Refinance opportunity

[unforgiven]

Spoke to the bank about a refinance while interest rates are low. I'm at 4 5/8 going to 3 1/8 at a fixed 30 it will drop my note $180.00 to less than 1k a month. FYI

[blue109]

Im really on the fence. My bud just refid his VA at 2.8% im thinking of going 15year if I can get that. Im at 4.5 now. 

[DNP]

We just got our construction loan locked at 4. Which is damn low for construction. 

[unforgiven]

It needs to be better than a point to make it worth it I was told. Closing costs were 2k with appraisal $1700.00 without. I put it on the back end of payment so no out of pocket.Don't need an appraisal bought less than 2 year's ago. I was at 15 when we were working. Went to 30 for smaller payment in retirement. It's not going to be like this for long. Good luck

Edited May 10, 2020 by unforgiven

[Sisco]

Take advantage quick like Unforgiven says. See it skyrocketing eventually when the pendulum swings. Remember early 1980’s? 12%-18%.

[shepp]

I’m in the middle of it right now, actually just signed my papers this morning refi’d to a 15 year 3.0% from a 5+% that had 18-19 years left on it. They aren’t coming to appraise it and passed it for 145k but my original loan was for 115k (a foreclosure) and I owe 94k on it 

[shepp]

Ps going to a 15 year from were im at now my payments aren’t even really changing 

Edited May 10, 2020 by shepp

[Sisco]

31 minutes ago, shepp said:

Ps going to a 15 year from wear im at now my my payments aren’t even really changing 

That will save you anlot of money.

[unforgiven]

Also my rub with student loan was you paid the interest first before the principal came to be paid. Putting it into a simple loan allows you to put down on the principal without penalty. Stretch it out make it manageable and improve credit score. Get locked into a fixed rate. You look at the fine print student loan can get to 25%

[Rsquared]

Either way, that's a 1 and 1/2% drop brother. That's a good move. People don't think about it, but it makes up over time.

[unforgiven]

The catch is you need to still be drawing a check. Many are working on computers.

[bubbas4570]

We refi'd our house for 2.875 a few weeks back.  A coworker mentioned he did his shop by his house for 2.2......I was a bit irritated, but still happy.

 

We were at 4.25 previously, and had thought that was good at that time of purchase.  It will be a couple of weeks yet before money comes through, it will be around 45 days for the whole deal, there were so many doing same thing as us locally that the backup was due to shortage of appraisors.

[unforgiven]

That's great brother 👍