mortgages

[steve dave]

went in to deposit a check today and ended up changing my mortgage from a 30 year to a 15 year at 3.3%.     it's like free money

[wetwillie]

Talk about service, the tellers at your bank can just convert your mortgage to a 15 year, I'm at the wrong rough ridin' bank.

[Tobias]

 

i feel like i probably missed the shelved thread from six months ago where you asked whether or not you should refinance into a 15 year

[steve dave]

this is really something I should have taken up with the board
but man, dem rates!

[Tobias]

you would've gotten terrible advice anyways - think about all the extra money you'll have for minimum spends in 15 years 

[steve dave]

when the guy checked our credit he was all, "you've got some student loans and a few credit cards but that's it" and I LMAO at his holding back by saying "a few"

[steve dave]

you can say "18 credit cards" it isn't going to hurt my feelings.  I'm proud if anything. 

[TheHamburglar]

Thanks for reminding me.  Now that I am employed again I need to refinance my house with a super low rate, no PMI, Native American HUD loan.  I got my first paycheck on Friday so now I'm eligible to refinance to 15 yrs.

[Rams]

went in to deposit a check today and ended up changing my mortgage from a 30 year to a 15 year at 3.3%.     it's like free money

You should've just lowered your rate and stuck with a 30 year.  With rates the way they are, you should borrow as much money as you can and take as long as you can to pay it back.

[steve dave]

went in to deposit a check today and ended up changing my mortgage from a 30 year to a 15 year at 3.3%.     it's like free money

You should've just lowered your rate and stuck with a 30 year.  With rates the way they are, you should borrow as much money as you can and take as long as you can to pay it back.

we priced it, got .75% better by doing the 15. 

[Rams]

went in to deposit a check today and ended up changing my mortgage from a 30 year to a 15 year at 3.3%.     it's like free money

You should've just lowered your rate and stuck with a 30 year.  With rates the way they are, you should borrow as much money as you can and take as long as you can to pay it back.

we priced it, got .75% better by doing the 15. 

You could lower your payment with a 30 year, invest the difference and beat the hell out of 4% over the next 15 years.  Then just take the amount you've saved and earned over the 15 years, pay off your mortgage and have money left over. 

Or you could just do what I plan on doing, which is not pay it off early and wait until rates are at 8% or so in 20 years and tell everyone that your mortgage is only 4% and laugh at their face. 

[steve dave]

went in to deposit a check today and ended up changing my mortgage from a 30 year to a 15 year at 3.3%.    it's like free money

You should've just lowered your rate and stuck with a 30 year.  With rates the way they are, you should borrow as much money as you can and take as long as you can to pay it back.

we priced it, got .75% better by doing the 15.  

You could lower your payment with a 30 year, invest the difference and beat the hell out of 4% over the next 15 years.  Then just take the amount you've saved and earned over the 15 years, pay off your mortgage and have money left over.  

Or you could just do what I plan on doing, which is not pay it off early and wait until rates are at 8% or so in 20 years and tell everyone that your mortgage is only 4% and laugh at their face.  

I'm not interested in assuming any taxable investment is going to beat any figure when this is guaranteed.  we priced a new 30 and considered what you basically just said.  this is easy and painless for us.

[Bloodfart]

Either way is fine it's your money.  I like to pay off my debt as fast as I can.  All together I'd say my debt will be totally paid off in 10-15 yrs.  But doing it this way will constrict your lifestyle a bit.

[steve dave]

Either way is fine it's your money.  I like to pay off my debt as fast as I can.  All together I'd say my debt will be totally paid off in 10-15 yrs.  But doing it this way will constrict your lifestyle a bit.

it won't

[Bloodfart]

Either way is fine it's your money.  I like to pay off my debt as fast as I can.  All together I'd say my debt will be totally paid off in 10-15 yrs.  But doing it this way will constrict your lifestyle a bit.

it won't

You can't predict the future.  Crap happens.

[steve dave]

Either way is fine it's your money.  I like to pay off my debt as fast as I can.  All together I'd say my debt will be totally paid off in 10-15 yrs.  But doing it this way will constrict your lifestyle a bit.

it won't

You can't predict the future.  Crap happens.

what if I killed you and your entire family

[Bloodfart]

Either way is fine it's your money.  I like to pay off my debt as fast as I can.  All together I'd say my debt will be totally paid off in 10-15 yrs.  But doing it this way will constrict your lifestyle a bit.

it won't

You can't predict the future.  Crap happens.

what if I killed you and your entire family

exactly 

[kim carnes]

Either way is fine it's your money.  I like to pay off my debt as fast as I can.  All together I'd say my debt will be totally paid off in 10-15 yrs.  But doing it this way will constrict your lifestyle a bit.

it won't

You can't predict the future.  Crap happens.

what if I killed you and your entire family

like he said, you can't predict the future.

[steve dave]

Either way is fine it's your money.  I like to pay off my debt as fast as I can.  All together I'd say my debt will be totally paid off in 10-15 yrs.  But doing it this way will constrict your lifestyle a bit.

it won't

You can't predict the future.  Crap happens.

what if I killed you and your entire family

like he said, you can't predict the future.

that's as meaningless as my response.  but you knew that.  well, most people on here knew that.  I just explained it to you and some others unfortunately.  

[Rage Against the McKee]

went in to deposit a check today and ended up changing my mortgage from a 30 year to a 15 year at 3.3%.    it's like free money

You should've just lowered your rate and stuck with a 30 year.  With rates the way they are, you should borrow as much money as you can and take as long as you can to pay it back.

we priced it, got .75% better by doing the 15.  

You could lower your payment with a 30 year, invest the difference and beat the hell out of 4% over the next 15 years.  Then just take the amount you've saved and earned over the 15 years, pay off your mortgage and have money left over.  

Or you could just do what I plan on doing, which is not pay it off early and wait until rates are at 8% or so in 20 years and tell everyone that your mortgage is only 4% and laugh at their face.  

I'm not interested in assuming any taxable investment is going to beat any figure when this is guaranteed.  we priced a new 30 and considered what you basically just said.  this is easy and painless for us.

Going the 30 year route is a much better hedge against inflation. It just comes down to what you believe will happen over the next 30 years. The best advice anybody can give you is to listen to as many people about finances as you can, but never let anybody tell you what to do.

[Stupid Fitz]

Going with SD on this one.  Normally I would always say don't worry about how long it takes to pay off your mortgage and that you should get the lowest rate possible.  Different world now. 

He will be better off in 15 or so years when the Chinamen attack with a paid off house than a mortgage and a few investments. 

[ChiComCat]

3.3, pfft.  I just locked up a 3.25.  Don't worry, you can come visit my scrooge mcduck pit of money sometime SD

[steve dave]

3.3, pfft.  I just locked up a 3.25.  Don't worry, you can come visit my scrooge mcduck pit of money sometime SD

 

[Saulbadguy]

3.3, pfft.  I just locked up a 3.25.  Don't worry, you can come visit my scrooge mcduck pit of money sometime SD

just don't jump in the pit of gold, would be a disaster.

[K-S-U-Wildcats!]

Great decision on your refi. How much was the fee?

I refi'd 6 months ago to a 15yr at 3.4% APR. Could have gotten 3.25, but I took the slightly higher APR in exchange for a "lender credit" that offset basically all my closing costs. My monthly payment only increased by about 10%, but I've nearly doubled the amount of each payment that goes to principal. Silver lining of a shitty economy.