SuperSpreader Posted August 28, 2019 Share Posted August 28, 2019 My monthly is coming down ~$400, do it while it's hot!! Quote Link to comment Share on other sites More sharing options...
Slug Posted August 29, 2019 Share Posted August 29, 2019 D1P is growing up. Quote Link to comment Share on other sites More sharing options...
Dodger Posted August 29, 2019 Share Posted August 29, 2019 Just got my house in May, My rate is 4.25%. Still worth it? Quote Link to comment Share on other sites More sharing options...
Dodger Posted August 29, 2019 Share Posted August 29, 2019 2 hours ago, Slug said: D1P is growing up. 10 years from now all our posts are going to be about retirement plans and what boner pills are we all using. Quote Link to comment Share on other sites More sharing options...
Guest Posted August 29, 2019 Share Posted August 29, 2019 Did you refinance for the same amount of years as what was left? I've seen some dumbos refinance thinking they were saving a bunch of money but they really just pushed the loan term out a few extra years... Quote Link to comment Share on other sites More sharing options...
Jason Posted August 29, 2019 Share Posted August 29, 2019 1 minute ago, sblfilms said: Did you refinance for the same amount of years as what was left? I've seen some dumbos refinance thinking they were saving a bunch of money but they really just pushed the loan term out a few extra years... cash flow tho Quote Link to comment Share on other sites More sharing options...
Guest Posted August 29, 2019 Share Posted August 29, 2019 3 minutes ago, Jason said: cash flow tho No doubt. A dollar in your pocket today is worth more than a dollar in your pocket later. Just helpful to get a full picture of what the new loan means relative to the old one! Quote Link to comment Share on other sites More sharing options...
Brian Posted August 29, 2019 Share Posted August 29, 2019 My mortgage rate is 3.5%. I’m good. Thanks though. Quote Link to comment Share on other sites More sharing options...
SuperSpreader Posted August 29, 2019 Author Share Posted August 29, 2019 6 hours ago, Dodger said: Just got my house in May, My rate is 4.25%. Still worth it? Yes! It's 3.5 now, won't hurt to look into it at least. There's online calculators Quote Link to comment Share on other sites More sharing options...
SuperSpreader Posted August 29, 2019 Author Share Posted August 29, 2019 5 hours ago, sblfilms said: Did you refinance for the same amount of years as what was left? I've seen some dumbos refinance thinking they were saving a bunch of money but they really just pushed the loan term out a few extra years... I bought last October at 4.5 and am refinancing at 3.375 so it only adds less than a year. You're also looking at it wrong. Like.. are you planning on dying there? If not, the less you can put into the house and the more you can sell it for is better. Quote Link to comment Share on other sites More sharing options...
SuperSpreader Posted August 30, 2019 Author Share Posted August 30, 2019 @sblfilms- I don't know why you find that funny. My last place, I put in about $85,000 (P&I) over 5 years, only paid off $24,000 (P) @ 3.5%, but I *made* $365,000 when I sold it. If I could have put in $50,000 (P&I) and paid off $0 (P) I would have made *more* money, it really depends on your strategy and the market you're in+conditions. I don't view it as just my home, it's an investment, any thing I do to it, I ask myself, is this going to make more dumb motherfuckers pay more for it? Or is this for *my* taste, if it's for mine, I don't do it. Quote Link to comment Share on other sites More sharing options...
Guest Posted August 30, 2019 Share Posted August 30, 2019 8 minutes ago, 2user1cup said: @sblfilms- I don't know why you find that funny. Because the road to being broke is paved with people who think they can time markets. Quote Link to comment Share on other sites More sharing options...
SuperSpreader Posted August 30, 2019 Author Share Posted August 30, 2019 3 minutes ago, sblfilms said: Because the road to being broke is paved with people who think they can time markets. Great idea don't invest your money. Quote Link to comment Share on other sites More sharing options...
Marcelus Posted August 30, 2019 Share Posted August 30, 2019 can I move in 1 Quote Link to comment Share on other sites More sharing options...
SuperSpreader Posted August 30, 2019 Author Share Posted August 30, 2019 4 minutes ago, Marcelus said: can I move in I'm open Quote Link to comment Share on other sites More sharing options...
