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Mortgage Refi Question

Sigmapolis said:
So glad that is the intro song for the team at Jack Trice -- but shocked they play it considering a certain word of some infamy appears in the "millionaire" section.
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I've only ever heard that version once. It was quickly mixed over as soon as it started and I haven't heard it again.

They have had an edited version of that song pretty much since the day it came out that eliminates that verse. Also, they change the word to "queenie" in most live performances.
 
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alarson said:
They say nothing out of pocket and nothing added to the loan. Its already with them, so the incentive could just be to keep the loan (and the interest generated) rather than the loan going to a competitor. Alternately, given some are offering 3.25, maybe theyre just baking in a little extra interest (some of the 3.25 ones end up with an APR of right around 3.375)



It would pop the term back up to 30 years if i did that but the principal would remain the amount it is at today. However, with the lower rate the calculator i used says i still end up paying less interest in that even if i took 30 years to repay it, and i could always put the monthly payment savings towards prepayment if i want as well.
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Makes sense - and I knew the loan amount would stay the same as it is today but wasn't sure if resetting the time frame to 30 years or just recalculating with the new interest rate and continuing with the remaining 27 years or whatever.
 
cowgirl836 said:
Makes sense - and I knew the loan amount would stay the same as it is today but wasn't sure if resetting the time frame to 30 years or just recalculating with the new interest rate and continuing with the remaining 27 years or whatever.
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Yeah, i was given other rates for 20 (3.25) and 15 (3.0) as well, but you usually have to fit into some standard term lengths (15 and 30 are the most common, 10 and 20 often available as well)
 
alarson said:
Yeah, i was given other rates for 20 (3.25) and 15 (3.0) as well, but you usually have to fit into some standard term lengths (15 and 30 are the most common, 10 and 20 often available as well)
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yeah I was looking at the 15 and 20. Probably want rates to go down a bit more to make it more worth it.
 
Sigmapolis said:
I applaud you all locking in these low rates on your homes and other personal assets, but I will repeat... capital being so cheap is not a good sign overall...
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I like cheap capital, it allows me to buy more toys. That spending is good for the economy.
 
Sigmapolis said:
I applaud you all locking in these low rates on your homes and other personal assets, but I will repeat... capital being so cheap is not a good sign overall...
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It probably isnt, but all the more reason to be getting in the best position possible if **** hits the fan.
 
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alarson said:
Just got quoted 3.375\30 no cost refi from my bank (currently at 4%, about 3 years in).

With the way things are going though, not sure if i should wait a bit for further drops..
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If you've paid a few years into it, a 15 might be close with that big of an interest rate spread. Then again, if you want the lower payment the 30 is cool too.
 
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DurangoCy said:
If you've paid a few years into it, a 15 might be close with that big of an interest rate spread. Then again, if you want the lower payment the 30 is cool too.
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The 15 would be a decent monthly increase right now (About $250\\month more than my current bill) I figure the new 30 rate is low enough i might be better off having the flexibility to pay a lower amount, but I could always just keep paying in what i'm paying now and pay it off earlier (a calculator i ran shows it'd be done in about 20 years, ahead of where i'm at now)
 
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cowgirl836 said:
when you say no cost, what does that mean exactly? What is the incentive to the bank to offer it?

And if you refinance a 30 year loan at the 30 year rate again, are you paying that over 30 years or over the 27 years you have remaining on your original loan? Probably dumb questions but I know almost nothing about this topic.
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Some, mine did, have a one time rate adjustment you can use within the first five years. No cost, just an option built in. Usually like the bump up CDs in reverse. You pay a few points higher initially thinking they will drop in a couple years and you can drop it and avoid the fees.
 
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alarson said:
Yeah, there's something to be said for having the flexibility to drop those payments down if something happens (income drop\loss, unexpected emergency, etc).
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Well and you get a rate that's like half a point lower
 
alarson said:
Yeah, there's something to be said for having the flexibility to drop those payments down if something happens (income drop\loss, unexpected emergency, etc).
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I'm pretty risk averse so that's sort of what we did. 30 year and then pay extra.
 
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