5
Back in 2014 I refinanced my mortgage at 3.89% for 30 years. Since day 1 we have paid an additional $300 per month to principal.as of now we have 10 years and 8 months to go. A few weeks back I made the mistake of clicking on a link for a lower rate. The phone calls texts and emails were non stop. After getting fed up with the harassments I downloaded a calculator and found that even at the lower rate it would not really help me. I guess that I have passed the tipping point where I am sending much more to principal than to interest.
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Post by jski59 on Feb 4, 2021 16:23:54 GMT -5
You guys are boring! I just got pre-approved for a 30 year cash-out refi so I can order me a quad anything...I need to be able to hit 80 on the way to the porgy/beeliner grounds.
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Post by outtadblue on Feb 4, 2021 20:25:26 GMT -5
You guys are boring! I just got pre-approved for a 30 year cash-out refi so I can order me a quad anything...I need to be able to hit 80 on the way to the porgy/beeliner grounds. That’s pretty funny! I actually thought about doing that but the wife shot me down.
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Post by finatic on Feb 5, 2021 8:48:03 GMT -5
You guys are boring! I just got pre-approved for a 30 year cash-out refi so I can order me a quad anything...I need to be able to hit 80 on the way to the porgy/beeliner grounds. LMAO 🤣🤣🤣
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Post by reelkul on Feb 5, 2021 10:59:48 GMT -5
I am in process of re-financing too. Going with 15 year @ 2.50%. No real savings from my current monthly payment, but it will cut off a few years on my loan. I still had 18years left.
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Pepe
Seaman
Posts: 126
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Post by Pepe on Feb 5, 2021 12:32:46 GMT -5
Back in 2014 I refinanced my mortgage at 3.89% for 30 years. Since day 1 we have paid an additional $300 per month to principal.as of now we have 10 years and 8 months to go. A few weeks back I made the mistake of clicking on a link for a lower rate. The phone calls texts and emails were non stop. After getting fed up with the harassments I downloaded a calculator and found that even at the lower rate it would not really help me. I guess that I have passed the tipping point where I am sending much more to principal than to interest. Agreed 100%. When you are paying more principal than interest is not worthy, unless you are pulling equity from the property. I did my calculations and with 1 point less in interest will pay almost $100 more monthly.
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Post by daves236 on Feb 7, 2021 20:36:33 GMT -5
I’m in the framing stages of a self build home, my teen age boys on a hybrid school schedule so able to help 1 weekday + weekends. Bought lot of the materials right before Christmas, was a decent dip in lumber prices, glad I did definitely saved thousands there compared with today prices. Weather is biggest factor right now, cold rain or snow every other day. Hopefully rates will still be good in late fall when ready to roll construction loan into mortgage.
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