Guest Posted August 30, 2019 Share Posted August 30, 2019 29 minutes ago, 2user1cup said: Great idea don't invest your money. Not trying to time the market and not investing aren’t the same. Personally, I only invest in real estate that produces income. My own home isn’t an asset, it’s a liability. Quote Link to comment Share on other sites More sharing options...
SuperSpreader Posted August 30, 2019 Author Share Posted August 30, 2019 Quote Link to comment Share on other sites More sharing options...
SuperSpreader Posted August 30, 2019 Author Share Posted August 30, 2019 1 hour ago, sblfilms said: Not trying to time the market and not investing aren’t the same. Personally, I only invest in real estate that produces income. My own home isn’t an asset, it’s a liability. Then rent? It's totally possible to refinance to get a lower rate+save money and consider your home an investment. #Theother33% Quote Link to comment Share on other sites More sharing options...
Guest Posted August 30, 2019 Share Posted August 30, 2019 45 minutes ago, 2user1cup said: Then rent? It's totally possible to refinance to get a lower rate+save money and consider your home an investment. #Theother33% I like being able to do whatever I want to my house. I even live outside the city limits so I can build stuff without permits. Unless you happen to get lucky with market conditions at a one you want to sell, between debt service, property taxes, and maintenance costs, most houses won’t generate a positive return. The banks and their American dream Mumbai jumbo have trained you well Quote Link to comment Share on other sites More sharing options...
Ominous Posted August 30, 2019 Share Posted August 30, 2019 If you want to refi, or buy, let me know Quote Link to comment Share on other sites More sharing options...
GoldenTongue Posted August 30, 2019 Share Posted August 30, 2019 9 hours ago, sblfilms said: I like being able to do whatever I want to my house. I even live outside the city limits so I can build stuff without permits. Unless you happen to get lucky with market conditions at a one you want to sell, between debt service, property taxes, and maintenance costs, most houses won’t generate a positive return. The banks and their American dream Mumbai jumbo have trained you well While I'd agree that too many people sometimes treat their primary residences as a speculative investment with unrealistic views of an ROI, I would also argue that for a sizeable majority, gaining equity has value that shouldn't be so readily discounted. Is it possible to perform better in the long-term by renting and investing the "savings" associated with ownership overhead? Potentially, but I don't believe most people are equipped to plan that way. It takes a lot of discipline (and liquidity) to be able to pull that $500-$1000/month (or more) aside after paying all the other bills and put it into a savings or brokerage account. On refinancing, I hope that I am never in a position where it becomes overly appealing or (worse) some type of necessity. I doubt I'd be able to refi while maintaining my 3.125% rate, and at this point, I'm debating how much additional principle I want to pay each month. Quote Link to comment Share on other sites More sharing options...
Dodger Posted August 30, 2019 Share Posted August 30, 2019 5 hours ago, Ominous said: If you want to refi, or buy, let me know Where were you a few months ago when I got my house motherfucker. 1 Quote Link to comment Share on other sites More sharing options...
SuperSpreader Posted August 30, 2019 Author Share Posted August 30, 2019 1 hour ago, GoldenTongue said: While I'd agree that too many people sometimes treat their primary residences as a speculative investment with unrealistic views of an ROI, I would also argue that for a sizeable majority, gaining equity has value that shouldn't be so readily discounted. Is it possible to perform better in the long-term by renting and investing the "savings" associated with ownership overhead? Potentially, but I don't believe most people are equipped to plan that way. It takes a lot of discipline (and liquidity) to be able to pull that $500-$1000/month (or more) aside after paying all the other bills and put it into a savings or brokerage account. On refinancing, I hope that I am never in a position where it becomes overly appealing or (worse) some type of necessity. I doubt I'd be able to refi while maintaining my 3.125% rate, and at this point, I'm debating how much additional principle I want to pay each month. You won't beat your 3.125, I'm going from a 4.5 to 3.375 so it's a savings of $4,800 a year with basically nothing else changing. I can put that towards the Principal, I can reinvest it, I can make upgrades, whatever, it makes buying the place $144,000 cheaper over the life of the loan. Quote Link to comment Share on other sites More sharing options...
