With the predicted path of near term interest rates now is a great time to look at refinancing the house at a lower rate. It can be worth refinancing less than 2 full basis points if you plan to be in the house for several years and rates can’t get to much lower. People in some cases are swapping out their 30 year loans for 15 year ones and not having their payment change that much.
Personally I kept with the 30 year loans even though I planned to pay it off much quicker. I put my payment around $500 a month and started out making double payments. Later I made triple payments. Why go though all this if I could do that? If I hit a bump in the road and had unexpected medical costs or another major expense I had the option to drop back down to the $500 original payment for whatever period of time was necessary without impacting my credit rating in any way.
This is an excellent updated list of NPCD’s. I’m not in the market right now but, I’ll be checking the list when I have a large CD mature.
shinobi, our Grow Savings will end early 2020. As I read it the rate will turn over to the Fed rate at the time. How do you understand our Grow situation?
Better yet, don’t pay any points at all or even make money with a lender credit, and then it doesn’t matter how long you plan to stay in the house. The rates are near all-time lows (not as low as 3 years ago, but very close). Also – wrong thread.
What thread would you think mortgages fits in? None of the current ones. If interest rates flatline like in europe paying YOURSELF interest may be the only way to go. Pay for it outright and how long you stay in it doesn’t matter huh? I have at least one property that is assessed as being worth less than it was purchased for. Your statement is NOT true in that case. It’s also irrelevant since the people my comment was directed to were people who already HAD a mortgage. Paying down debt is always an alternative to low to no interest rates.
anyone do the 4% Orion CU checking. Up to 30k @ 4%. 500 DD monthly and 8 charges on card monthly. no guarantee on how long this rate will hold tho. Im going to apply tomorrow. Doc has nice article about them.
That’s not at all what I said. I said: “Better yet, don’t pay any points at all or even make money with a lender credit”. That means a no-fee refinance – no paying points to reduce the interest rate, or get negative points (profit) to accept a slightly higher rate.
There are a few old threads discussing mortgage rates, but you can always start a new one.
Fingers are crossed. If only Trump keeps his yap shut for 24 more hours we might just get through this. He has a very full plate right now with far larger fish to fry than the Fed rate decrease.
All will become known in the fullness of time . . . . roughly 22 hours thereof.
The Fed’s announcement on Wednesday did little to appease President Trump, who has been pushing the central bank to cut interest rates to zero — or even into negative territory.
Where did you get that…fake news from good ol’ CNN no doubt…they’ll be bashing him until he is out of office…thank goodness a lot of people are seeing through all this…meanwhile he ignores them and continues to do great things for our country…
Oh, New York Times i see…same as CNN! Well if you want socialism you go continue to vote for the dems which is where they are at now…this is not the democratic party it was years ago…and most of the media is out of control (except for Fox News of course)…
From an ex-dem by the way…back in the kennedy days it was TOTALLY different party than it is today…
