SAVE SOME MONEY!!!

[Northernpiker]

Mortgage rates are really low. I bought a house 20 months age and got a good 15 year rate ( what I thought was good) at 4.25%. I checked today and a 15 year rate was 2.50%. I going to save a lot of money for hunting.

 

[tommygoodtimes]

Unfortunately with the recent downturn of the stock market, not many people are likely be making large purchases unless they have a lot of cash on hand to spend. It certainly would be a good time to invest if your in the position to do so. Though I suspect the markets are going to keep declining until full effects of the Coronavirus is said and done.

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[SteveCNJ]

Great rate if there are no points, title fees or closing costs

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[skywalkr]

The Fed is probably going to cut rates another 50 basis points, I’m going to wait a bit for them to get lower and probably refinance then.

 

[Dos Perros]

I looked at refi for us but the PV of any gains/savings was only $5k, and that assumes we stay in our current house the full 15 years. So then I got curious and calculated what the impact would be if we just paid the difference towards our current mortgage, and the time to pay it off was just a few months beyond the refi pay off date. So then I got even more curious and calculated PV's for paying various amounts above our current mortgage and found out I can maximize PV by paying about $400 per month extra.

 

[Maverick1]

That's a great rate. Keep working at it. Pay off the mortgage.

 

[Ballbearing]

I looked at refi for us but the PV of any gains/savings was only $5k, and that assumes we stay in our current house the full 15 years. So then I got curious and calculated what the impact would be if we just paid the difference towards our current mortgage, and the time to pay it off was just a few months beyond the refi pay off date. So then I got even more curious and calculated PV's for paying various amounts above our current mortgage and found out I can maximize PV by paying about $400 per month extra.

Could you explain how to do those calculations or where I might go to learn about this?


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[Rich M]

If you can get 2.5% that's great. In my area it is 3.1 something%.

 

[JBrew]

My rates this evening are: (without having to buy down the rate)
30yr 3.375%/no pts 3% w pts
20yr 3.25%/no pts 2.875% w pts
15/10yr 3%/no pts 2.375% w pts

If I had to bet, they're gonna drop some more.

 

[Northernpiker]

I remember in the 80's we were paying 16-18%. I kinda remember...lotta brain cells died off in the 70's

 

[dirtytough]

I got a 15 year loan 4-5 years ago @3%. Hoping they drop more and closing costs are low enough to take advantage of an even lower rate.

 

[mtnwrunner]

I remember in the 80's we were paying 16-18%. I kinda remember...lotta brain cells died off in the 70's

Terry, I think I saw you there!!

Randy

 

[AustinL911]

In the middle of a 15yr fixed refi myself @ 3%. That was before The Fed dropped the APR. I'm gonna drag my feet as long as I can to see if my bank drops their rates again (and I'm sure they will), then pull the trigger.

 

[Trevor73402]

Unfortunately with the recent downturn of the stock market, not many people are likely be making large purchases unless they have a lot of cash on hand to spend.

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This just doesn’t make any sense to me.

 

[EastMT]

I got a 15 year loan 4-5 years ago @3%. Hoping they drop more and closing costs are low enough to take advantage of an even lower rate.

Yes sir, I can remember my parents dancing in the kitchen for 8%. If I remember right the payments were right around 1% of the principle at 8%, so $250k was around $2500. Ouch, hope we don’t see that again.

 

[String&stick]

The Fed is probably going to cut rates another 50 basis points, I’m going to wait a bit for them to get lower and probably refinance then.

Fed over reacted with the half point cut . . . If they cut again in march in guessing it will be .25. either way the fed rate doesn't have a lot of impact on your mortgage rate. The rates were already low prior to their cut.

Now another big sell off in the stock market. . . That will push your rates lower! Mortgage rates follow bond rates much more closely than the fed rate.

 

[5MilesBack]

I remember in the 80's we were paying 16-18%. I kinda remember...lotta brain cells died off in the 70's

When I was a kid I always kind of wondered why my dad always paid cash.........well, that is the reason.

 

[skywalkr]

Fed over reacted with the half point cut . . . If they cut again in march in guessing it will be .25. either way the fed rate doesn't have a lot of impact on your mortgage rate. The rates were already low prior to their cut.

Now another big sell off in the stock market. . . That will push your rates lower! Mortgage rates follow bond rates much more closely than the fed rate.

I don’t disagree they overrated but there is a very strong probability of a 50 bps cut in March. The market is hooked on that sweet sweet cheap money. If they drop another 50 people will probably start worrying about negative (or more likely 0) rates and that will drive everything down, mortgage rates included. I doubt the fed is going to raise rates anytime soon so I wouldn’t be in a rush to refi, I’ll let things play out for a bit.

 

[ItemB]

I refinanced about a year ago when the rates where low down to 3.5 on a 15 year. Thought I wouldn't get any cheaper but looks I could save better than a percentage point. But last time I refid I shopped around and it was worse than dealing with a shady used car salesman. Rates and closing costs changed if you kept saying nope to high. Anybody deal with or recommend a no bs lender that gives you the lowest rate and closing cost up front?

 

[AustinL911]

I refinanced about a year ago when the rates where low down to 3.5 on a 15 year. Thought I wouldn't get any cheaper but looks I could save better than a percentage point. But last time I refid I shopped around and it was worse than dealing with a shady used car salesman. Rates and closing costs changed if you kept saying nope to high. Anybody deal with or recommend a no bs lender that gives you the lowest rate and closing cost up front?

I've been using union savings bank in grove city, Ohio. William corns is who I'm using and he's been great. Marc Stock is another great broker with them. 15yr fixed @ 3%; probably going to go lower. $250 app fee. low closing costs.