Just refinanced

[chummer]

We built our house 5 years ago and had a rate of 4.65. I had not paid attention much since then but with the recent talk of rates going up I figured I should look into it. To my surprise we got a ten year rate of 2.75. If you are in position to take a couple years off your mortgage take a look. These our historically low rates and will be going up soon. We saved almost 50k in interest over the history of the loan.
This is not spam, just a drunk guy looking to save you money.

 

[dipper]

Solid advice

 

[SD51555]

We built our house 5 years ago and had a rate of 4.65. I had not paid attention much since then but with the recent talk of rates going up I figured I should look into it. To my surprise we got a ten year rate of 2.75. If you are in position to take a couple years off your mortgage take a look. These our historically low rates and will be going up soon. We saved almost 50k in interest over the history of the loan.
This is not spam, just a drunk guy looking to save you money.

I was looking at rates the other day myself. 3%/15 year fixed, 3.75% 30 year fixed at Capital One. What's crazy is for the range i'm looking, the insurance taxes, and utilities are going to be about half the cost. The house itself is looking pretty cheap.

 

[MoLandOwner]

A person has to realize that the refi is not free. Most places charge huge money for points, origination fees, documentation fee's and all sorts of other fee's they can stick a guy for. Most people have them added on to there loan. And they never realize they end up paying more money by the end of the loan, than if they would have stayed at a higher rate.

The moral of the story is, do your homework and find a lender that has the lowest rate of fee's if you are going to refinance. I think you need to save almost 1.5% interest in most cases to make it worth switching. Maybe someone smarting than me knows the calculation.

 

[phil@thesidehill]

This is not spam, just a drunk guy looking to save you money.

I think this line is a money maker chum.....one of the big financial services companies could use you and this line in a super bowl commercial.

 

[Reagan]

I'm signing my refi paperwork today. I had a 30 year and now we will have a 15. My payment is not changing much and I still plan to pay down the principal faster so I can cut the 15 years down to 10 or less.

 

[chummer]

I think this line is a money maker chum.....one of the big financial services companies could use you and this line in a super bowl commercial.

Consider it copy righted

 

[chummer]

A person has to realize that the refi is not free. Most places charge huge money for points, origination fees, documentation fee's and all sorts of other fee's they can stick a guy for. Most people have them added on to there loan. And they never realize they end up paying more money by the end of the loan, than if they would have stayed at a higher rate.

The moral of the story is, do your homework and find a lender that has the lowest rate of fee's if you are going to refinance. I think you need to save almost 1.5% interest in most cases to make it worth switching. Maybe someone smarting than me knows the calculation.

We use a credit union and they don't have a lot of those fees. We did roll in 4500 in closing costs but it still saves almost 50k over the loan.

 

[chummer]

Solid advice, we only have $70k left on our mortgage and once I finish my addition we will be assessed at about $260k. Owning a house outright at 35, Is going to be amazing.
Living under your means gives you so many options. I'm sober at the moment, but that's my best advice.

That is impressive Dipper. It will be more impressive when you are retired by 55. I was so lucky my first crappy job out of college was at a bank. It taught me how to manage money and more importantly I saw many case of what happens when you don't.

 

[chummer]

That's great Chummer. A lot of people don't realize this.

You can tell your wife that you saved her money and she should let you buy more land.

Shhhh. She thought it was so the house would be paid off before the kids start college. I am trying to put everything in place so when the 170 acres that borders us comes up for sale I can make a move. If not I guess college is ok too.

 

[chummer]

Good call...I better take it off my profile now! :)

You can use it. I will notify my legal team.

 

[Catscratch]

Great for you!
We just built a house (moved in 2 weeks ago)! We had been saving and keeping out of debt for close to 20yrs waiting for the right time to start. Last winter we decided the economy would never be better for our needs and started the build in January. We locked in our interest rate Friday August the 28th (thought the feds would up interest rates in Sept). I don't think you could have picked a better time to manage a debt.