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OT - PSA - Mortgage Rates

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JohnEggGio
JohnEggGio Posts: 1,430
in EggHead Forum
If you haven't yet done it - you should look at refinancing any home mortgage you might have.  30-year fixed rates, no points, is out there.  Whispers of inflation suggest these rates might not last.

That is all.

PS: yeah, I know there's an "OT" area, but wanted more eyes.  Bye!
Maryland, 1 LBGE
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  • Cornholio
    Cornholio Posts: 1,047
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    We just bought in 2019 and have refinanced a few times because rates were dropping and the interest savings has been too good to pass up. Just closed at 2.75% last month which is a lot better than the over 4% rate we started with. 
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  • Gulfcoastguy
    Gulfcoastguy Posts: 6,306
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    I own my house. I would love to do some major changes but not enough to put my title on the line. I will have a new car note soon though. 
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  • Ozzie_Isaac
    Ozzie_Isaac Posts: 19,121
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    dmchicago said:
    Gulfcoastguy said:
    I own my house. I would love to do some major changes but not enough to put my title on the line. I will have a new car note soon though. 
    Can I suggest a Kia or Hyundai?
    No Hyundai or Kias please, but a Genesis GV80 may be in the cards.
    They don’t want a population of citizens capable of critical thinking. They don’t want well informed, well educated people capable of critical thinking. They’re not interested in that. That doesn’t help them. That's against their interests. - George Carlin
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  • JohnInCarolina
    JohnInCarolina Posts: 30,981
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    dmchicago said:
    Gulfcoastguy said:
    I own my house. I would love to do some major changes but not enough to put my title on the line. I will have a new car note soon though. 
    Can I suggest a Kia or Hyundai?

    "I've made a note never to piss you two off." - Stike
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  • JohnEggGio
    JohnEggGio Posts: 1,430
    edited February 2021
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    Come on guys, stay focused...  You can also get 3.29 for 75 months on a new auto - oddly, though, they'll only go 48 months on Hyundai or Kia...but 84 months on a Genesis.  Go figure...
    Maryland, 1 LBGE
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  • Gulfcoastguy
    Gulfcoastguy Posts: 6,306
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    dmchicago said:
    Gulfcoastguy said:
    I own my house. I would love to do some major changes but not enough to put my title on the line. I will have a new car note soon though. 
    Can I suggest a Kia or Hyundai?
    Come on man! I can at least afford a used Yugo!
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  • lousubcap
    lousubcap Posts: 32,405
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    It's all about OPM-Other People's Money!  
    Louisville; Rolling smoke in the neighbourhood. # 38 for the win.  Life is too short for light/lite beer!  Seems I'm livin in a transitional period.
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  • JohnEggGio
    JohnEggGio Posts: 1,430
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    Gawd - in that first post I forgot the "under 3%" part. Dang - can't use alcohol as my excuse - brain fart!
    Maryland, 1 LBGE
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  • PigBeanUs
    PigBeanUs Posts: 932
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    JohnEggGio said:ok
    Come on guys, stay focused...  You can also get 3.29 for 75 months on a new auto - oddly, though, they'll only go 48 months on Hyundai or Kia...but 84 months on a Genesis.  Go figure...
    If a person has to finance a car for 84 months, they probably can’t afford the car
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  • CornfedMA
    CornfedMA Posts: 491
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    PigBeanUs said:
    JohnEggGio said:ok
    Come on guys, stay focused...  You can also get 3.29 for 75 months on a new auto - oddly, though, they'll only go 48 months on Hyundai or Kia...but 84 months on a Genesis.  Go figure...
    If a person has to finance a car for 84 months, they probably can’t afford the car
    Not necessarily. Just refinanced about everything we could, including the wife’s car. We’re now sub 2% on it and the rate stayed the same whether it was 36 or 60 months. With money that cheap, it makes sense to string it out as long as possible. Hell, I’d keep the loan after the car is gone if I could. If you can’t make more than 2% with that available cash, you don’t deserve to be borrowing. 
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  • alaskanassasin
    alaskanassasin Posts: 7,663
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    CornfedMA said:
    PigBeanUs said:
    JohnEggGio said:ok
    Come on guys, stay focused...  You can also get 3.29 for 75 months on a new auto - oddly, though, they'll only go 48 months on Hyundai or Kia...but 84 months on a Genesis.  Go figure...
    If a person has to finance a car for 84 months, they probably can’t afford the car
    Not necessarily. Just refinanced about everything we could, including the wife’s car. We’re now sub 2% on it and the rate stayed the same whether it was 36 or 60 months. With money that cheap, it makes sense to string it out as long as possible. Hell, I’d keep the loan after the car is gone if I could. If you can’t make more than 2% with that available cash, you don’t deserve to be borrowing. 
     Why don’t you go to the bank take out a loan and invest it?
    South of Columbus, Ohio.


