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All-In [46825]
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Those of you who are in the know:re:interest rates
Mar 2, 2021, 9:24 AM
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what are interest rates now a days?
When we refinanced the AR last year we got a 3.375 rate for a 20 year.
Now I'm being hit by companies saying to refinance AGAIN because rates are even lower.
What have you all seen?
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Oculus Spirit [85323]
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Why would you refinance now when you are buying
Mar 2, 2021, 9:31 AM
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Rent out the old place?
Anyways, they are up from a few weeks ago.
15 yr today = 2.25
20 yr today = 2.50
Google, duh
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All-In [31891]
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bankrate dot com....
Mar 2, 2021, 9:37 AM
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refi if the savings in interest will exceed the closing costs of refi in a reasonable period that you plan on staying in the home.
Given your discussion yesterday, why are you thinking about a refi on your existing house?
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All-In [46825]
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Not refinancing. Just using that email as a Segway into
Mar 2, 2021, 9:39 AM
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asking about rates.
About to start shopping around for rates. Wanted to see what was out there.
Message was edited by: FBCoachSC®
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Oculus Spirit [97716]
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Did a 15yr refi fixed at 2.125%
Mar 2, 2021, 10:19 AM
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Making same payments now as 30 year before, bought down 10 years of interest.
The lower rates go, the less they have to drop to make a big difference in payments. Your savings from 2 to 1% are the same as your savings from 10% to 5%. The lower you go, the less it has to drop to save more interest. Likewise, if rates ever climb, if it isn't fixed, the more it will increase payments. I wouldn't touch anything this low without it being fixed though. I mean the liability of rates going back up to even 4.25% doubles your payment.
FWIW, the government does not get a fixed rate on their loans. As such, they're exposed to big increases in interest on a massive loan based on rates even adjusting up 2-3%. And I wouldn't actually worry too much about rates climbing much. If they do, we're all toast. And they won't if you trust the architects of the system. I choose not to trust them though.
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All-In [46825]
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Who in the hell still gets variable rate mortgage these days
Mar 2, 2021, 10:20 AM
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with rates this low? I could understand if rates were >5%
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All-In [43673]
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If you have no intention on staying in your house more than
Mar 2, 2021, 10:30 AM
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5 years, why would you need a fixed rate for 30 years?
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Oculus Spirit [81061]
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One of the biggest financial mistakes I've made was NOT
Mar 2, 2021, 10:43 AM
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getting an interest only loan on my first house. I knew how much I was comfortable paying, and would have just sent that amount in every month. I could have probably doubled the amount principal that I ended up paying. I knew I wouldn't be there that long; dumb move.
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Oculus Spirit [97716]
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Lot o points [155901]
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Wait, what????
Mar 2, 2021, 10:44 AM
[ in reply to Did a 15yr refi fixed at 2.125% ] |
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Simple math for a single month vs compound interest (shouldn't matter for this example).
10% interest for $1000 paid back in a single month is $100. 5% is $50. 2% is $20. 1% is $10.
You're saving $50 going from 10% to 5%. You're saving $10 going from 2% to 1%.
The savings as a percent of the total interest paid may be the same, but the amounts are incredibly different because the amount of interest paid over the life of the loan is incredibly different.
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All-In [31891]
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Shh...he's on a roll***
Mar 2, 2021, 10:54 AM
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All-In [46825]
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Tiggity may not always be right
Mar 2, 2021, 11:09 AM
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but he's never in doubt
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Lot o points [155901]
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sounds familiar***
Mar 2, 2021, 11:44 AM
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All-In [31891]
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Heisman Winner [135579]
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I have a buddy that's in the business, if you need.
Mar 2, 2021, 10:17 AM
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I think he and his motorcycle enthusiast group usually charge around 30% but it's all under the table. You'll need to ride to Gastonia once a week to make payments, and maybe have to drop off some 'items' for him on occasion. Let me know if you want me to put you in touch!
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All-In [46825]
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I think you're describing my uncle***
Mar 2, 2021, 10:19 AM
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Lot o points [155901]
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I'm sure he's legit, but FBC should still shop around.
Mar 2, 2021, 10:23 AM
[ in reply to I have a buddy that's in the business, if you need. ] |
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It's a buyer's market these days, and another shark may very well be willing to knock a couple percent off that vig to get the business.
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Oculus Spirit [75717]
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It just dawned on me how this is is all going to go sideways
Mar 2, 2021, 10:24 AM
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. You'll apply for a mortgage, but can't get one due to already being leveraged to the hilt. You'll say that the new purchase in contingent on selling the old place. That place will not sell in a timely manner, you won't be able to get into the "new" house. Your wife will hate you even more for not being able to help whomever she thinks she is helping with this idea, and somehow your credit will get destroyed, if you even have good credit to start with.
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All-In [46825]
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Probably. If we don't have an offer on it
Mar 2, 2021, 10:29 AM
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in a couple of weeks I guess we will have to go with a realtor. Already got an inbox full of realtors wanting to "represent" us.
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Heisman Winner [135579]
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Have you given any real consideration to renting it?
Mar 2, 2021, 10:41 AM
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As a clubhouse for motorcycle enthusiasts, I mean?
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Oculus Spirit [75717]
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From what I hear there just isn't much
Mar 2, 2021, 10:56 AM
[ in reply to Probably. If we don't have an offer on it ] |
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inventory right now. Those agents need all the listings they can get. The part of FSBO that I don't know is if the other party has an agent, who pays that commission.
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All-In [46825]
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From what I've read, it's the other party
Mar 2, 2021, 11:03 AM
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their real estate agent's commission isn't my problem. That's an agreement between them.
