I just closed on a refinance of our primary residence at 3.2% APR for 15 years. I will be done when I am 69. No points and little cost to close. Cheap money is still out there given the FED's recent move was already priced in for some time.

Got the best deal here. Mine are all paid off.

BUT now I want something more... Control!!!

Looking at several hundred acres that will put me right back with the man.

I need to get off my butt and refi for 15 years. I got locked in for 30 at 3.85apr, but 15 sounds much better.

I debated paying off but that is dirt cheap money to play with.

Yup. And again the problem with paying everything off is you start looking for something more.

I actually need to consolidate and start offing some "stuff!"

That's a steal!!

I've been debating between doing some updates to our current house and riding it out here until its paid off (kinda small for high-school kids IMO) or refinancing to a 20/30Y loan (we owe $85k now) and renting it out so we could buy a house that's a better fit for our family while these rates are still low. FWIW, if I did rent it out, I would work to pay it off as fast as I could and just have the 20/30Y loan as a safety net. Any opinions here??

I have one property that had a better rate than I could get with re-fi. So by simply contributing an extra $100 per month towards principal I paid it off in 17.2 years.

There's always 2 ways.

I remember doing a refi and we were very glad to get it down to 6%. It's been paid off for 8 years now.

First house (that I still have) I bought in the mid 80's. Fixed rates were 14%+. I went with an ARM for the life of the loan, which was a home run because the rate never got above 5.25%. It's in the DC area and will hit the market this Spring.

Never thought I would get through that loan but I did and it will provide me with a small farm somewhere between SC and TN.

Shewwww!!

We just re-fied to a 20 around 3.5. Plan is to have it done in 17.

I'd like to find another property while money is so cheap and the market is still reasonable.

It sounds like you need an Idaho ranch. I know a caretaker.

Denny I wish and you would be at the top of the list brother.

But I have resolved with the amount of aging family in NC/SC and where we are in life at I am home right here.

How about a visit buddy!!??

That would be good. Business is growing rapidly. Kinda hoping for early retirement if the economy holds.

I wish you well. Early retirement has worked for me closing on year one at 54.

Not much more tickles me than to hear some of my campfire compadres doing well in this life.

Certainly been blessed here

But love hearing you guys talk about your successful ventures and your future dreams

BTW - who did you go with and what did you do to shop around??

Well dang I changed my mind EdM

I'm 58 this year and still working like a fool

I'm no longer happy for you! (Grin)

Jk. I'm working by choice & lovin almost every minute of it

My wife and I are looking to build and I've wondered if a refi of our current house and renting it out is a good move or not. I may have to talk to some banks and see if we could qualify to carry both loans.

Randy you and your encouragement towards extended charitable contributions has certainly provided me with a positive reap and sow.

No doubt this is also bearing fruit for you and Mama!!

Thanks bud!

Gee EDM, didn't think there was enough money in all of Idaho to refinance that house ya live in. I hear from the locals up there the place even has it's own zip code. Honestly I would not bother paying an extra dime @ 3.% Most likely can get more than that from some income fund . My little place is payed for now for 7 yrs. It is nice to pay it off and I never got below 6.75%. First house was 11% so I'm engrained to pay off the mortgage.

My place I bought 3 years ago is 30yrs at 3.25%, but I will pay it off early.

I went to a few local mortgage firms and they all wanted to sell off my loan to someone else that looked strictly at my pension income and not my worth. Chase, who we bank with, was well aware of my worth so were more than welcoming.

David what a kind thing to say, thank you, sincerely

I believe it is indeed what we're designed to do encourage the good in each other

I applaud you for your charitable giving and it truly makes me happy to see that universal law at work. The more we give freely and of our own volition the richer lives we lead both financially & emotionally

No wonder you're one of the faves of the fire. You're a class act my friend

When we moved into the new digs last year we financed it for 15 years at 3.25%. If things work out with my new endeavor and my wife's firm, the goal is to pay it off in 1/2 that time.

yup...again anyone not paying at minimum an additional 100 bucks towards their principal is missing a huge opportunity towards an early exit.

AND huge savings!

Yep, you're right Ed. On the new place we just bought in December we locked in 3.35% for 15 years. I'll never do a 30 year mortgage again and never should have in years past.

I'm in this camp.....which IMHO is what life is all about. It always comes back around too, abundantly. I haven't had a mortgage since 2002 (age 43) and prefer it that way.

There's nothing wrong with a 30 year note either. If any of you can tell me how your life will be with 100% certainty in say 10 years, I'll kiss your sister's black cat's ass.



It's NOTHING to pay more into, but if for some unforeseen circumstance, the extra nut can't be made it's not the end of the world.

Nebraska are you a member of AAA? I did my refi last fall thru them and got a rate of 2.875. I know they are up a little now but I found them to be the most competitive.

Us too. We refinanced at 6.25% for 15 years in the late 90's. Paid it off early in 2010. With just the wife and I here we have no intentions of going elsewhere, but as Jeff said earlier in the thread we're going to make some updates over the next few years.

Mike

I have to look around, I'd need better than 3.2% to make me refinance. I ain't going through the aggravation for 1/2 point.

If I could find a 15 year at @ 2.75 or so it might be worth it.

But Ed is certainly right about 'cheap' money. I took out a personal loan to redo the kitchen and at the rates you can get money it makes not sense to invade my savings.

For anyone looking at doing a refi here is a mortgage calculator that also lets you apply extra payments and you can then see how much interest you will save yourself by doing so.
Pretty motivating to make those extra payments when you see how much can be saved.
http://www.bankrate.com/calculators...2015&ic_id=mtg_calc_amortization_btn

Also if you are thinking of rolling your refi costs into the loan you can also see how much more in interest that is going to cost you as well.
can be rather surprising.

We have a 30 year at 4.0%, aggressively paying extra and on pace to pay it off in 4 years. Much like my low interest student loans, I understand we would likely be better off putting the extra $ into the market instead of applying it to the debt. Math don't lie. But, the emotional high I get from paying debt off feels almost as good as blow and hookers, so I'll just keep paying the [bleep] down until it's gone.