56 thoughts on “July 29, 2020: Refi”

    1. If we had more years on our loan it might make sense, but I can't complain about 3.25%. Right now though, Runner daughter is trying hard to take advantage of her buying power and get into a townhome, but there's always someone who beats out her offers.

        1. We’re 4 years into a 30 year mortgage at around 3.25 percent. I’ve been looking into it but just hate the notion of closing costs so much. If I can find someone to refi us down enough for us to pay it off early I’ll go for it. Just haven’t found the right lender yet.

  1. I've been thinking about whether the slightly improved rate would be worth the effort and chance of rejection and coming down on "probably not." Because of the structure of my business operation getting through underwriting was a huge hassle the first time (all business liabilities counted against us, no business assets/income counted for us.) and we've got a good rate right now. The business is good enough that Philosofette is taking a year off while our littlest is still at home (non-covid. They might all be at home...), so without her income the trip through underwriting would be even more perilous.

  2. We are (I think) close to the finish line of a refi to save a few hundred a month, but the mortgage company has been extremely frustrating to deal with over the last month. Any more missteps and we'll walk, but I don't want to deal with all of the paperwork, explanations, credit pulls again if we start anew somewhere else.

    Plus there are some other financial changes in front of us, including probably buying my mother-in-law's car and I really want the mortgage behind us before that.

    1. FICO scores are such bullshit. If you elect me president, I will work tirelessly to force banks to actually evaluate their customers’ credit and not all rely on the same damn arbitrary formula.

        1. Interesting proposal! I’ll consider it — haven’t thought through the impact of moving a government-recognized religious holiday like Christmas, and I think it’d be hard work to move new year’s but generally I’m open to the idea.

          I would definitely push for election day to be a federal holiday but I think we’d want to keep that on the first Tuesday after the first Monday in November.

  3. We signed our refinancing paperwork just before shelter-in-place orders began in March. The monthly payment is about $40 more, but we switched from having 20 years left on the mortgage to having 10 years left. Total savings will be about $80,000 and the mortgage will be paid off by the time the jalapeno is midway through collage (should that be the path he pursues, assuming the world hasn't imploded before then).

    So if I accomplish nothing else financially this year, I feel pretty good about this.

  4. Nope. We are planning to pay off our house this year. Wife has been able to pick up extra hours during this pandemic (with me working from home) and we are throwing everything we can at the house.

  5. We refinanced at the end of last year. Hard to stomach sunk costs, but we've been in touch with the guy about doing so once more.
    Question is...what rate are y'all getting out there?

        1. Frankly I’m a bit worried about the low rates distorting housing prices right now.

          I live in an insane market—four years ago we got a 30-year mortgage at 3.75%. According to Redfin, our house is estimated to sell for 24% more than we bought it. Maybe that’s inflated, but I generally believe it — every house within a few blocks has gone for more than that in the last few months. But if I go by interest rates as low as 2.75% out there, the mortgage payment today would only be 8.8% higher than four years ago. So it seems like there is some real increase in what consumers can pay, but the bigger factor is what banks are willing to lend.

          If interest rates went up to just 5%, our house might take a 10-15% price cut. Not enough to put us underwater, but it would cut out a huge chunk of our equity.

          1. Anybody complaining about high interest rates when they bought their house should also share how much that house appreciated for them as rates dropped.

            I bought in 1997 at 7.5%. Sold in 2004 with 80% profit.

    1. Sure looks nice, Free.
      Logistical question...when your sailboat is moored out in the middle of the lake, do you have to have another boat to get out there? Canoe or somesuch? Is somebody providing a shuttle? Or is it a valet kind of situation where they bring it to you at the dock?

    2. Really wish this was a year from now because I heart that neighborhood/area. I moved to Standish renting for a year to see what it's like and probably will buy closer to here. I don't suspect you'll be waiting long for your listing to be removed.

        1. For our first year of marriage, we lived in an apartment in Lowertown (Galtier Plaza, 9th floor).

          Great gig and good memories - Kirby wearing a fur hat in the Twin's parade, another parade with precision-drill office-workers with trench-coats and brief cases, Coneys at the Gopher (although I've heard since they have a confederate flag on the wall, shame!), walking through the skyways, Leann Chen' lemon chicken, oyster wings + fried rice, Rudolph's BBQ, swimming at the Y.

  6. We refinanced in January or February to take cash out of equity to help pay for our construction/addition project. It was a good rate then, but I think it's even better now. Construction is (finally....) almost done, so we just talked last night about the possibility of refinancing again to get an even lower rate. Not sure yet whether it will be worth it, but it's a possibility at least.

    1. I do wonder how many people who claim they won't watch actually follow through, 5% maybe?

      This market missed the #MNTwins! Friday night’s opener was up 70% among total viewers and 75% among adults 25-54 vs. the pandemic-less 2019 opener. The game averaged an astounding 251,000 viewers for FSN, which is an incredible 24 share of total viewers. Wow!— Darren Wolfson (@DWolfsonKSTP) July 27, 2020

      And

      Re: #MNTwins Friday TV ratings --Very much so. But Saturday got 158,000 for a day game and Sunday got 177,000. Just huge #s. https://t.co/jxt7zHhVIu— Darren Wolfson (@DWolfsonKSTP) July 27, 2020

      1. Yeah if my job had me do that shit before I began my work day I would find another job, unless they paid me $10 million a year, and then I would kneel every time

  7. Would love to refi. We could basically switch the remaining 22 years on our 30-year to a 15-year for the same monthly payment, but the fact that my vehicle is on its last legs and that Sheenie's salary (as the big breadwinner) took an indefinite Covid hit is preventing it.

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