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Thread: OT: 2.625%

  1. #1
    Bryan Guest

    Default OT: 2.625%

    That's yesterday's interest rate on a 15 year mortgage.
    https://firstcommunity.mortgagewebce...om/Default.asp
    We lock in today on a refi. For a $55 a month increase in payments,
    we go from having 27 years to pay off, down to 15. If anyone out
    there has a significant mortgage balance, you should look into
    refinancing right now.

    --Bryan

  2. #2
    Nancy Young Guest

    Default Re: OT: 2.625%

    On 10/10/2012 9:42 AM, Bryan wrote:
    > That's yesterday's interest rate on a 15 year mortgage.
    > https://firstcommunity.mortgagewebce...om/Default.asp
    > We lock in today on a refi. For a $55 a month increase in payments,
    > we go from having 27 years to pay off, down to 15. If anyone out
    > there has a significant mortgage balance, you should look into
    > refinancing right now.


    Congratulations. That's how we killed our mortgage, went to a
    15 year and the balance dropped fast enough we were able to put
    it to rest maybe 7 years later, if that. It's crazy not to jump
    on that rate if you can. Almost funny compared to the 12.75 we
    started with.

    nancy






  3. #3
    Bryan Guest

    Default Re: OT: 2.625%

    On Oct 10, 9:22*am, Nancy Young <rjynlynos...@vverizon.net> wrote:
    > On 10/10/2012 9:42 AM, Bryan wrote:
    >
    > > That's yesterday's interest rate on a 15 year mortgage.
    > >https://firstcommunity.mortgagewebce...om/Default.asp
    > > We lock in today on a refi. * For a $55 a month increase in payments,
    > > we go from having 27 years to pay off, down to 15. * If anyone out
    > > there has a significant mortgage balance, you should look into
    > > refinancing right now.

    >
    > Congratulations. *That's how we killed our mortgage, went to a
    > 15 year and the balance dropped fast enough we were able to put
    > it to rest maybe 7 years later, if that. *It's crazy not to jump
    > on that rate if you can. *Almost funny compared to the 12.75 we
    > started with.


    It went down again. We locked in at 2.50!
    >
    > nancy


    --Bryan

  4. #4
    Somebody Guest

    Default Re: 2.625%

    "Bryan" <[email protected]> wrote in message
    news:[email protected]...
    > That's yesterday's interest rate on a 15 year mortgage.
    > https://firstcommunity.mortgagewebce...om/Default.asp
    > We lock in today on a refi. For a $55 a month increase in payments,
    > we go from having 27 years to pay off, down to 15. If anyone out
    > there has a significant mortgage balance, you should look into
    > refinancing right now.
    >
    > --Bryan



    wow, I'm going to have to look into this... Mine is 5 1/8 and that was a
    good deal at the time.

    Thanks!



  5. #5
    merryb Guest

    Default Re: 2.625%

    On Oct 10, 2:12*pm, "Somebody" <e...@mail.au> wrote:
    > "Bryan" <bryangsimm...@gmail.com> wrote in message
    >
    > news:[email protected]...
    >
    > > That's yesterday's interest rate on a 15 year mortgage.
    > >https://firstcommunity.mortgagewebce...om/Default.asp
    > > We lock in today on a refi. * For a $55 a month increase in payments,
    > > we go from having 27 years to pay off, down to 15. * If anyone out
    > > there has a significant mortgage balance, you should look into
    > > refinancing right now.

    >
    > > --Bryan

    >
    > wow, I'm going to have to look into this... *Mine is 5 1/8 and that wasa
    > good deal at the time.
    >
    > Thanks!


    Not if you're unemployed!

  6. #6
    Brooklyn1 Guest

    Default Re: 2.625%

    "Somebody" wrote:
    >
    >Mine is 5 1/8" and that was a good deal at the time.


    Are you bragging, complaining, or exaggerating... as if the girls are
    gonna swoon over that 1/8". LOL

  7. #7
    Bryan Guest

    Default Re: 2.625%

    On Oct 10, 4:12*pm, "Somebody" <e...@mail.au> wrote:
    > "Bryan" <bryangsimm...@gmail.com> wrote in message
    >
    > news:[email protected]...
    >
    > > That's yesterday's interest rate on a 15 year mortgage.
    > >https://firstcommunity.mortgagewebce...om/Default.asp
    > > We lock in today on a refi. * For a $55 a month increase in payments,
    > > we go from having 27 years to pay off, down to 15. * If anyone out
    > > there has a significant mortgage balance, you should look into
    > > refinancing right now.

