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Re: Best option for 20-30 yr home refinance. [Re: Nebraska] #15799803 02/17/21
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antelope_sniper Offline
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Nebraska,

Rates headed up last week. As a point of reference, the Average rate on a 30 year fixed last week was 2.98%, so over 3% on a 20 year is nothing special.


Nobody spends somebody else�s money as carefully as he spends his own.
The U.S Government has a unique capacity for getting things upside down.
Milton Friedman.

Go quiet or full tilt, just don't get caught in the middle of the stupids. DD
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Re: Best option for 20-30 yr home refinance. [Re: RiverRider] #15799830 02/17/21
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camdog Offline
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Probably missed the low point in rates, but they are still good. Rates are heading up. The 10 year treasury has gone up about 50 bps in the last 4-5 months.

My advice is to go to a local mortgage broker, they can shop the spectrum of mortgage lenders. The worst is probably your local bank.

I paid off my mortgage 20+ years ago. If you don't owe anyone any money, then you can't go broke.

I have been in banking/mortgage for 40+ years and I am not seeking your business.

Just my two cents.

Last edited by camdog; 02/17/21.
Re: Best option for 20-30 yr home refinance. [Re: camdog] #15799877 02/17/21
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RiverRider Offline
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Originally Posted by camdog
Probably missed the low point in rates, but they are still good. Rates are heading up. The 10 year treasury has gone up about 50 bps in the last 4-5 months.

My advice is to go to a local mortgage broker, they can shop the spectrum of mortgage lenders. The worst is probably your local bank.

I paid off my mortgage 20+ years ago. If you don't owe anyone any money, then you can't go broke.

I have been in banking/mortgage for 40+ years and I am not seeking your business.

Just my two cents.



I'd take that advice to the bank.


Originally Posted by gonehuntin
Give a communist a helicopter ride, he flies for an afternoon. Throw a communist out of a helicopter and he flies for the rest of his life.....



Re: Best option for 20-30 yr home refinance. [Re: Nebraska] #15799879 02/17/21
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30338 Offline
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Brief review of amortization tables and the amount of interest paid on 30 year notes, should open eyes. Buy less house than you think you can afford and pay it off as fast as you can. Then invest your old mortgage payment into whatever the hell you want. Houses, stocks, mutual funds, custom rifles, nice cars, vacations, hunting trips, kid's college expenses. It gets easy fast with no mortgage.

Re: Best option for 20-30 yr home refinance. [Re: Nebraska] #15799921 02/17/21
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Paul_M Offline
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Also check with AAA.
When I refinanced they actually had the best rate at the time around here.
If you're not a member I think you can still use them as they are just acting as a mortgage broker.


Molɔ̀ːn Labé Skýla
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Re: Best option for 20-30 yr home refinance. [Re: Nebraska] #15799945 02/17/21
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VarmintGuy Offline
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Nebraska: My place has been paid off for a long time and my only experience recently has been with VarmintSon #2 refinancing his 30 year mortgage down to a 15 year mortgage just last month out in the seattle area.
He cut more than a decade off of his mortgage and the lower rate came up with just a modest increase in monthly payment.
His credit score and the housing market in his area got him out of the refinance and reappraisal costs both!
We got a printout of the differences in his pay back amounts (the interest) and it was astounding how much less he will pay with the 15 year mortgage.
Anyway my opinion is now is the time to refinance and in my experiences go for the ten year term (or shortest term possible) if at all possible.
Best of luck to you.
Hold into the wind
VarmintGuy

Re: Best option for 20-30 yr home refinance. [Re: Northman] #15799960 02/17/21
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cfran Offline
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Originally Posted by Northman
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.


Sounds like Democrat advice, except the part about ever paying it off. Some actually like the freedom of being debt free. Furthermore, most vastly overestimate the actual tax benefits of carrying a mortgage, way overrated. And suspect you might fall into this camp. Plus, one must assume the equity market (which is overpriced at present) will continue to outperform . . . might not be sound advice. More realistically one should compare safe investments to your mortgage rate, CD’s, money market, etc. If you do this you will pay off your mortgage.

Re: Best option for 20-30 yr home refinance. [Re: Nebraska] #15800004 02/17/21
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My local bank just gave me 2.1 on a 15 year refi, no appraisal.

Re: Best option for 20-30 yr home refinance. [Re: Nebraska] #15800079 02/17/21
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StoneCutter Offline
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I'm no expert on mortgages, but I think I played my cards right.

Built this house about 25 years ago and got a 30 year mortgage. The problem with all of the 30 year deals I had was that most 30 year mortgages are front loaded with interest. Meaning that for the first 10 years, you are paying little to no principle and almost all interest. It makes it slower to gain equity. A couple of years later, after I got back on my feet financially, we wanted to finish our basement and the rates came down. So we refied to another 30 year and got some cash out to finish the basement and lowered our payment. 5 or 6 years later we refied to a 15 year mortgage. The 15 year loan was set up differently. Each payment would pay almost all principle with a little interest tacked on top. We were gaining a tremendous amount of equity. 5 years after that our financial situation had improved to the point that it was safe to pay it off. We talked to our accountant and financial advisor and both guys recommended paying it off ASAP. The benefit of interest write off on taxes wasn't worth more than what we could make through investments. My financial guy didn't like the fact that we pulled a large chunk of change out to do that, but the money returned to the accounts in short order.

It's nice not to have to pay a mortgage. The last thing you need when you're retired is to have a mortgage handing over your head.

Last edited by StoneCutter; 02/17/21.

The beatings will continue until morale improves.
Re: Best option for 20-30 yr home refinance. [Re: Nebraska] #15800109 02/17/21
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Northman Offline
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We refinanced to a 2.47% 30 year loan in December.

We could have paid it of today if we wanted.. we have the money.
Instead we are paying less and less each year, thanks to inflation. While the markets have returned 10-15% for years.

And instead of having nothing saved up, we are investing 60% of our after tax salary each month.

We did the math, each and every way we could... we will be much better of NOT paying down our mortgage.
At these low rates, its not even an option.


Though.. I confess it feels better having no mortgage.



.


The US in the last 40 years:

Socialism for big corporations and military industrial complex

&

Rugged individualism for the individual.
IC-B

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