Mortgage Rates

[cjlmlml]

If you are thinking about refinancing or buying a new house. Do it. Do it now.
Rates are the lowest they have been in a looooong time.

Oh, yes, we do refis & mortgages by the way.

Assuming you have some kind of a credit score.

[mitchntx]

What's the rate?

I'm at 5.5% with 8 years remaining ...

[Todd Covini]

What's the 30 year norm rate for "good" credit nowadays? 4.5% ?

[AllZWay]

What's the rate?

I'm at 5.5% with 8 years remaining ...

Pretty close to what we have and time remaining also.

[michaelmosty]

What's the rate?

I'm at 5.5% with 8 years remaining ...

Pretty close to what we have and time remaining also.
I'm at 5 7/8% w/ 28 years left, want to switch notes? :)

[Todd Covini]

I'm with you Michael....lost my shirt with this Beaumont move.
Liebbe kept telling me it was a good move and I shouldn't have listened to him. :twisted:

[JJordan]

I just refinanced at 4.75% for 15 years.

-Jay

[Rob Liebbe]

I'm with you Michael....lost my shirt with this Beaumont move.
Liebbe kept telling me it was a good move and I shouldn't have listened to him. :twisted:

Funny, I remember just the opposite advice - for the record. But hey, your kids did get to see some snow!!!!

[Todd Covini]

I'm with you Michael....lost my shirt with this Beaumont move.
Liebbe kept telling me it was a good move and I shouldn't have listened to him. :twisted:

Funny, I remember just the opposite advice - for the record. But hey, your kids did get to see some snow!!!!

....and sleet....and wind...and rain...and flood...and lightning....and....

[mitchntx]

So has Todd started law school?

The lie-o-meter is getting close to redline ....

[marshall_mosty]

I had to pay 2.04 points last year to buy my 15-year down to 4.625... damn that was expensive on our new home. However, I wouldn't have wanted to wait a year to buy my home... the sale of my previous home was too easy last year and probably wouldn't have been so easy now.

[cjlmlml]

15 yr 0 points 4.625% 4.672 APR
......... 1 point 4.3% 4.497 APR

30 yr 0 points 4.875% 4.902 APR
...........1 point 4.56% 4.673 APR


MFW- those are points, not point-bys

We are offering special gift for AICMC Members who refinance through us.

Lunch for 4 at the Mcdonalds of your choosing. Alaska and Hawaii excluded.

Act now, Offer expires soon.


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[BryanL]

Chris is definitely right about doing this. Though its not as simple as that. You have to make sure its right for your situation and you plan on staying in the house long enough to offset the cost of the refi. The problem I am seeing with some refi's are a full point to get the attractive rate.

Cowboy Mosty-you would be a candidate for the length left on your note if you have a credit score probably above 740 and 20% equity even after an expectued reduced appraisal from 2 years ago.

I can run the numbers for anyone that is interested but its pretty easy.

[jeffburch]

So Chris,
I've asked you this before;
Should I pay off the remaining 4 years I have on my mortgage?
When the dollar completely goes TU (Amero conversion) wouldn't a deed in hand be better than worthless dollars?

jb

[evarner]

Being a veteran has some benefits.

Streamlined refi - no out of pocket expenses, dropped 1.0% <4.725%> (saving $66,000 over the course of the note) with no points needed. No appraisal required. Get to skip two months and get a check for the Escrow payments to-date along with reducing monthly payment by $100.

Definitely a good time to refinance.

[GlennCMC70]

Being a veteran has some benefits.

Streamlined refi - no out of pocket expenses, dropped 1.0% <4.725%> (saving $66,000 over the course of the note) with no points needed. No appraisal required. Get to skip two months and get a check for the Escrow payments to-date along with reducing monthly payment by $100.

Definitely a good time to refinance.

Eric, could you send me more detailed info please?

[evarner]

Being a veteran has some benefits.

Streamlined refi - no out of pocket expenses, dropped 1.0% <4.725%> (saving $66,000 over the course of the note) with no points needed. No appraisal required. Get to skip two months and get a check for the Escrow payments to-date along with reducing monthly payment by $100.

Definitely a good time to refinance.

Eric, could you send me more detailed info please?

PM sent

[cjlmlml]

So Chris,
I've asked you this before;
Should I pay off the remaining 4 years I have on my mortgage?
When the dollar completely goes TU (Amero conversion) wouldn't a deed in hand be better than worthless dollars?

jb


Need more info to compute.

Chances are, the majority of your payment is going to principal right now.

But you are still paying some interest to the man.


I would be more concerned with a scenario like this:

1. Jeff pays off mortgage and depletes savings
2. Jeff gets laid off
3. Jeff has to go apply for a job at Law Motorsports. (yuck)

If you can pay it off without depleting your emergency fund , do it.

If your interest rate is reeeeeaally low, dont do it.


Or best of both: Make double payments each month to shorten the term of your mortgage without depleting all of your cash.








Good mortgage calculator.

http://realestate.yahoo.com/calculators/payment.html

[jeffburch]

Jeff gets laid off but has a roof over his head.
Jeff flips burgers for taxes and doesn't have a handful of worthess cash.

jb

[ShadowBolt]

Jeff gets laid off but has a roof over his head.
Jeff flips burgers for taxes and doesn't have a handful of worthess cash.

jb


YES! Now you got the right idea.

www.daveramsey.com

JJ

[mitchntx]

Jeff gets laid off but has a roof over his head.
Jeff flips burgers for taxes and doesn't have a handful of worthess cash.

jb

Jeff, you and I have the same philosophy.