GoldenTongue Posted August 30, 2019 Share Posted August 30, 2019 In that particular scenario, sounds like an easy decision. Congrats! Refinancing is one of those topics like 401k's (or any type of investing, really), where I get annoyed when I hear people in my office talking about what people should be doing: decisions like that are so subjective that it's foolish to try to project one's own unique analysis onto others' finances. Quote Link to comment Share on other sites More sharing options...
Ominous Posted August 30, 2019 Share Posted August 30, 2019 1 hour ago, Dodger said: Where were you a few months ago when I got my house motherfucker. Working, since we're busy. Quote Link to comment Share on other sites More sharing options...
Guest Posted August 30, 2019 Share Posted August 30, 2019 2 hours ago, GoldenTongue said: While I'd agree that too many people sometimes treat their primary residences as a speculative investment with unrealistic views of an ROI, I would also argue that for a sizeable majority, gaining equity has value that shouldn't be so readily discounted. Is it possible to perform better in the long-term by renting and investing the "savings" associated with ownership overhead? Potentially, but I don't believe most people are equipped to plan that way. It takes a lot of discipline (and liquidity) to be able to pull that $500-$1000/month (or more) aside after paying all the other bills and put it into a savings or brokerage account. I don’t mean to infer that gaining equity in a house is bad for the majority, my only real contention here is with the idea that you can always sell your house for more down the road so why care about adding years to your loan. That is the lie that precipitated the housing crisis in the mid 00s when people were getting second mortgages, HELOCs, all jet fueled with subprime credit, no income verification loans, etc. Trying to limit your overall outlay on a mortgage is a good strategy, but it also isn’t the only strategy. YMMV as the saying goes. Quote Link to comment Share on other sites More sharing options...
Ominous Posted September 24, 2019 Share Posted September 24, 2019 I just refinanced myself. Cut my rate by over 1 percent, only added 18 months back to the loan since I only bought the house a year ago. Gained $40k in equity and didn't even need an appraisal. Sent my paystub and W2 in on Thursday last week and got the clear to close last night. The perks of the job I suppose. If anyone is interested in doing a refi let me know. Money is cheap these days... Get it before it isn't. Quote Link to comment Share on other sites More sharing options...
foosh Posted September 24, 2019 Share Posted September 24, 2019 whats the lowest rate you can get now for buying @Ominous? I'm looking to buy within the next month or two. Quote Link to comment Share on other sites More sharing options...
Ominous Posted September 25, 2019 Share Posted September 25, 2019 On 9/24/2019 at 4:08 PM, foosh said: whats the lowest rate you can get now for buying @Ominous? I'm looking to buy within the next month or two. Lots of factors go into that, no way to really say without a credit score and knowing how much you are borrowing, putting down, term of loan, buying down rate, fha vs fannie vs Freddie vs usda etc etc Quote Link to comment Share on other sites More sharing options...
foosh Posted September 26, 2019 Share Posted September 26, 2019 3 hours ago, Ominous said: Lots of factors go into that, no way to really say without a credit score and knowing how much you are borrowing, putting down, term of loan, buying down rate, fha vs fannie vs Freddie vs usda etc etc Let’s say 800+ credit score, 60% down, borrowing 150-200k. 30 year or 7/1 arm Quote Link to comment Share on other sites More sharing options...
SuperSpreader Posted September 26, 2019 Author Share Posted September 26, 2019 3.375 with points ($800) Quote Link to comment Share on other sites More sharing options...
SuperSpreader Posted September 26, 2019 Author Share Posted September 26, 2019 We just closed and funded!! Yay!!! Saving monies!!! Quote Link to comment Share on other sites More sharing options...
Pikachu Posted September 26, 2019 Share Posted September 26, 2019 I need to get my auto loan refinanced. Where can I get the best rates? Quote Link to comment Share on other sites More sharing options...
Guest Posted September 26, 2019 Share Posted September 26, 2019 1 hour ago, Pikachu said: I need to get my auto loan refinanced. Where can I get the best rates? I’ve seen credit unions do really great rates on auto loans. Quote Link to comment Share on other sites More sharing options...
Rbk_3 Posted September 27, 2019 Share Posted September 27, 2019 My rate is a fixed 2.69%. Why are yours so high? 1 Quote Link to comment Share on other sites More sharing options...
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