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Refinance vs. Doubling up
Posted: Tue Oct 26, 2010 12:16 am
by Go Coogs'
I have 22.5 years left on my mortgage at which I'm locked in at 5.5%. I just paid off Mrs. Rumps truck and my car will be paid off some time during the summer; perhaps before then. I plan on reallocating most of that money to the house note next.
If I double up, I can pay off the house some time around 2020. That is, of course, if everything stays as is right now. Or, I can save up a few ger for a 15-year re-fi with a rate around 4.25%. Being a one-time buyer, I'm not familiar with re-fi, closing costs, points, and what not. It's all a mystery to me. I'm a few months away from making the call, so I have time to research all the positives and negatives.
Until then, I'm open to suggestions and/or additional options to getting the mortgage paid off early.
Little bit of extra info, the market here is doing okay I suppose. We'll be able to sell this house in a few years if Mrs. Rumps and I decide to upgrade.
Re: Refinance vs. Doubling up
Posted: Tue Oct 26, 2010 12:55 am
by Go Coogs'
88 wrote: If there is any chance that you will need to sell your house in the next 3-4 years, then you will not reap the savings from a refi. But if you expect to be there for 5 years or longer, then it is a good idea to refinance at lower rates.
This^^^...is the big mystery.
We're in the process of trying to start a family and I feel we can make this house work with a family of four. It'd be tight (insert Mt. Rumple joke here), but it could work. Paying off this mortgage early could mean exploring the possibility of purchasing a second home for vacationing down the road.
Mrs. Rumps, on the other hand, wants a larger (another fat joke), grander home in a gated community with a Porche Cayenne parked in the driveway. That ain't my thing.
Re: Refinance vs. Doubling up
Posted: Tue Oct 26, 2010 2:51 am
by mvscal
Go Coogs' wrote:Mrs. Rumps, on the other hand, wants a larger (another fat joke), grander home .
It sounds like a fair question. Has she outgrown her current habitat?
Re: Refinance vs. Doubling up
Posted: Tue Oct 26, 2010 3:03 am
by R-Jack
What 88 said. Why refi a house when you don't even know you if you will be in it?
Re: Refinance vs. Doubling up
Posted: Tue Oct 26, 2010 3:51 am
by War Wagon
mvscal wrote:Go Coogs' wrote:Mrs. Rumps, on the other hand, wants a larger (another fat joke), grander home .
It sounds like a fair question. Has she outgrown her current habitat?
Badda bing, badda Boom.
Re: Refinance vs. Doubling up
Posted: Tue Oct 26, 2010 10:47 pm
by PSUFAN
We're in the process of trying to start a family
Congrats, and good luck surviving all of that. If the Chilean Miners can be retrieved, you can be too.
May pleasant thoughts of T1B sustain you where the crampons meet the tampons.
Re: Refinance vs. Doubling up
Posted: Wed Oct 27, 2010 12:57 am
by MgoBlue-LightSpecial
We're in the process of trying to start a family
You could save on medical bills by resurfacing with your kid.
It'd be tight
Lies.
Re: Refinance vs. Doubling up
Posted: Wed Oct 27, 2010 1:04 am
by Shlomart Ben Yisrael
Go Coogs' wrote:
We're in the process of trying to start a family...
What
process? Trying?
Man's wee-wee goes in lady's hoo-haw. What's so complicated about that?
Re: Refinance vs. Doubling up
Posted: Wed Oct 27, 2010 1:09 am
by MgoBlue-LightSpecial
Martyred wrote:What process?
l to r: rumps, his crank
Re: Refinance vs. Doubling up
Posted: Wed Oct 27, 2010 4:26 am
by Goober McTuber
Toddowen wrote:Amazing how much me and Coogs are in the same boat.
Right. He's married to a giant she-beast and you're a fat, drunken pedophile. Hey, that's no boat. It's an ark.
Re: Refinance vs. Doubling up
Posted: Mon Nov 08, 2010 8:40 pm
by Go Coogs'
Bump...
I'm going with a refi. Rate we locked in at is 3.625, but I'm fronting enough cash to buy the 1.25 basis points and get the rate at 3.5%. Our monthly note will not change at all with this rate AND I will be fortunate enough to throw an additional $200 a month to the note so we get it paid off even earlier. I know y'all could give a shit, but these rates are too good to pass up right now.
Re: Refinance vs. Doubling up
Posted: Tue Nov 09, 2010 3:49 am
by The Seer
Toddowen wrote:Amazing how much me and Coogs are in the same boat.
The thing that's bugging the hell out of me is my neighbor. I'll have to lie thru my teeth to a a potential buyer, saying "Oh...the neighbor is a
wonderful guy.{
:P }
But on the other hand, he meay very likely lose his place due to accumilating a shitload of taxes and liens, and I might be able to turn it into my backyard. {the house needs to be torn down}
I've been anticipating this jerkwipe on getting the fuck out of there for some time now. In the meantime, the housing market collapsed. Now I'm stuck next to this creep until either he finally loses his place, I take a huge hit and sell, or the market picks back up to what it was 7 years ago and I make a move with the knowledge of my homebuying experience under my belt.
I just try to be happy that I even have a roof over my head....most of the time.
Then again, there are the nights I feel like walking through the door of jerkwipes' place with a Mizuno and swatting his mellon in.
Wouldn't life have been less complicated had you actually killed yourself?