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  • CornfedMA
    CornfedMA Posts: 491
    edited February 2021
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    Go for it and let me know what the rate is. Hint- it’s not anywhere near 2% and that’s not the point. The car loan is cheap money and I have it anyway, so why not use it to my advantage??
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  • alaskanassasin
    alaskanassasin Posts: 7,663
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    CornfedMA said:
    Go for it and let me know what the rate is. Hint- it’s not anywhere near 2% and that’s not the point. The car loan is cheap money and I have it anyway, so why not use it to my advantage??
    It is the same thing. Just a different way of looking at it. 
    South of Columbus, Ohio.


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  • poster
    poster Posts: 1,172
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    Curious what mortgage rate and car rate are approximately in your areas?
    A 5 year fixed mortgage term is about 2.2% here. I bought my truck new last year for 0% (from dealer), but used was at 6% (bank or dealer). Coincidentally the vehicle lender the GM dealer used happened to be my bank. 
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  • JohnEggGio
    JohnEggGio Posts: 1,430
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    PigBeanUs said:
    JohnEggGio said:ok
    Come on guys, stay focused...  You can also get 3.29 for 75 months on a new auto - oddly, though, they'll only go 48 months on Hyundai or Kia...but 84 months on a Genesis.  Go figure...
    If a person has to finance a car for 84 months, they probably can’t afford the car
    My post was a joke, referencing the Tiger Woods thread.
    Maryland, 1 LBGE
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  • TideEggHead
    TideEggHead Posts: 1,338
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    poster said:
    Curious what mortgage rate and car rate are approximately in your areas?
    A 5 year fixed mortgage term is about 2.2% here. I bought my truck new last year for 0% (from dealer), but used was at 6% (bank or dealer). Coincidentally the vehicle lender the GM dealer used happened to be my bank. 
    We purchased a 4runner for the wife in December with a rate of 2.9%, plan to have it paid off at the end of next year. Looked into some land loans last summer that were between 3-4% for 10,15, & 30 years.


    LBGE
    AL
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  • dmourati
    dmourati Posts: 1,268
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    Refinanced last year from 3.375% 7/1 ARM down to 2.75% fixed 30 year. Our loan is a CA jumbo and those rates were slower to go down. I have a reference if anyone is looking in CA/NY.
    Mountain View, CA
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  • bdalqasmal
    bdalqasmal Posts: 12
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    Refinancing can be a game-changer with those 30-year fixed rates, especially with inflation lurking. It's a timely reminder to seize the opportunity.

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  • Gulfcoastguy
    Gulfcoastguy Posts: 6,306
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    This blast from the past showed how cheap loans used to be.
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  • fishlessman
    fishlessman Posts: 32,776
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    what are we down to now, 7 percent on a thirty, will prices go up if the rates come down.......prices are still going up here...........
    fukahwee maine

    you can lead a fish to water but you can not make him drink it
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  • Gulfcoastguy
    Gulfcoastguy Posts: 6,306
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    Way back when my 15 year note on the house was 6% . I just made extra principal payments until the note was more principal than interest. That means I paid it off in 11 years 5 months. 
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  • fishlessman
    fishlessman Posts: 32,776
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    Gulfcoastguy said:
    Way back when my 15 year note on the house was 6% . I just made extra principal payments until the note was more principal than interest. That means I paid it off in 11 years 5 months. 

