Oppositelock
    • Register
    • Login
    • Search
    • Categories
    • Recent
    • Tags
    • Users
    • User Guide
    • Key Stuff
      • Best Of OPPO
      • Overland
      • Planelopnik
      • LaLD
      • Classifieds
      • Shoppo
      • OPPO Discord
      • TOS
    • Support OPPO
      • Merch Store
      • UPPU Stickers
      • Paypal Donate

    Mortgage refinancing - have you seen these rates??

    Oppositelock
    35
    68
    314
    Loading More Posts
    • Oldest to Newest
    • Newest to Oldest
    • Most Votes
    Reply
    • Reply as topic
    Log in to reply
    This topic has been deleted. Only users with topic management privileges can see it.
    • MUSASHI66
      MUSASHI66 last edited by

      Our current loan is a 15 year loan at 3.125%. Basically, I timed it so this house is paid off the same year I can retire way early, at 55. I am on state retirement, so fingers crossed, it won't collapse by the time I need it.

      Some of you might remember my Mother in law rant from a few days ago. She's buying a new house, her ex-significant other is refinancing their old house, and we realized how low the current rates are.

      So, we got the ball rolling, and we are refinancing our current loan to a 10 year at 2.125%. This will increase our payments quite a bit, but we're going to save between $50000-60000 in interest over the course of the loan. We had an option of 1.99%, but closing costs and points made the 2.125% option better over 10 years.

      We still have our house in Denver which we are renting. It is on a 2 year lease, so we have another 12-13 months with the current renters. Once they are gone, we might sell it as the neighborhood seems to be going in the wrong direction. If we can clear 6 figures out of it, we can put that toward the new house loan, and get it down to 7 years. Also, we have about 7-8 years left from our two dogs, so in 2028 or so, we might be able to start doing long trips where we can potentially be digital nomads and work from other countries.

      And, to make this somewhat car related, I might be able to buy that Porsche I want.

      2% rates are insane. If you haven't looked into this, do it, especially if you're on a longer term than 15 years.

      2019 FIAT Abarth 500 | 2000 Toyota Tundra V8 AC | 2021 TREK Roscoe 6

      CB MisterButtercup Chariotoflove Huzer MasterMario 10 Replies Last reply Reply Quote 7
      • CB
        CB @MUSASHI66 last edited by

        @musashi66 At the start of the pandemic, I asked about a mortgage rate and got pre-approved at around your rate. Suffice to say, the new rates are absurd and I'm shocked more people aren't refinancing.

        MUSASHI66 1 Reply Last reply Reply Quote 0
        • Saracen
          Saracen last edited by

          In 2005, I got bought a condo on an interest only loan. Refi'd a few years later into a 30 year at %5.25, which at the time was a good rate.

          My current home I bought in 2015 at %4

          Never thought I'd see %2.5 for a 30 year! It's a perfect time for me since I'll be moving soon, and have accrued a ton of equity in my existing home.

          MUSASHI66 1 Reply Last reply Reply Quote 1
          • MUSASHI66
            MUSASHI66 @CB last edited by

            @cb said in Mortgage refinancing - have you seen these rates??:

            @musashi66 At the start of the pandemic, I asked about a mortgage rate and got pre-approved at around your rate. Suffice to say, the new rates are absurd and I'm shocked more people aren't refinancing.

            I just wish investment properties has better refi rates. My folks have 5 houses, 4 paid off, and one with a loan, and the rates are ridiculously high. I think I'll be able to find them a 3% but it'll come with some steep fees.

            Everyone paying more than 3% should look into a refi these days.

            2019 FIAT Abarth 500 | 2000 Toyota Tundra V8 AC | 2021 TREK Roscoe 6

            1 Reply Last reply Reply Quote 0
            • MUSASHI66
              MUSASHI66 @Saracen last edited by

              @saracen said in Mortgage refinancing - have you seen these rates??:

              In 2005, I got bought a condo on an interest only loan. Refi'd a few years later into a 30 year at %5.25, which at the time was a good rate.

              My current home I bought in 2015 at %4

              Never thought I'd see %2.5 for a 30 year! It's a perfect time for me since I'll be moving soon, and have accrued a ton of equity in my existing home.