    >
    > > --Bryan

    >
    > wow, I'm going to have to look into this... *Mine is 5 1/8 and that wasa
    > good deal at the time.
    >
    > Thanks!


    This may not be rock bottom, but since it often takes several weeks
    before you can lock, I'd do it very soon. If, after the election,
    there is legislation passed that avoids the sequestration, interest
    rates will probably be heading back up pretty rapidly. Not far up,
    but up.

    --Bryan

  8. #8
    Somebody Guest

    Default Re: 2.625%

    "Brooklyn1" <Gravesend1> wrote in message
    news:[email protected]..
    > "Somebody" wrote:
    >>
    >>Mine is 5 1/8" and that was a good deal at the time.

    >
    > Are you bragging, complaining, or exaggerating... as if the girls are
    > gonna swoon over that 1/8". LOL



    lol!



  9. #9
    Ed Pawlowski Guest

    Default Re: OT: 2.625%

    On Wed, 10 Oct 2012 10:22:46 -0400, Nancy Young
    <[email protected]> wrote:

    >On 10/10/2012 9:42 AM, Bryan wrote:
    >> That's yesterday's interest rate on a 15 year mortgage.
    >> https://firstcommunity.mortgagewebce...om/Default.asp
    >> We lock in today on a refi. For a $55 a month increase in payments,
    >> we go from having 27 years to pay off, down to 15. If anyone out
    >> there has a significant mortgage balance, you should look into
    >> refinancing right now.

    >
    >Congratulations. That's how we killed our mortgage, went to a
    >15 year and the balance dropped fast enough we were able to put
    >it to rest maybe 7 years later, if that. It's crazy not to jump
    >on that rate if you can. Almost funny compared to the 12.75 we
    >started with.
    >
    >nancy
    >


    Even if you don't re-fi, send a few extra bucks every month to knock
    down the principal and save a bundle. When I bought this house in
    1981, it was 15%. Re-finance a couple of times and was happy to
    finally pay it off.

  10. #10
    Cheryl Guest

    Default Re: OT: 2.625%

    On 10/10/2012 9:42 AM, Bryan wrote:

    > That's yesterday's interest rate on a 15 year mortgage.
    > https://firstcommunity.mortgagewebce...om/Default.asp
    > We lock in today on a refi. For a $55 a month increase in payments,
    > we go from having 27 years to pay off, down to 15. If anyone out
    > there has a significant mortgage balance, you should look into
    > refinancing right now.


    I've refinanced twice in the last two years, the last one to modify my
    30 year to a 15 year. Otherwise, I'd refinance again. I'd have to do
    some math to figure out if it would be worth it. Could probably go down
    to a 10 year with that rate. Hmm...

    I bought my house in 2000 when the interest rate was over 9%, and have
    refinanced probably 4 times.


  11. #11
    Cheryl Guest

    Default Re: OT: 2.625%

    On 10/10/2012 11:02 PM, Ed Pawlowski wrote:
    > On Wed, 10 Oct 2012 10:22:46 -0400, Nancy Young
    > <[email protected]> wrote:
    >
    >> On 10/10/2012 9:42 AM, Bryan wrote:
    >>> That's yesterday's interest rate on a 15 year mortgage.
    >>> https://firstcommunity.mortgagewebce...om/Default.asp
    >>> We lock in today on a refi. For a $55 a month increase in payments,
    >>> we go from having 27 years to pay off, down to 15. If anyone out
    >>> there has a significant mortgage balance, you should look into
    >>> refinancing right now.

    >>
    >> Congratulations. That's how we killed our mortgage, went to a
    >> 15 year and the balance dropped fast enough we were able to put
    >> it to rest maybe 7 years later, if that. It's crazy not to jump
    >> on that rate if you can. Almost funny compared to the 12.75 we
    >> started with.
    >>
    >> nancy
    >>

    >
    > Even if you don't re-fi, send a few extra bucks every month to knock
    > down the principal and save a bundle. When I bought this house in
    > 1981, it was 15%. Re-finance a couple of times and was happy to
    > finally pay it off.
    >

    That's what I do, too. I spend $200 extra per month. Math is not my
    strength so I can't remember what that's supposed to knock the principal
    down to over the next several years. That's why after the last refin I
    opted for 15 year rather than 10 and just pay extra while I can, but if
    I can't, I have a lower monthly payment than the 10 year plan.

