dchogs Posted July 19, 2016 Share Posted July 19, 2016 is there a place to figure out if i can move to a 20 yr loan from a 30 year loan without adding any closing costs Just keep the 30 yr and make payments like it is a 20 yr. no need to refinance to shorten loan duration unless you're also dropping your rate significantly. Link to comment Share on other sites More sharing options...
skinfan2k Posted July 19, 2016 Share Posted July 19, 2016 Just keep the 30 yr and make payments like it is a 20 yr. no need to refinance to shorten loan duration unless you're also dropping your rate significantly. Well online is says i can get a 20 year for 2.65 and my current rate is 3.87 Link to comment Share on other sites More sharing options...
Bonez3 Posted July 20, 2016 Share Posted July 20, 2016 A lot of people "skimmed the till" during the mortgage fiasco. It's not a smart move. I guess you didn't see amortization schedule essentially same... Simply taken advantage of good rates, if I were a 'financial advisor', it would be sound advice. Just taken advantage of good equity and continually dropping rates. If it were an 'investment' in wall street I would be considered savy. No brainer bro Link to comment Share on other sites More sharing options...
chipwhich Posted July 20, 2016 Share Posted July 20, 2016 I guess you didn't see amortization schedule essentially same... Simply taken advantage of good rates, if I were a 'financial advisor', it would be sound advice. Just taken advantage of good equity and continually dropping rates. If it were an 'investment' in wall street I would be considered savy. No brainer bro You borrowed the money you took out for 30 years at a low interest rate. You don't understand investing or finance...."bro". I forget what you took out, lets say it's 5 grand. You basically took a 5K loan and will be paying it back over 30 years at your current interest rate. You will pay a fortune in interest. It's dumb. Link to comment Share on other sites More sharing options...
Springfield Posted July 20, 2016 Share Posted July 20, 2016 I just pay cash for all my houses bro. Link to comment Share on other sites More sharing options...
chipwhich Posted July 20, 2016 Share Posted July 20, 2016 I just pay cash for all my houses bro. I let dem hoes buy my cribs, but to each their own. Link to comment Share on other sites More sharing options...
Springfield Posted July 20, 2016 Share Posted July 20, 2016 I let dem hoes buy my cribs, but to each their own. Fo shizzle Link to comment Share on other sites More sharing options...
Bonez3 Posted July 20, 2016 Share Posted July 20, 2016 You borrowed the money you took out for 30 years at a low interest rate. You don't understand investing or finance...."bro". I forget what you took out, lets say it's 5 grand. You basically took a 5K loan and will be paying it back over 30 years at your current interest rate. You will pay a fortune in interest. It's dumb. I didn't say what I took out... but it was worth the price of admission. Further, by paying my same 'rent' plus half a tank of gas be paid of at exact same time. Link to comment Share on other sites More sharing options...
chipwhich Posted July 20, 2016 Share Posted July 20, 2016 I didn't say what I took out... but it was worth the price of admission. Further, by paying my same 'rent' plus half a tank of gas be paid of at exact same time. Again, you don't understand finance, but if it worked for you I am happy for ya. You borrowed money from a bank for 30 years. What day you break even on the loan depends on details I don't have. Link to comment Share on other sites More sharing options...
Bonez3 Posted July 20, 2016 Share Posted July 20, 2016 Again, you don't understand finance, but if it worked for you I am happy for ya. You borrowed money from a bank for 30 years. What day you break even on the loan depends on details I don't have. Same time I signed on 4 years ago essentially It's analogous to borrowing money on an investment that already has equity. The loan is less than 75% of the assessed value. If I wait every 'X' amount of years and borrow against equity, but every 'X' amount of years the rate is dropping...it's a wash. I'm essentially getting a full year of mortgage payments back every 'X' amount of years and paying note off in same time. Now, if I were really 'savy', I'm sure I could invest that year of mortgage now that could do better than 3.75% over 30 years Say I took this cash out and put it into a bad investment per se.. a 529. It's prudent to front load it than nickel and dime over 18 years. The return of front loaded 'X' vs nickel and dime 'Y' are far better. Link to comment Share on other sites More sharing options...
chipwhich Posted July 20, 2016 Share Posted July 20, 2016 Same time I signed on 4 years ago essentially It's analogous to borrowing money on an investment that already has equity. The loan is less than 75% of the assessed value. If I wait every 'X' amount of years and borrow against equity, but every 'X' amount of years the rate is dropping...it's a wash. I'm essentially getting a full year of mortgage payments back every 'X' amount of years and paying note off in same time. Yeah that's what everyone was doing until the housing bubble burst and you no longer could get 80% of assessed value. Everyone ended up underwater or in a position they couldn't refinance. When the second bubble happens you will be in the same situation. Trust me I understand the refinance game. But the good thing is you do you and I do me. You wont be able to see the cost/benefit ratio until a point in time on your mortgage. But without having the details.... Link to comment Share on other sites More sharing options...
Bonez3 Posted July 20, 2016 Share Posted July 20, 2016 Yeah that's what everyone was doing until the housing bubble burst and you no longer could get 80% of assessed value. Everyone ended up underwater or in a position they couldn't refinance. When the second bubble happens you will be in the same situation. Trust me I understand the refinance game. But the good thing is you do you and I do me. You wont be able to see the cost/benefit ratio until a point in time on your mortgage. But without having the details.... Few factors with refinance... location, occupation and long term plans. Basically, and fortunately, I have favorable situations for each of those at this time. This is what made it good for me at little risk. Even if home values dropped 50% in my locale (unlikely), I'm not sweating it right about now. Link to comment Share on other sites More sharing options...
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