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Joined: Aug 2002
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Campfire Outfitter
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OP
Campfire Outfitter
Joined: Aug 2002
Posts: 14,073 |
My current bank will let me refi w/ no appraisal fee or closing costs for 10yr at 2.89% or 20yr @ 3.34%. The 20yr option is the longest term for this type of loan. Are there better deals out there and, if so, where? Our credit score is in the low 800s....
Biden's most truthful quote ever came during his first press conference, 03/25/21. Drum roll please...... "I don't know, to be clear." and THAT is one promise he's kept!!!
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Joined: Oct 2005
Posts: 79,321 Likes: 2
Campfire Oracle
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Campfire Oracle
Joined: Oct 2005
Posts: 79,321 Likes: 2 |
I recently refinanced for 30 years for 2.625. I don't know if that deal is still out there but it was in October.
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Joined: Aug 2002
Posts: 14,073
Campfire Outfitter
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OP
Campfire Outfitter
Joined: Aug 2002
Posts: 14,073 |
With what company and what were the costs involved?
Biden's most truthful quote ever came during his first press conference, 03/25/21. Drum roll please...... "I don't know, to be clear." and THAT is one promise he's kept!!!
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Joined: Oct 2005
Posts: 79,321 Likes: 2
Campfire Oracle
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Campfire Oracle
Joined: Oct 2005
Posts: 79,321 Likes: 2 |
With what company and what were the costs involved? We used a regional bank local to this area. Closing costs were around $2000. It took around $200 off our monthly payment. The first rate was 3.5.
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Joined: Jan 2001
Posts: 5,057
Campfire Tracker
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Campfire Tracker
Joined: Jan 2001
Posts: 5,057 |
I refinanced in the fall for 2.25% and kept my term. Since I had paid 6 years already, it's a 24 year loan. Between that and my 50% property tax break for being a vet, is dropped my payment over $500 a month.
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Joined: Jun 2005
Posts: 2,632
Campfire Regular
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Campfire Regular
Joined: Jun 2005
Posts: 2,632 |
Get the longest fixed rate loan you can get.. at the lowest possible rate of course.
Then never ever ever pay it of... just keep paying absolute minimum.
When the bank won't let us extend the loan any longer, we will pay it of in one payment.
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Joined: Jan 2001
Posts: 7,489
Campfire Tracker
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Campfire Tracker
Joined: Jan 2001
Posts: 7,489 |
Get the longest fixed rate loan you can get.. at the lowest possible rate of course.
Then never ever ever pay it of... just keep paying absolute minimum.
When the bank won't let us extend the loan any longer, we will pay it of in one payment.
Seriously? You must be at the very least a govt employee, or a recipient of the taxpayers burden. PAY IT DOWN EARLY! Screw the tax deductible interest "benefit". Any savings on your tax liability, although you probably don't pay taxes, is more than offset by having an asset that is paid for, and having more disposable income not going into a mortgage every month.
To anger a conservative, lie to him. To annoy a liberal, tell him the truth.
Promoted to Turdlike status 03/17/12
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Joined: Dec 2013
Posts: 672
Campfire Regular
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Campfire Regular
Joined: Dec 2013
Posts: 672 |
Nebraska
If you are in the East side, I work with Mike Campbell at American National Bank. He works out of Papillion and Bellevue. Just did a refi on my home a few months ago. VA loan at 2.5% for 30yrs. Could have gotten lower if I didn't lock it in, but after the election turmoil, thought I'd play it safe.
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Joined: Feb 2004
Posts: 46,748
Campfire 'Bwana
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Campfire 'Bwana
Joined: Feb 2004
Posts: 46,748 |
My current bank will let me refi w/ no appraisal fee or closing costs for 10yr at 2.89% or 20yr @ 3.34%. The 20yr option is the longest term for this type of loan. Are there better deals out there and, if so, where? Our credit score is in the low 800s.... I'd find a new bank. I'm refi'ing now for 2.78 at 20yrs.
Camp is where you make it.
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Joined: Dec 2013
Posts: 44,743 Likes: 25
Campfire 'Bwana
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Campfire 'Bwana
Joined: Dec 2013
Posts: 44,743 Likes: 25 |
Get the longest fixed rate loan you can get.. at the lowest possible rate of course.
Then never ever ever pay it of... just keep paying absolute minimum.
When the bank won't let us extend the loan any longer, we will pay it of in one payment.
Seriously? You must be at the very least a govt employee, or a recipient of the taxpayers burden. PAY IT DOWN EARLY! Screw the tax deductible interest "benefit". Any savings on your tax liability, although you probably don't pay taxes, is more than offset by having an asset that is paid for, and having more disposable income not going into a mortgage every month. ^^^^^^^ Free & Clear is Dear. LOL.
Slaves get what they need. Free men get what they want. Rehabilitation is way overrated. Orwell wasn't wrong. GOA member disappointed NRA member 24HCF SEARCH
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Joined: May 2011
Posts: 2,219
Campfire Regular
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Campfire Regular
Joined: May 2011
Posts: 2,219 |
Wife and I closed just before Christmas at 2.5% for 20 year term through Guaranteed Rate, who she works for. They had an employee deal where we paid no origination fee and didn't have to do an appraisal.