  12. #12
    Nancy Young Guest

    Default Re: OT: 2.625%

    On 10/10/2012 11:02 PM, Ed Pawlowski wrote:
    > On Wed, 10 Oct 2012 10:22:46 -0400, Nancy Young


    >> Congratulations. That's how we killed our mortgage, went to a
    >> 15 year and the balance dropped fast enough we were able to put
    >> it to rest maybe 7 years later, if that. It's crazy not to jump
    >> on that rate if you can. Almost funny compared to the 12.75 we
    >> started with.


    > Even if you don't re-fi, send a few extra bucks every month to knock
    > down the principal and save a bundle. When I bought this house in
    > 1981, it was 15%. Re-finance a couple of times and was happy to
    > finally pay it off.


    Imagine, 15%. We re-fied a couple of times, too. Some of the
    clowns we had to deal with, I knew any effort to pay down principal
    would result in the money being applied to escrow or something.

    Can't believe how low Bryan's rate wound up. Incredible. Almost
    makes me want to go buy another place. Harrr.

    nancy

  13. #13
    Somebody Guest

    Default Re: OT: 2.625%

    "Nancy Young" <[email protected]> wrote in message
    news:50763547$0$4880$[email protected] com...
    > On 10/10/2012 11:02 PM, Ed Pawlowski wrote:
    >> On Wed, 10 Oct 2012 10:22:46 -0400, Nancy Young

    >
    >>> Congratulations. That's how we killed our mortgage, went to a
    >>> 15 year and the balance dropped fast enough we were able to put
    >>> it to rest maybe 7 years later, if that. It's crazy not to jump
    >>> on that rate if you can. Almost funny compared to the 12.75 we
    >>> started with.

    >
    >> Even if you don't re-fi, send a few extra bucks every month to knock
    >> down the principal and save a bundle. When I bought this house in
    >> 1981, it was 15%. Re-finance a couple of times and was happy to
    >> finally pay it off.

    >
    > Imagine, 15%. We re-fied a couple of times, too. Some of the
    > clowns we had to deal with, I knew any effort to pay down principal
    > would result in the money being applied to escrow or something.
    >
    > Can't believe how low Bryan's rate wound up. Incredible. Almost
    > makes me want to go buy another place. Harrr.
    >
    > nancy




    Back when Carter was president, I had a CD that earned around 20%!



  14. #14
    Steve Pope Guest

    Default Re: OT: 2.625%

    In article <k562i9$8ri$[email protected]>, Somebody <[email protected]> wrote:
    >"Nancy Young" <[email protected]> wrote in message
    >news:50763547$0$4880$[email protected] .com...
    >> On 10/10/2012 11:02 PM, Ed Pawlowski wrote:
    >>> On Wed, 10 Oct 2012 10:22:46 -0400, Nancy Young

    >>
    >>>> Congratulations. That's how we killed our mortgage, went to a
    >>>> 15 year and the balance dropped fast enough we were able to put
    >>>> it to rest maybe 7 years later, if that. It's crazy not to jump
    >>>> on that rate if you can. Almost funny compared to the 12.75 we
    >>>> started with.

    >>
    >>> Even if you don't re-fi, send a few extra bucks every month to knock
    >>> down the principal and save a bundle. When I bought this house in
    >>> 1981, it was 15%. Re-finance a couple of times and was happy to
    >>> finally pay it off.

    >>
    >> Imagine, 15%. We re-fied a couple of times, too. Some of the
    >> clowns we had to deal with, I knew any effort to pay down principal
    >> would result in the money being applied to escrow or something.
    >>
    >> Can't believe how low Bryan's rate wound up. Incredible. Almost
    >> makes me want to go buy another place. Harrr.
    >>
    >> nancy

    >
    >
    >
    >Back when Carter was president, I had a CD that earned around 20%!


    That was Volker's doing.