              Good for you! Are you in the process of selling your property yet? I don't know what will happen with rates during the government transition.

              2019 FIAT Abarth 500 | 2000 Toyota Tundra V8 AC | 2021 TREK Roscoe 6

              Saracen 1 Reply Last reply Reply Quote 0
              • 3point8isgreat
                3point8isgreat last edited by

                We bought our house this summer and got somewhere around a 3 or 3.1% on a 30 year. We were just barely able to afford the move and had low down payment. Figured it wasn't too bad for our situation.

                MUSASHI66 DealkillerPoweredByFocus 2 Replies Last reply Reply Quote 0
                • MisterButtercup
                  MisterButtercup @MUSASHI66 last edited by

                  @musashi66 We're closing on a place on Thursday. First time home buyers, we're at 2.625% right now for a 30 year as we can't put too much down on it currently. The market in our area ('Burbs of Philly) has gotten crazy, houses will list on a Monday and be under contract 3 days later.

                  Meandering Road
                  Dreams of shifting sweet and smooth
                  Peacefully I drive

                  MUSASHI66 1 Reply Last reply Reply Quote 1
                  • jminer
                    jminer last edited by

                    We bought our house at 5% 11 years ago which was good. We looked at refinancing a couple times but we're grandfathered under the old PIM calculation so it would have cost us more to refinance.

                    Actually going to be selling the place now, movers are coming on Friday and the agent will be there for photos next week.

                    Hoping these low interest rates and rising prices help me sell it fast for a decent amount.

                    Former hoarder of motorcycles, recent CA transplant, nerd.

                    MUSASHI66 I 2 Replies Last reply Reply Quote 0
                    • ToniCipriani
                      ToniCipriani last edited by

                      I guess I got lucky, renewed at a variable rate last year. My current effective rate is like 1.24%. It's actually lower than some rate promos I get from savings accounts.

                      GM 1G2MB 1SA LE5 MA5 PCQ G80 JL9 ZQ2 ZQ3 WA911L
                      BMW F30 N20B20O0 ZMT 7AC B39

                      MUSASHI66 1 Reply Last reply Reply Quote 0
                      • MUSASHI66
                        MUSASHI66 @3point8isgreat last edited by

                        @3point8isgreat said in Mortgage refinancing - have you seen these rates??:

                        We bought our house this summer and got somewhere around a 3 or 3.1% on a 30 year. We were just barely able to afford the move and had low down payment. Figured it wasn't too bad for our situation.

                        1% less on a 300k 30 year loan means around $60000 in savings over the course of the loan. Just something to consider.

                        2019 FIAT Abarth 500 | 2000 Toyota Tundra V8 AC | 2021 TREK Roscoe 6

                        CivicWagonEngineer 1 Reply Last reply Reply Quote 3
                        • MUSASHI66
                          MUSASHI66 @MisterButtercup last edited by

                          @misterbuttercup said in Mortgage refinancing - have you seen these rates??:

                          @musashi66 We're closing on a place on Thursday. First time home buyers, we're at 2.625% right now for a 30 year as we can't put too much down on it currently. The market in our area ('Burbs of Philly) has gotten crazy, houses will list on a Monday and be under contract 3 days later.

                          Every desirable market is insane. You'd be crazy not to take advantage of these rates.

                          2019 FIAT Abarth 500 | 2000 Toyota Tundra V8 AC | 2021 TREK Roscoe 6

                          MisterButtercup 1 Reply Last reply Reply Quote 1
                          • MUSASHI66
                            MUSASHI66 @jminer last edited by

                            @jminer said in Mortgage refinancing - have you seen these rates??:

                            We bought our house at 5% 11 years ago which was good. We looked at refinancing a couple times but we're grandfathered under the old PIM calculation so it would have cost us more to refinance.

                            Actually going to be selling the place now, movers are coming on Friday and the agent will be there for photos next week.

                            Hoping these low interest rates and rising prices help me sell it fast for a decent amount.

                            House markets are insane right now. Everyone wants to buy and take advantage of under 3% rates.