Makes more sense at these rates not to pay the house off, instead take any extra money and invest it where your money will actually grow.
Laws aren't preventative measures. In other words, more laws won't prevent gun crime from happening.
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Joined: Jan 2001
Posts: 30,961 Likes: 23
Campfire 'Bwana
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Campfire 'Bwana
Joined: Jan 2001
Posts: 30,961 Likes: 23 |
Decided to look at a re-fi recently........FICO score of 800
Contacted same/current lender...was 3.25%
I paid the $500 appraisal up front...closing $1800 ish
Now...soon to close by end of month at 2.25% for 15
Just make my old payment and be paid off in 10 yrs
Just don't be in a hurry.....seems its been 6 weeks already....
Lock your low rate in soon---before joe does something else stupid
T R U M P W O N !
U L T R A M A G A !
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Joined: Jan 2020
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Campfire Tracker
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Campfire Tracker
Joined: Jan 2020
Posts: 5,210 Likes: 5 |
Wife and I closed just before Christmas at 2.5% for 20 year term through Guaranteed Rate, who she works for. They had an employee deal where we paid no origination fee and didn't have to do an appraisal.
Makes more sense at these rates not to pay the house off, instead take any extra money and invest it where your money will actually grow. BS, best thing you'll ever do is to get your house paid for free and clear. Being in debt sucks.
Life is good live it while you can.
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Joined: Jul 2010
Posts: 2,815
Campfire Regular
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Campfire Regular
Joined: Jul 2010
Posts: 2,815 |
We signed a 30yr back on 2018 at 4.25..
Refi'ing now at 2.5 on a 20yr. 2000 to close no appraisal
Making the same payment but getting it over with alot earlier. I've set a goal to not work past 60.. means I have 18yrs to pay off a 20yr loan...
Hunt...
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Joined: May 2011
Posts: 2,219
Campfire Regular
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Campfire Regular
Joined: May 2011
Posts: 2,219 |
pay off debt that is costing 2.5% or invest money and make 15%-20%. I'm not a math wiz, but I think I see the better route.
Your vision may differ.
Laws aren't preventative measures. In other words, more laws won't prevent gun crime from happening.
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Joined: Aug 2017
Posts: 9,193 Likes: 11
Campfire Outfitter
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Campfire Outfitter
Joined: Aug 2017
Posts: 9,193 Likes: 11 |
pay off debt that is costing 2.5% or invest money and make 15%-20%. I'm not a math wiz, but I think I see the better route.
Your vision may differ. My vision involves many investment vehicles tanking as soon as the fed turns off the printers. Good luck.
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Joined: Jan 2001
Posts: 7,489
Campfire Tracker
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Campfire Tracker
Joined: Jan 2001
Posts: 7,489 |
pay off debt that is costing 2.5% or invest money and make 15%-20%. I'm not a math wiz, but I think I see the better route.
Your vision may differ. Fair point, but if you fall on hard times, or lose your investments and/or your health, and are unable to earn a living, how would you make that note every month? Peace of mind for me to have the roof over my head paid for. Especially now with Einstein and Cameltoe in the White House. I wouldn't bet on that 15-20% return for long.........
To anger a conservative, lie to him. To annoy a liberal, tell him the truth.
Promoted to Turdlike status 03/17/12
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Joined: Aug 2005
Posts: 10,795 Likes: 2
Campfire Outfitter
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Campfire Outfitter
Joined: Aug 2005
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Old rule of thumb was that you need to save at least 1% and plan on staying where you are for 10 years. If you meet those criteria then it may be worth doing, but you may be ahead to take the $2500 in refi fees and put it on the principal of your current loan. Make up an amortization spread sheet on excel and see how much difference it makes.
A true sportsman counts his achievements in proportion to the effort involved and fairness of the sport. - S. Pope
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Joined: Dec 2008
Posts: 3,414
Campfire Tracker
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Campfire Tracker
Joined: Dec 2008
Posts: 3,414 |
pay off debt that is costing 2.5% or invest money and make 15%-20%. I'm not a math wiz, but I think I see the better route.
Your vision may differ. It's a valid point. But there is something to be said for not having a mortgage payment to worry about if you lose your job & can't find another. Which is a possibility if the D's manage to screw up the economy. I refi'd in 2015 to a 15yr and am planning on having it paid off in 2023. When people get older & unemployed, sometimes no one wants to hire them. Last thing I need is to lose my house because I can't pay my mortgage.
Molɔ̀ːn Labé Skýla
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Joined: Dec 2004
Posts: 14,488
Campfire Outfitter
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Campfire Outfitter
Joined: Dec 2004
Posts: 14,488 |
Paid the house off in December...oh, what a feeling. I never used my VA benefits for buying a house and have had thoughts of refinancing the whole thing through VA, and investing the money, but I just won't take the risk. I can see scenarios that would force me to work until I'm 80 years old if I did that. Not a chance!
Don't be the darkness.
America will perish while those who should be standing guard are satisfying their lusts.
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