    Our first mortgage (in 1985) was 11.75% (a 15 year); the second balloon
    mortgage was 12%. The balloon saved us from being required to have an
    escrow account. We never refinanced (rates only dropped slightly
    in the ensuing years) but we were able to pay them off in about eight
    years.

    In those days, the mortgage interest deduction was quite valuable.
    Today, not so much.



    Steve

  15. #15
    Somebody Guest

    Default Re: OT: 2.625%

    "Steve Pope" <[email protected]> wrote in message
    news:k56mjv$mvf$[email protected]..
    >>Back when Carter was president, I had a CD that earned around 20%!

    >
    > That was Volker's doing.
    >
    > Our first mortgage (in 1985) was 11.75% (a 15 year); the second balloon
    > mortgage was 12%. The balloon saved us from being required to have an
    > escrow account. We never refinanced (rates only dropped slightly
    > in the ensuing years) but we were able to pay them off in about eight
    > years.
    >
    > In those days, the mortgage interest deduction was quite valuable.
    > Today, not so much.
    >
    > Steve



    I wish I could refinance, but probably sell in year or so. Doesn't makes
    sense... And local agent here said: 3.6%



  16. #16
    Brooklyn1 Guest

    Default Re: OT: 2.625%

    On Wed, 10 Oct 2012 23:02:36 -0400, Ed Pawlowski <[email protected]> wrote:

    >On Wed, 10 Oct 2012 10:22:46 -0400, Nancy Young
    ><[email protected]> wrote:
    >
    >>On 10/10/2012 9:42 AM, Bryan wrote:
    >>> That's yesterday's interest rate on a 15 year mortgage.
    >>> https://firstcommunity.mortgagewebce...om/Default.asp
    >>> We lock in today on a refi. For a $55 a month increase in payments,
    >>> we go from having 27 years to pay off, down to 15. If anyone out
    >>> there has a significant mortgage balance, you should look into
    >>> refinancing right now.

    >>
    >>Congratulations. That's how we killed our mortgage, went to a
    >>15 year and the balance dropped fast enough we were able to put
    >>it to rest maybe 7 years later, if that. It's crazy not to jump
    >>on that rate if you can. Almost funny compared to the 12.75 we
    >>started with.
    >>
    >>nancy
    >>

    >
    >Even if you don't re-fi, send a few extra bucks every month to knock
    >down the principal and save a bundle.


    I think it very rare that a mortgage holder will accept a few bucks at
    a time, they typically take advance payments but in my experience they
    need to be in multiples of the full monthly payment amount. And in my
    experience one should do very careful computations prior to
    refinancing because typically there is no savings when the loss of all
    the years one has already paid is calculated... you can end up with
    smaller monthly payments but end up paying a larger net amount because
    you get credit for the principal you paid but don't get credit for the
    years you paid. Often there are substantial closing costs and then
    you need to start paying all over again so for most folks they will
    pay for a lot longer so will make many more payments even though the
    payments are smaller. Usually there is no savings and in fact they
    pay more but the payments are smaller and in this new economic
    environment that can be a help to those who have a problem making the
    larger payments under their original mortgage... one also needs to
    calculate the tax savings from the interest deduction. In my
    experience refinancing stretches out the payments but offers no net
    savings... the banks ain't stupid. Most folks think of a mortgage as
    liability but in fact a mortgage is an asset.

  17. #17
    Bryan Guest

    Default Re: OT: 2.625%

    On Oct 11, 3:19*pm, Brooklyn1 <Gravesend1> wrote:
    > On Wed, 10 Oct 2012 23:02:36 -0400, Ed Pawlowski <e...@snet.net> wrote:
    > >On Wed, 10 Oct 2012 10:22:46 -0400, Nancy Young
    > ><rjynlynos...@vverizon.net> wrote:

    >
    > >>On 10/10/2012 9:42 AM, Bryan wrote:
    > >>> That's yesterday's interest rate on a 15 year mortgage.
    > >>>https://firstcommunity.mortgagewebce...om/Default.asp
    > >>> We lock in today on a refi. * For a $55 a month increase in payments,
    > >>> we go from having 27 years to pay off, down to 15. * If anyone out
    > >>> there has a significant mortgage balance, you should look into
    > >>> refinancing right now.

