Mortgage rates are super low again

[Cherry Brigand]

Thinking of refinancing. Would save me 156 a month. Should I pull the trigger now or gamble that they'll go still lower?

 

[mb23100]

What is your current/ refinance rate?

 

[weed]

sounds like a cherry bargain

 

[Cherry Brigand]

What is your current/ refinance rate?

4.1 to 3.375

 

[LHWBelt]

4.1 to 3.375

That's a big jump. I'd do it if I were you. Mine's mid 3's but I don't want to mess with it. I get offers to refinance often though I'm just a lazy fuck. They think I got a shitty loan on my car too but whatever I already paid it for 2 years only 3 more.

 

[boingyman]

Rates are still near historic lows so I decided to jump on it. Currently in the refi process. Original loan is 30 year @ 3.99%. Was able to get a 30 year @ 3.25%. No points. Was considering 15 year @ 2.865%, but after doing the math if I added extra to principal to the 30 year to match the 15 year it would take me 15 years, 6 months. I rather have the flexibility to pay less if needed. 25 year and 20 year have the same 3.25% so decided to pass on that.

I usually go through Zillow Marketplace and pick Sebonic Financial (have done a purchase and 2 refi's with them in the past), but I bypassed them, so now I don't have to pay the Origination Fee. Basically the only fee is Title and Recording (and of course prepaids). I also don't need an appraisal, so no jump in my property taxes. That was my main hesitation since I expected the home to appraise between $65-90k more then what I purchased it for in 2017. I would say it's a good time to refi if it makes sense for you.

 

[TardStrong]

Wow I have 3.625, gonna look into it

 

[TSO]

Mortgages are for poor people.

Thinking of refinancing. Would save me 156 a month. Should I pull the trigger now or gamble that they'll go still lower?

 

[Oblivian]

How far are you into your mortgage right now? How long do you plan on staying in your house?

People get lured into refinancing based off interest savings over 30 years. The fact is that most people sell or refinance far before that. You are restarting the amortization every time you refi. You have to think about that.

 

[Saku's Son]

Mines at 1.5% fixed for 5 years.
Downside to that is savings accounts only offer 1.3%

 

[boingyman]

How far are you into your mortgage right now? How long do you plan on staying in your house?

People get lured into refinancing based off interest savings over 30 years. The fact is that most people sell or refinance far before that. You are restarting the amortization every time you refi. You have to think about that.

You might be asking the OP, but I agree with your and for me I'm less then 3 years in. Not sure how long I plan on staying at this house, but it's likely we still stay at our jobs for a long time (possibly even until we retire). If we did move, I may consider renting it out as my mortgage (PITI) is $750-1000 less then what I could rent it for with this new mortgage rate. My monthly savings from this refi will be about $275/month with no jump in property taxes. So for my situation I think it's a win win. I will add extra to principle, but probably not too aggressive as I think contributing to my taxable brokerage account would yield better returns then trying to pay it off in less than 15 years. We are already max out all retirement accounts so nothing more we can add there.

 

[TeTe]

Thank God. I'm getting a couple real estate agents in a couple months to start putting in work.

 

[Damien Karras]

I just signed a 5 year fixed at 2.69