                            2019 FIAT Abarth 500 | 2000 Toyota Tundra V8 AC | 2021 TREK Roscoe 6

                            1 Reply Last reply Reply Quote 1
                            • MUSASHI66
                              MUSASHI66 @ToniCipriani last edited by

                              @tonicipriani said in Mortgage refinancing - have you seen these rates??:

                              I guess I got lucky, renewed at a variable rate last year. My current effective rate is like 1.24%. It's actually lower than some rate promos I get from savings accounts.

                              Wow. 1.24% is insane. My folks did a variable once because the rate was low, the amount was low, and they paid off the loan within 2-3 years.

                              2019 FIAT Abarth 500 | 2000 Toyota Tundra V8 AC | 2021 TREK Roscoe 6

                              1 Reply Last reply Reply Quote 1
                              • Chariotoflove
                                Chariotoflove @MUSASHI66 last edited by

                                @musashi66
                                We have also been looking at these rates and considering refinancing. Tuition expenses etc. tie up a lot of money, but even so, when refi costs are baked in, it's still attractive.

                                Curator, Kia enthusiast, dad joke specialist

                                MUSASHI66 1 Reply Last reply Reply Quote 0
                                • MUSASHI66
                                  MUSASHI66 @Chariotoflove last edited by

                                  @chariotoflove said in Mortgage refinancing - have you seen these rates??:

                                  @musashi66
                                  We have also been looking at these rates and considering refinancing. Tuition expenses etc. tie up a lot of money, but even so, when refi costs are baked in, it's still attractive.

                                  For sure, you can do a zero cost refi and roll all costs in the new loan and still come out on top, depending on the numbers.

                                  I hate hate hate paying interest. I only pay interest on the house and cars, never on credit cards, and paying the house of early is huge for my peace of mind. We also want to pay off the cars early - one in 2021, and other in 2022.

                                  2019 FIAT Abarth 500 | 2000 Toyota Tundra V8 AC | 2021 TREK Roscoe 6

                                  Chariotoflove 1 Reply Last reply Reply Quote 2
                                  • Huzer
                                    Huzer @MUSASHI66 last edited by

                                    @musashi66 We refi'd in October at 2.25%. Crazy! I wanted to move to a 15, but given my job was uncertain at the time, we decided to stay at the same term, and just make the same payments as before the refi. Making the same payment as before the refi shaves off 11 years.

                                    We were quoted with $0 closing costs, but ended up having to pay $3.86. Ha!

                                    1968 Mustang - 2011 Lexus GX460 - 2022 Bronco Badlands Mansquatch, 2 dr

                                    MUSASHI66 1 Reply Last reply Reply Quote 1
                                    • pickup_man
                                      pickup_man last edited by

                                      This all timed out pretty well for us and we're actually in the process of building a new house, although lumber prices jumped before we could sign the contract. Can't lock in our loan yet but we expect it to be in the two's. Kept it at a 30 year because the payments keep us at a comfortable place and I don't expect to be there for more than five years. My parents are about five years off from retiring and searching for a lake property to build and retire on. Once they get that figured out I'm buying the acreage from them which I'm very excited about. Dad's willing to do a contract for deed, which should be super low interest, if any, so the plan is to save as much as possible and be aggressive with the down payment and paying that one off, both for my parent's sake, and mine.

                                      14 F150, 06 XV1700, 85 XL600, 83 RX50, 48/49 F3/F2, 79 Starcraft 16'

                                      1 Reply Last reply Reply Quote 1
                                      • Zaphod's Heart of Gold
                                        Zaphod's Heart of Gold last edited by

                                        We finished a refi in september. Not at rates this low but saved over 1.5% with no costs involved. I looked at other lenders but once closing costs and fees were added in I was at a 10+ year payoff of the difference with a mortgage higher than what I started at. In less than 2 years I had paid enough to drop PMI (with a higher valuation) and we dropped the rate essentially for free

                                        2020 Gladiator Rubicon (in manual!), 1956 F100 project

                                        1 Reply Last reply Reply Quote 1
                                        • Carbon Fiber Sasquatch
                                          Carbon Fiber Sasquatch last edited by

                                          As a financial professional, that's awesome! People should get used to checking their refi options in this economy. I'm looking to move in the spring, I'd never thought I'd get better than my current 3% but it looks like I will be lol.