    i dropped it from over 7 to around 2.5 a couple years ago on two mortgages, not sure i want to pay it off quickly at that rate. the extra put in each account does give me the means to create a good slush fund for the new roof, a painter, tree removal etc.   will be interesting to see what happens to values when the rates drop this next time around
    fukahwee maine

    you can lead a fish to water but you can not make him drink it
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  • RRP
    RRP Posts: 25,898
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    Different times different reasons but back in '93 rather than refinance for 15 years at a fixed 7% I went with a 3 year ARM for 6.625% which 3 years later jumped to 8%, but like @Gulfcoastguy I made extra principal payments monthly right from the very beginning in '93 and knocked that albatross out in '98.
    Re-gasketing America one yard at a time.
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  • fishlessman
    fishlessman Posts: 32,776
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    RRP said:
    Different times different reasons but back in '93 rather than refinance for 15 years at a fixed 7% I went with a 3 year ARM for 6.625% which 3 years later jumped to 8%, but like @Gulfcoastguy I made extra principal payments monthly right from the very beginning in '93 and knocked that albatross out in '98.

    the rules continually change, in 1999 i bought a camp that cost over 3 weeks take home a month with 25 percent down. try and do that today with a bank..... =) i cant even imagine a kid starting out with todays house prices around here.......starter homes needing alot of work are in the 500k neighborhood around me right now. about 10 times higher than the average gross pay check
    fukahwee maine

    you can lead a fish to water but you can not make him drink it
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  • Gulfcoastguy
    Gulfcoastguy Posts: 6,306
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    fishlessman said:
    Gulfcoastguy said:
    Way back when my 15 year note on the house was 6% . I just made extra principal payments until the note was more principal than interest. That means I paid it off in 11 years 5 months. 

    i dropped it from over 7 to around 2.5 a couple years ago on two mortgages, not sure i want to pay it off quickly at that rate. the extra put in each account does give me the means to create a good slush fund for the new roof, a painter, tree removal etc.   will be interesting to see what happens to values when the rates drop this next time around
    There were circumstances about my employment that made me want to pay it off as soon as possible.
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  • RRP
    RRP Posts: 25,898
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    Gulfcoastguy said:

    There were circumstances about my employment that made me want to pay it off as soon as possible.
    BINGO!!! Same here. 

    And @fishlessman I hear and see the same thing you describe. It's rather scary and with the rampant inflation which is here to stay.
    Re-gasketing America one yard at a time.
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  • fishlessman
    fishlessman Posts: 32,776
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    Gulfcoastguy said:
    fishlessman said:
    Gulfcoastguy said:
    Way back when my 15 year note on the house was 6% . I just made extra principal payments until the note was more principal than interest. That means I paid it off in 11 years 5 months. 

    i dropped it from over 7 to around 2.5 a couple years ago on two mortgages, not sure i want to pay it off quickly at that rate. the extra put in each account does give me the means to create a good slush fund for the new roof, a painter, tree removal etc.   will be interesting to see what happens to values when the rates drop this next time around
    There were circumstances about my employment that made me want to pay it off as soon as possible.

    with me, i needed another fishing opportunity, so i bought a second camp on the water =) better investment than going on fishing trips at the time.......
    fukahwee maine

    you can lead a fish to water but you can not make him drink it
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  • billt01
    billt01 Posts: 1,530
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    Ozzie_Isaac said:

    Some people get what they vote for..

    Some of the issue is the uneducated who are indoctrinated 
    Have:
     XLBGE / Stumps Baby XL / Couple of Stokers (Gen 1 and Gen 3) / Blackstone 36 / Maxey 3x5 water pan hog cooker
    Had:
    LBGE / Lang 60D / Cookshack SM150 / Stumps Stretch / Stumps Baby

    Fat Willies BBQ
    Ola, Ga

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