I just locked in today a 15 year at 2.75%. I was at 3.75% for 30 years!
https://www.bankrate.com/calculators/home-equity/additional-mortgage-payment-calculator.aspxI've played with those before because we pay extra and I'm always curious how that impacts the loan length/interest. Some of the refi ones weren't doing what I needed though.
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...
Locked in at 2.875 and cannot imagine it getting that low again.
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..
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..
I dont think its a no cost at all thing. It might be no cost for closing right now and they put in the closing cost over the 30 year loan (which is what i did) but it will cost to close somehow. If you refinance it will go back to 30 years if you choose 30 years. depending on how high your interest rate is now it might cost the same to go to a 15 yr mortgage with a lower rate.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.
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.
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.
Refinancing a House for a city dweller is how imagine farmers feel every day.
That would cost the banks a lot of money. Ain't gonna happen.I am surprised that, in 2019, there is not some system that offers to automatically refinance you every time rates drop one epsilon under your previous rate.
Some robot does it -- don't even need to think about it.
That would cost the banks a lot of money. Ain't gonna happen.
Where from?