                                          A little nonsense now and then is relished by the wisest men

                                          1 Reply Last reply Reply Quote 1
                                          • I
                                            ibRAD @jminer last edited by

                                            @jminer said in Mortgage refinancing - have you seen these rates??:

                                            We bought our house at 5% 11 years ago which was good. We looked at refinancing a couple times but we're grandfathered under the old PIM calculation so it would have cost us more to refinance.

                                            Actually going to be selling the place now, movers are coming on Friday and the agent will be there for photos next week.

                                            Hoping these low interest rates and rising prices help me sell it fast for a decent amount.

                                            We bought our first house 9 years ago at variable interest and were at 1.9 when we moved out 3 years ago. The new place is at 2.49, which is still not bad I guess. We'll see where we're at in just under 2 years when the term is up for renewal.

                                            1 Reply Last reply Reply Quote 1
                                            • Poor_sh
                                              Poor_sh last edited by

                                              Bought my house last April at 4.5%, now I'm refinancing down to 2.99% which isn't as low as some of you are seeing but it's like an $80,000 savings in interest over the life of the loan, and I'm paying a little more principle every month anyway so probably more like $100,000 less interest.

                                              14' Cayman S | 99' Miata

                                              1 Reply Last reply Reply Quote 3
                                              • rctothefuture
                                                rctothefuture last edited by

                                                Man, I wish I could get approved for a mortgage. Talked with a few financial advisors and with the amount of debt and lack of available savings (wedding money is tied up in other accounts so we don't touch it) we probably wouldn't get approved. It's gonna suck in a year or 2 when everyone is at 2.9 and we'll be at 4.5 or higher.

                                                2014 Mini Paceman S
                                                1995 Ford Probe GT

                                                I MUSASHI66 MisterButtercup 3 Replies Last reply Reply Quote 0
                                                • Saracen
                                                  Saracen @MUSASHI66 last edited by

                                                  @musashi66 said in Mortgage refinancing - have you seen these rates??:

                                                  @saracen said in Mortgage refinancing - have you seen these rates??:

                                                  In 2005, I got bought a condo on an interest only loan. Refi'd a few years later into a 30 year at %5.25, which at the time was a good rate.

                                                  My current home I bought in 2015 at %4

                                                  Never thought I'd see %2.5 for a 30 year! It's a perfect time for me since I'll be moving soon, and have accrued a ton of equity in my existing home.

                                                  Good for you! Are you in the process of selling your property yet? I don't know what will happen with rates during the government transition.

                                                  Not yet, but in the next 2-3 months. Gotta do some minor improvements here and there, pack stuff, stage it to sell..

                                                  1 Reply Last reply Reply Quote 1
                                                  • I
                                                    ibRAD @rctothefuture last edited by

                                                    @rctothefuture said in Mortgage refinancing - have you seen these rates??:

                                                    Man, I wish I could get approved for a mortgage. Talked with a few financial advisors and with the amount of debt and lack of available savings (wedding money is tied up in other accounts so we don't touch it) we probably wouldn't get approved. It's gonna suck in a year or 2 when everyone is at 2.9 and we'll be at 4.5 or higher.

                                                    How important is that piece of paper to you? Not for everyone but I'll take a house over a party anytime. Then you can have a party in your house.

                                                    rctothefuture 1 Reply Last reply Reply Quote 2
                                                    • AkioOhtori
                                                      AkioOhtori last edited by

                                                      I looked at refinancing a few months ago and the costs associated with it blew me away. I don't know what I expected, but with over $7k in closing costs I was looking at a best-case break-even (refi vs current) of like 8 years.

                                                      Discovery II
                                                      c900 Turbo
                                                      Alfa Spider
                                                      C30 Polestar
                                                      S-Type R (for sale)

                                                      MUSASHI66 Carbon Fiber Sasquatch bison78 3 Replies Last reply Reply Quote 2
                                                      • First post
                                                        Last post

                                                      82
                                                      Online

                                                      1.4k
                                                      Users

                                                      54.1k
                                                      Topics

                                                      770.2k
                                                      Posts