Refinancing home mortgage with ZERO % prime ?

[Oregonhunter5]

Hard part is for folks to buy way way less than they could afford or need. Kids sharing bedrooms is important. Keeps them humble. They grow stronger relationships. Our previous house in Junction city cost about as much as made per year. 1,350!! It was awesome!!! Wife but her lip. I love no mortgage. It's like a weekly reach around...

 

[clearconscience]

I heard by the end of the week or early next week the rates should drop to where they will be.
I REFI'd almost two years ago but I'm going to see if it's worth it. My rate is around 4.25%

 

[Helocat]

Check with your current lender. The last refi we did years ago the lender was willing to do it internally with no new home estimate and all the added closing bs since they did not want to risk losing us to a competitor. Few overnight shipped documents and like a week later we had the lower rate with min. closing costs.

 

[Hueco]

Good for you. Property around here is soooo expensive that it makes mortgages hard to obtain.

We actually got ours at $0 down. Go VA loan. Closed within two weeks as well. Our finance guy was actually amazed it went so fast and so smooth. Maybe we just got lucky but it's a process I'd recommend to anyone who can use it.

 

[CoastRange57]

Paying off your mortgage early is a very good way to build wealth. A 15 year mortgage will do that, and you can get there with a 30, you just have to pay down at least $ 2,000 or more per year.

I had a low rate on my valley place, but the balance was too high for our comfort, and we had a 75% equity position, so we fixed it up and sold it, and paid cash for everything here in Central Oregon. We were also to old to be carrying a mortgage this close to full retirement.

2 of my sons have mortgages that I have been after them to accelerate payment on. They are 32 and 34 and I told them to have the damn thing paid off by 45, don't get divorced at 30 like I did, and stop buying quads. They both will have good PERS retirements, but if they paid off the mortgage, they could then take a full 15% of their income and invest it, and still punch out at 55 with PERS and probably 300 grand in their own funds.


Now about those damn taxes....

 

[wired]

Hard part is for folks to buy way way less than they could afford or need. Kids sharing bedrooms is important. Keeps them humble. They grow stronger relationships. Our previous house in Junction city cost about as much as made per year. 1,350!! It was awesome!!! Wife but her lip. I love no mortgage. It's like a weekly reach around...

Pass

 

[nehalemguy]

Explaining this in the simplest terms......

 

[Oregonhunter5]

Pass

Now the home we have is 3,100 feet. Paid for. Paid $267,000. I think it's worth $600,000 now. Increased that much in 6 years. Which only drive taxes up. Point being, nobody wanted a older home then. I thought it made sense. People live way beyond there means in Idaho and Utah. In Oregon not as much. Daughter gets her own room. Boys love being in the same. I think the housing will crash again. Not as fast in Idaho since Everyone is moving here.
loans are obviously needed. But it's a slave driver as well.

 

[Member 34319]

Well. Rates are climbing. Guess it's unlikely anything lower is coming soon.

 

[wired]

Yeah. Been talking to mortgage guys. The banks are afraid of lending to people who won't have jobs soon.

 

[FortRock]

Planning to sell my house in Turner. Should be interesting to see what happens with the housing market with all this hoopla. 1150 sq ft. Clean and updated. Any takers?

 

[CountryGent]

Paying off your mortgage early is a very good way to build wealth.

Indeed. We made it a goal to wipe out our mortgage fast and we did. Zero debt and what used to go to house is being plowed directly into various investment vehicles.

 

[CRBMoA]

We are a Title and Escrow company. I am too busy to be posting here today!

 

[elitejake]

I heard back today from one of the three I called. Rates jumped .75 % yesterday. Holy cow.

 

[wired]

I was hoping for a VA rate at 2.25% . Didnt happen. At least I can enjoy cheap gas while the Saudis and Russians slog it out.

 

[Ruger Rich]

Crazy low.
My concern is folks will go buy homes because of the rates and then home prices will crash again, and that home is a worthless boat anchor.

Check 2008

 

[Oregonhunter5]

Check 2008

What do you mean

 

[Ruger Rich]

I believe, and check me on this, the rate banks charge for a mortgage is not based on the prime but rather some 10 year bond.

 

[TTSX]

I'm pretty happy with whatever my rate is. Don't even know. The biggest thing to me is I can't get evicted, my "rent" won't increase and I can have as many pets as I want. It's nice not having any of that to worry about

 

[nehalemguy]

Mortgage rates are based on the bond market, meaning mortgage bonds or mortgage-backed securities.

My wife is in this business. She is currently wrangling 27 different purchases or refinances this month alone.

-E-