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All-In [46825]
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But this may be why I've heard real estate agents
Mar 2, 2021, 11:06 AM
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will refuse to show a house that is FSBO because it messes with their commission.
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Oculus Spirit [81061]
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Some, but its more about the FSBO owner not knowing WT F
Mar 2, 2021, 11:11 AM
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they are doing, and have to do and pay to sell the house. Then when the buyers realtor tells them, they think the realtor is trying to put something over on them.
And then, the buyers realtor has to do the work for the other side too, and doesn't get paid for that.
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All-In [46825]
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BUT honestly how much does the REA do besides
Mar 2, 2021, 11:14 AM
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find the house or buyer for the house and set up the appointments for lenders/inspections/etc.
Pretty much REA's are scavenger hunters.
Working through a real estate lawyer and finding my own lender takes over half of their workload away. The biggest headache I will have to do that a REA does is finding a buyer.
Message was edited by: FBCoachSC®
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Oculus Spirit [81061]
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How many houses have you sold?
Mar 2, 2021, 11:19 AM
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Or bought?
I just backed out of a house I was buying because it ended up needing a lot of structural work. Having a due diligence clause made that happen immediately. Had I depended on only the inspection, I'd be wrapped up in litigation for weeks...for $3K of earnest money.
If you were buying a house, would you know and understand what "due diligence" is, how to put it in a binding contract, and how that relates to the earnest money?
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All-In [46825]
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But is all of this handled by the REA or by a
Mar 2, 2021, 11:29 AM
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real estate lawyer?
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Oculus Spirit [81061]
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The realtor provides, or writes, or stipulates the contract.
Mar 2, 2021, 11:57 AM
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A good REA will make sure you are protected when you buy a house.
The lawyer gathers all this info together, assembles costs, taxes, ins etc and title/deed information, and prepares the closing documents.
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All-In [31891]
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Dude...saying this nicely...you clearly don't know what...
Mar 2, 2021, 1:39 PM
[ in reply to But is all of this handled by the REA or by a ] |
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you are doing here.
I'm not being mean, but the questions you're asking show that you really don't understand what you're doing. There's nothing wrong with that...most people don't. I'm not an expert, but I've done enough personal and professional real estate deals to know you need a real estate agent. I feel like I know more than the average bear about real estate contracts and norms and I would never consider selling a property without an agent involved.
It will be the best commission you ever pay.
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Orange Blooded [4701]
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All-In [38514]
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Can you even get a home loan on this?
Mar 2, 2021, 10:25 AM
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Lot o points [155901]
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Strong, strong GIS pull.***
Mar 2, 2021, 10:27 AM
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Heisman Winner [135579]
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GIS, LOLUTZ.
Mar 2, 2021, 10:43 AM
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That's the backyard shed that tdrake® just built and documented step-by-step on Buddybook.
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All-In [46825]
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Can't be. That one looks square compared to Tdrake's***
Mar 2, 2021, 10:59 AM
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All-In [38514]
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This is true.***
Mar 2, 2021, 11:05 AM
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All-In [43673]
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Little secret imma let you in on.
Mar 2, 2021, 10:29 AM
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Companies are "hitting you up" because you are a sucker. And they make money for every mortgage they write. It's ALWAYS the right time to refi according to them. Try it. They'll refi you every month if you let them.
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Lot o points [155901]
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LOL, Good one dude, but you aren't fooling anyone.
Mar 2, 2021, 10:39 AM
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If I wasn't supposed to ask my Doctor about certain drugs, there wouldn't be a celebrity on my TV specifically telling me to do just that. They're celebrities. They have better things to do than just make up stuff.
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All-In [43673]
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Fair point is fair point. Is FBcouch getting hit up by
Mar 2, 2021, 10:42 AM
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Vince Lombardi for a refi though?
I FINK NOT!
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Oculus Spirit [81061]
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I was approved and locked in 2 weeks ago for 3.625%,30 year
Mar 2, 2021, 10:39 AM
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purchase, no points with $3500 lender credits. I had to bring like $1600 additional to closing.
They said the rates were going up, but I haven't looked since the house deal feel through.
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Lot o points [155901]
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That should be sub-3%, based on what I've seen lately.***
Mar 2, 2021, 10:40 AM
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All-In [31463]
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Re: That should be sub-3%, based on what I've seen lately.***
Mar 2, 2021, 10:41 AM
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I can't get anything below 3 right now, then again I'm asking for 100% financing on a huge loan. They are going up in just the last two weeks too.
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Oculus Spirit [81061]
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All-In [46825]
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Oculus Spirit [81061]
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Sounds like they did go up some.
Mar 2, 2021, 10:58 AM
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When you are sub 3%, I'm not sure it really matters.
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All-In [46825]
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Probably not. only problem with that is
Mar 2, 2021, 11:00 AM
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if you ever need to refinance, your ### is going to be grass in the interest department. I doubt we see sub 3% by summer.
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Oculus Spirit [81061]
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Why would you need to refinance?***
Mar 2, 2021, 11:02 AM
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All-In [46825]
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Speaking hypothetically.***
Mar 2, 2021, 11:04 AM
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Oculus Spirit [81061]
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CU Medallion [66054]
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You financed an AR-15 for 15 years ?***
Mar 2, 2021, 11:25 AM
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All-In [46825]
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Stimmy check as a down payment bro
Mar 2, 2021, 11:30 AM
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Oculus Spirit [79429]
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Heisman Winner [105551]
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Didn't you just refi? I am about 82% sure you need to
Mar 2, 2021, 11:44 AM
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recoup the costs of that refi in order to make the math work.
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Oculus Spirit [81061]
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He bought a 2006 Chevy truck on credit and put big tires
Mar 2, 2021, 11:59 AM
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on it.
What were you saying?
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Replies: 52
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