    >
    > >>Congratulations. *That's how we killed our mortgage, went to a
    > >>15 year and the balance dropped fast enough we were able to put
    > >>it to rest maybe 7 years later, if that. *It's crazy not to jump
    > >>on that rate if you can. *Almost funny compared to the 12.75 we
    > >>started with.

    >
    > >>nancy

    >
    > >Even if you don't re-fi, send a few extra bucks every month to knock
    > >down the principal and save a bundle.

    >
    > I think it very rare that a mortgage holder will accept a few bucks at
    > a time, they typically take advance payments but in my experience they
    > need to be in multiples of the full monthly payment amount. *And in my
    > experience one should do very careful computations prior to
    > refinancing because typically there is no savings when the loss of all
    > the years one has already paid is calculated... you can end up with
    > smaller monthly payments but end up paying a larger net amount because
    > you get credit for the principal you paid but don't get credit for the
    > years you paid. * Often there are substantial closing costs and then
    > you need to start paying all over again so for most folks they will
    > pay for a lot longer so will make many more payments even though the
    > payments are smaller. *Usually there is no savings and in fact they
    > pay more but the payments are smaller and in this new economic
    > environment that can be a help to those who have a problem making the
    > larger payments under their original mortgage... one also needs to
    > calculate the tax savings from the interest deduction. *In my
    > experience refinancing stretches out the payments but offers no net
    > savings... the banks ain't stupid. *Most folks think of a mortgage as
    > liability but in fact a mortgage is an asset.


    In my case, I did the math and it turned out great. Our monthly
    payment increases 18%, but the years to payoff go down from 27 years
    to 15 years. We never itemize, so we never use the mortgage interest
    as a deduction on our home, though we do on the rental house.

    --Bryan

  18. #18
    Cheryl Guest

    Default Re: OT: 2.625%

    On 10/10/2012 11:45 PM, Nancy Young wrote:

    > Can't believe how low Bryan's rate wound up. Incredible. Almost
    > makes me want to go buy another place. Harrr.


    Seriously. I've wanted to buy a place at the ocean that I can use a few
    weeks during the summer and other seasons, rent it out the rest of the
    time, then retire to it some day. If I thought I could swing it, now
    would be the time. I'm sure my window of opportunity is very short so
    it won't give me time to think it through. Though a non-primary place
    of residence probably won't get that low rate.

  19. #19
    Bryan Guest

    Default Re: OT: 2.625%

    On Oct 11, 6:25*pm, Cheryl <jlhsha...@hotmail.com> wrote:
    > On 10/10/2012 11:45 PM, Nancy Young wrote:
    >
    > > Can't believe how low Bryan's rate wound up. *Incredible. *Almost
    > > makes me want to go buy another place. *Harrr.

    >
    > Seriously. *I've wanted to buy a place at the ocean that I can use a few
    > weeks during the summer and other seasons, rent it out the rest of the
    > time, then retire to it some day. *If I thought I could swing it, now
    > would be the time. *I'm sure my window of opportunity is very short so
    > it won't give me time to think it through. *Though a non-primary place
    > of residence probably won't get that low rate.


    That is true.

    --Bryan

  20. #20
    Ed Pawlowski Guest

    Default Re: OT: 2.625%

    On Thu, 11 Oct 2012 16:19:30 -0400, Brooklyn1 <Gravesend1> wrote:



    >>
    >>Even if you don't re-fi, send a few extra bucks every month to knock
    >>down the principal and save a bundle.

    >
    >I think it very rare that a mortgage holder will accept a few bucks at
    >a time, they typically take advance payments but in my experience they
    >need to be in multiples of the full monthly payment amount.


    Never ran into that. I could send as little or as much as I wanted,
    but other banks may differ.

    >And in my
    >experience one should do very careful computations prior to
    >refinancing because typically there is no savings when the loss of all
    >the years one has already paid is calculated... you can end up with
    >smaller monthly payments but end up paying a larger net amount because
    >you get credit for the principal you paid but don't get credit for the
    >years you paid. Often there are substantial closing costs and then
    >you need to start paying all over again so for most folks they will
    >pay for a lot longer so will make many more payments even though the
    >payments are smaller.


    When I first refinanced, I went from 15% to about 9% IIRC. I remember
    walking out with 10 years less to pay and about the same payment. When
    the interest moves just a little, you are right about closing cost
    eating up the savings. Thus the savings by prepaying a bit each month
    instead.



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