Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Right now, my rate is at 4.375% and I pay 1,135.99 a month for my mortgage. If I go by today's rate, it would lower my payment to $1,014.52 at 3.5% rate. I was really hoping to get my payments under 1k a month, but i just missed the opportunity to do so. (rates were slightly lower a month back) My other issue is that I'm thinking about moving in the next 3 years or so. They're building a new community closer to downtown and I was thinking about selling my current house and moving down there. My main issue is that I don't know when they're going to start construction on homes. (I think it's going to be 3 years but it may be longer) Right now, they're doing retail stores. (target, macy's etc...)
I understand the break even point. I would need to stay in my home for 40 months in order to break even if I decided to refinance but I really want to wait for a lower rate. I would kick self if I refinanced today, and next month, the rates are lower. Should I wait it out, jump on the opportunity today or do nothing? I'm leaning towards waiting it out.
I just refinanced. We had 24 years left on a 30 year mortgage. The new mortgage is 20 years and our payment is less than 1K/month, so I feel like it was a good thing. We're not planning to move, so it was an easy decision for me.
Right now, my rate is at 4.375% and I pay 1,135.99 a month for my mortgage. If I go by today's rate, it would lower my payment to $1,014.52 at 3.5% rate. I was really hoping to get my payments under 1k a month, but i just missed the opportunity to do so. (rates were slightly lower a month back) My other issue is that I'm thinking about moving in the next 3 years or so. They're building a new community closer to downtown and I was thinking about selling my current house and moving down there. My main issue is that I don't know when they're going to start construction on homes. (I think it's going to be 3 years but it may be longer) Right now, they're doing retail stores. (target, macy's etc...)
I understand the break even point. I would need to stay in my home for 40 months in order to break even if I decided to refinance but I really want to wait for a lower rate. I would kick self if I refinanced today, and next month, the rates are lower. Should I wait it out, jump on the opportunity today or do nothing? I'm leaning towards waiting it out.
Thinking of moving in 3 years? No. I would not refinance.
In fact, I think 30 year mortgages should not be used. You only have to pay off a house once in your lifetime; after that, the money always goes into the house no matter how many times you move.
No - $20 per month savings with a potential near-term resale will cost you more than you will gain. There is nothing in the information you provided to suggest that a refinance is a good idea now. What do you hope to gain?
No - $20 per month savings with a potential near-term resale will cost you more than you will gain. There is nothing in the information you provided to suggest that a refinance is a good idea now. What do you hope to gain?
My savings would be $140 a month, but if i wanted to sell my home in late 2019, then I don't know if I should.
Originally Posted by Listener2307 You only have to pay off a house once in your lifetime; after that, the money always goes into the house no matter how many times you move.
Quote:
Originally Posted by Pitt Chick
If only that were true...
It's been true for me. It may not be true if I move to an area where homes are much more expensive, but it's generally true.
It's expensive to refinance. We just did, and it cost us about $6k. Our only reason was to get the payment as low as possible, and it did achieve that goal. If we were planning to sell in the short term, I think refinancing would have been a waste of money.
No, especially not if you are planning on leaving in three years. Why do you really want the lower rate when you're planning on leaving before or around the time you'd break even? You're either paying the bank more fees today or more interest over time (time value). The only way I can see wanting the lower interest rate is if it costs significantly less than the fees. Otherwise it's just not worth the effort.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
