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YOUR BALANCE
what would you, lunge, consider to be a worthwhile amount of
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what would you, lunge, consider to be a worthwhile amount of


Nov 20, 2019, 11:31 AM

$$ savings/month (or percentage of overall payment) to warrant refinancing your palatial estate, if your main (only?) goal was to reduce monthly amount....no cash out or anything

flag link military_tech thumb_downthumb_up

I can't see where anything less than $200-$300/month makes


Nov 20, 2019, 11:34 AM

it worthwhile. How long do you plan on being there?

badge-donor-05yr.jpg flag link military_tech thumb_downthumb_up

let's say minimum 15 more years


Nov 20, 2019, 11:40 AM

already have a pretty good rate, so best they could do was knock $100-ish off a month.

They called me, I wasn't really looking to do this, but I listened to what they had to offer...we've only been in the house 2 years, so resetting the loan term isn't a huge factor



ALSO, that $100 was based on a similar home insurance payment. I just got a the renewal package. Holy ####, premium went up 47% after our waterline break / basement 'flood' (~$12k for moisture mitigation/demo/repair)...so that $100 is more like $65-70 now

flag link military_tech thumb_downthumb_up

Might be worthwhile if nothing else than to offset


Nov 20, 2019, 11:44 AM

your insurance costs, as long as you have no out of pocket expenses. You'll have that water damage claim dragging you down with any insurance company for about 7 or so years.

badge-donor-05yr.jpg flag link military_tech thumb_downthumb_up

Closing cost/12***


Nov 20, 2019, 11:35 AM



badge-donor-05yr.jpgringofhonor-aero.jpg flag link military_tech thumb_downthumb_up

you assume to recoup the costs in a year?


Nov 20, 2019, 11:41 AM

is that kinduva general rule of thumb? I thought longer....

flag link military_tech thumb_downthumb_up

Yeah I would go longer.


Nov 20, 2019, 11:42 AM

1 year is pretty aggressive, especially if its longer than a 10 year note.

badge-donor-05yr.jpg flag link military_tech thumb_downthumb_up

That is what I'd hope for.


Nov 20, 2019, 11:50 AM [ in reply to you assume to recoup the costs in a year? ]

At this time, I probably would not refi to save $100/month like I did back in 2011 and was working two jobs to pay for said house.

badge-donor-05yr.jpgringofhonor-aero.jpg flag link military_tech thumb_downthumb_up

Funny, my mortgage company called me today


Nov 20, 2019, 11:41 AM

and three times yesterday, trying to get me to refi. They are running the numbers now.

2024 purple level memberringofhonor-greenr.jpg flag link military_tech thumb_downthumb_up

we have the same mortgage co, remember


Nov 20, 2019, 11:46 AM

they do this EVERY year, FYI....it's almost always been pointless and a complete waste of time, too...taking an hour for them to just be like "well, it seems like you're in a pretty good place where you're at"

My rentals are with them, primary isn't...they're trying to get me to move that over. Had called originally about pendleton rental, but I'm thinking about selling it in a few months, so def not refi-ing there...

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Oh yeah, I forgot. I told him to run numbers and call me


Nov 20, 2019, 11:59 AM

at 2:00. I aint got time to sit on the phone about this ####.

2024 purple level memberringofhonor-greenr.jpg flag link military_tech thumb_downthumb_up

My dude's supposed to call me back tonight around 6


Nov 20, 2019, 12:19 PM

he'd called last week, spent an hour on the phone (I thru some earbuds in, and worked while he breathed into the phone), he came up with the numbers, and then was just like

"So, I just need a good faith deposit to cover appraisal and credit report (which he'd already run)...will that be going on a debit card or credit card?

Dong be lik





Slow.Your.Roll.Bruh.

flag link military_tech thumb_downthumb_up

How did the call go?***


Nov 20, 2019, 2:53 PM [ in reply to Oh yeah, I forgot. I told him to run numbers and call me ]



2024 purple level memberbadge-donor-05yr.jpg flag link military_tech thumb_downthumb_up


Not worth it for me at this time. Oh well, back to the


Nov 20, 2019, 3:29 PM

grind.