The dilemma is to deplete COH to eliminate debt and then begin building the EF or cross that bridge when it comes time.

Right now, with only a few years remaining, I think it's prudent to maintain status quo. I can always liquidate possessions to pay off the mortgage and leave my COH in tact.

I realize that I might only get 10 cents on the dollar value of the "stuff", but it's better than foreclosure IMHO ...

[jeffburch]

I dunno.
I'm skeered the EPA dude will be at the track soon with his hand out.
What's the carbon tax gonna be on racing?
I could go on.
And on.
jb

[Todd Covini]

I had someone ask me before if I was worried about my "carbon footprint" given all the racing activity I do.

I told them if they got in my car and buckled up, I'd lay down two long, smoky "carbon footprints" that may change their outlook on life.

(They just gave me that "Mitch-why-do-I-bother" stare.)

[BryanL]

Chris-are those quotes from yesterday or updated with the increase in rates due to todays market? I'm guessing they are todays based on the rates.

JB/Mitch-Definitely don't invade your emergency fund to pay off your house. Especially with such short lengths until it is paid off. If you don't feel comfortable with any investments and have plenty of cash then go ahead and pay off the note. Its not like you can get any bonds or agency paper that would make up for the interest you are paying.
You also don't have much of an interest right off.


And JB-did they make the Conspiracy Theory movie after you? Now maybe they come in and try to make people run catyltic converters but its such a small amount of pollution compared the the overall pollution I wouldn't be concerned. Though my car has cats so I'm not worried.

Dave Ramsey-good basic stuff for the general public. But ask him how all his mutual funds have done. I heard him the other day and sure wish FINRA was listening to some of his propoganda.

[Alien]

Bryan, you of all people should be concerned.

http://www.autoblog.com/2009/03/25/california-to-reduce-carbon-emissions-by-banning-black-cars/

[ShadowBolt]

Chris-are those quotes from yesterday or updated with the increase in rates due to todays market? I'm guessing they are todays based on the rates.

JB/Mitch-Definitely don't invade your emergency fund to pay off your house. Especially with such short lengths until it is paid off. If you don't feel comfortable with any investments and have plenty of cash then go ahead and pay off the note. Its not like you can get any bonds or agency paper that would make up for the interest you are paying.
You also don't have much of an interest right off.


And JB-did they make the Conspiracy Theory movie after you? Now maybe they come in and try to make people run catyltic converters but its such a small amount of pollution compared the the overall pollution I wouldn't be concerned. Though my car has cats so I'm not worried.

Dave Ramsey-good basic stuff for the general public. But ask him how all his mutual funds have done. I heard him the other day and sure wish FINRA was listening to some of his propoganda.


What is FINRA? Nevermind. I looked it up.


JJ

[mitchntx]

JB/Mitch-You also don't have much of an interest right off.



I can't recall where I heard this, but yers ago when home mortgage rates were in the teens, I had someone tell me that the first litmus test on whether to refi or not was if your interest and tax deduction was below the threshold for itemizing on your 1040.

I haven't itemized in 5 or 6 years ... the standard deduction is way more.

[jeffburch]

You better lube up BL!
This whole green movement is preparing to climb up into everyones ass so far you won't be able to wind your wristwatch.

jb

[AI#97]

I dunno.
I'm skeered the EPA dude will be at the track soon with his hand out.
What's the carbon tax gonna be on racing?
I could go on.
And on.
jb

He best be wearing a kevlar vest cause I am shooting first and asking questions later.

[jeffburch]

GWB delayed this BS 8 years.
There's profit to be made from every "crisis".
You will submit.
And get used to it.
jb

[BryanL]

JB-how did you handle the millenium? I'm sure you love the increased spending on the Medical Information Bureau. Only a matter of time before everyone will have access to every appointment.

Back to mortgages. Here is an idea of a checklist.

Required information to determine a break-even analysis on a loan:
1) Month and year of purchase date (or most recent refinance loan):
2) Original loan amount(s) of most recent loan:
3) Current mortgage balance(s):
4) Current Interest rate(s):
5) Current payments - let me know how much of the payment is principal and interest and how much is taxes and insurance:
6) Current Mortgage Insurance (MI) amount being paid each month (if applicable):
7) Current credit scores (if you know them):
8) Estimated value of home:
9) Home address:
10) How long do you foresee yourself living in your current home:

[evarner]

Fess up already!! :D

http://news.yahoo.com/s/ap/20090402/ap_on_re_us/frequent_er_patients

Serously though, no wonder we can't get ahead... :x

[marshall_mosty]

Fess up already!! :D

http://news.yahoo.com/s/ap/20090402/ap_on_re_us/frequent_er_patients

Serously though, no wonder we can't get ahead... :x
That story is crazy... one a week, for 3 years. Someone needs to spend 3 dollars on some carefully placed full metal jackets and save taxpayers enough money to afford a season's worth of 888's.

[AI#97]

Fess up already!! :D

http://news.yahoo.com/s/ap/20090402/ap_on_re_us/frequent_er_patients

Serously though, no wonder we can't get ahead... :x
That story is crazy... one a week, for 3 years. Someone needs to spend 3 dollars on some carefully placed full metal jackets and save taxpayers enough money to afford a season's worth of 888's.

The gubment can write me a private contract for $200k to solve that problem. It's a bargain!