2024 purple level memberringofhonor-greenr.jpg flag link military_tech thumb_downthumb_up

7; 420; or 69***


Nov 20, 2019, 11:44 AM



flag link military_tech thumb_downthumb_up


nice***


Nov 20, 2019, 11:45 AM



2024 purple level memberringofhonor-greenr.jpg flag link military_tech thumb_downthumb_up

$7,420.69 is the correct answer***


Nov 20, 2019, 11:46 AM [ in reply to 7; 420; or 69*** ]



2024 purple level memberringofhonor-greenr.jpg flag link military_tech thumb_downthumb_up

I'm about to pull the refi trigger mahself.


Nov 20, 2019, 11:57 AM

Have a 5/1 that hits 5 years in March, trying to figure out if I should wait for another rate cut or not. Will refi to a 15 or 20, depending on rate/payment. What do?

2024 white level memberbadge-donor-15yr.jpgbadge-ringofhonor-19b.jpg flag link military_tech thumb_downthumb_up

Re: I'm about to pull the refi trigger mahself.


Nov 20, 2019, 12:27 PM



flag link military_tech thumb_downthumb_up


Don't forget to factor in increased taxes due to smaller


Nov 20, 2019, 12:13 PM

dedcutible interest.

badge-donor-05yr.jpg flag link military_tech thumb_downthumb_up

can't tell if SRS or lungey***


Nov 20, 2019, 12:20 PM



flag link military_tech thumb_downthumb_up

Wanna roll the dice?


Nov 20, 2019, 12:31 PM

You pay my mortgage for the next year, I will pay your primary palatial estate's mortgage for the next year. Both winner and loser take turns with your SO.

Whadya say?

flag link military_tech thumb_downthumb_up


Who are you and what have you done with McLovin?***


Nov 20, 2019, 12:37 PM



badge-donor-05yr.jpgringofhonor-aero.jpg flag link military_tech thumb_downthumb_up

why don't we skip all that nonsense


Nov 20, 2019, 12:44 PM [ in reply to Wanna roll the dice? ]

and the women.

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I like where your head's at***


Nov 20, 2019, 12:55 PM



flag link military_tech thumb_downthumb_up


Don't be UDP ... pay that bish off***


Nov 20, 2019, 2:29 PM



2024 white level memberbadge-donor-05yr.jpg flag link military_tech thumb_downthumb_up

What if you were making more in the market than you


Nov 20, 2019, 2:31 PM

are paying in interest?

flag link military_tech thumb_downthumb_up


Would you cash out refi to invest?


Nov 20, 2019, 2:49 PM

I wouldn't. YMMV

For extra cash, I put half towards house payment and half towards investments. I'm happy with how things turned out, but also recognize in hindsight that I would have made more money if put all into markets for past 10 years.

2024 white level memberbadge-donor-05yr.jpg flag link military_tech thumb_downthumb_up

Bust out the amortization schedule.


Nov 20, 2019, 2:53 PM

How much sooner would you have that sucker paid off if you didn't refi and put the closing cost to principle now?

badge-donor-05yr.jpgringofhonor-aero.jpg flag link military_tech thumb_downthumb_up

Mortgage?


Nov 20, 2019, 3:29 PM

Whats that?

flag link military_tech thumb_downthumb_up


Money I borrow at 2.75%


Nov 20, 2019, 3:36 PM

While I be earning 5.5% after taxes over the last 9 years.

flag link military_tech thumb_downthumb_up


You should borrow more money


Nov 20, 2019, 4:55 PM

invest it, and quit work.

badge-donor-05yr.jpg flag link military_tech thumb_downthumb_up

don't forget mortgages aren't simple interest.


Nov 20, 2019, 6:06 PM

they're front loaded on the interest, so all that starts over again when you refinance. If you really need to lower the payment, fine, but otherwise you might be paying as much or more interest on a re-fi.

2024 white level memberbadge-donor-15yr.jpg flag link military_tech thumb_downthumb_up

^^^^^^^^^^^^


Nov 20, 2019, 6:09 PM



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Just don't extend the term


Nov 20, 2019, 8:13 PM [ in reply to don't forget mortgages aren't simple interest. ]

or even shorten it would be better.

2024 orange level memberbadge-donor-15yr.jpgringofhonor-fatherg-110.jpg flag link military_tech thumb_downthumb_up

Replies: 34
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