Mortgage rates

[GNBRETT]

Just locked in at 4.62% today for 30 years. I have 1.5 months before I have to refi on my 5/1 arm that was 4.5%. Pretty happy with that since I only owe $109k. Anyone done better? If so please post a link.

 

[turbo39151]

Did you have equity in the house?
How many points?

 

[Royal-T-Ltd]

Just locked in at 4.62% today for 30 years. I have 1.5 months before I have to refi on my 5/1 arm that was 4.5%. Pretty happy with that since I only owe $109k. Anyone done better? If so please post a link.

who's the mortgage through? i would refi - if i could get it down to 4 - 4.65% -
i've been at 5.5% for 5 yrs now.

 

[turbopete]

30 years is great, but look at paying more to principal

Take a look at the money you will save in the long run (interest) if you only make one payment directly to principal a year in the amount of your mortgage payment.
There are amortization calculators on the net, just do a search. I think you will be surprised at the savings.
HTH

 

[Royal-T-Ltd]

if i were to do a refi, i would try and keep the payment the same and just do a 15 yr mortgage.

 

[GNBRETT]

I'll have it payed off in 5-10 years I hope. I put an extra 10-12k towards equity each February after tax return so a 30yr or 15yr really didnt matter. The lower payment made me feel better... I went thru Regions mortgage.

 

[turbofabricator]

I'll have it payed off in 5-10 years I hope. I put an extra 10-12k towards equity each February after tax return so a 30yr or 15yr really didnt matter. The lower payment made me feel better... I went thru Regions mortgage.

10-12K back in taxes???? Dude, you GOTTA get some HELP!!! Uncle Sam (aka Obama and Geitner) is using YOUR money for a year interest free!! (paying AIG execs back for thier campain contributions) See what they charge YOU if you owe them 10-12K a year! You really need to be putting that money away in a good account (I know they don't exist anymore) but you can get at least 3% from your bank. PM me for other ways to save bucks. Life insurance is one HUGE pitfall out there, too.

 

[GNBRETT]

10-12K back in taxes???? Dude, you GOTTA get some HELP!!! Uncle Sam (aka Obama and Geitner) is using YOUR money for a year interest free!! (paying AIG execs back for thier campain contributions) See what they charge YOU if you owe them 10-12K a year! You really need to be putting that money away in a good account (I know they don't exist anymore) but you can get at least 3% from your bank. PM me for other ways to save bucks. Life insurance is one HUGE pitfall out there, too.

The government using YOUR money interest free is an old wise tale. I could care less if the government has my money. If I claimed 10 dependants like many I know do then I could get more money in my paycheck each week vs. getting it at the end of the year. I get the same amount one way or the other.

The problem with getting extra money weekly is one spends extra money weekly and never really saves that money. If I get it in one lump sum I just put it towards my mortgage immediately.

I have maxed out my 457 for 13 years. My accounts are solid as I have only dropped 24% during the bear and am still deep in 6 figures at 37.

 

[gmpower]

Just locked in at 4.62% today for 30 years. I have 1.5 months before I have to refi on my 5/1 arm that was 4.5%. Pretty happy with that since I only owe $109k. Anyone done better? If so please post a link.

I just refied at 4.62% as well thru Wells Fargo for a 30 yr fixed. My previous was 5.88% so I'm really happy since we are now saving $300 a month.

GNBRETT, I'm glad to see you made it out of that ARM on time! :smile:

 

[JP112_89]

I have maxed out my 457 for 13 years. My accounts are solid as I have only dropped 24% during the bear and am still deep in 6 figures at 37.

That is great!!!

 

[turbofabricator]

The government using YOUR money interest free is an old wise tale.

It's an OLD saying too (Benjamin Franklin) that "Those who understand compound interest earn it, and those who don't, pay it."

If you take a few minutes to set up an automatic account with your bank (a Money market account, for exmple) they will automatically draft your savings/checking for what ever addional amount you bring home on your check. (like $900 in your case) and place it in an interest bearing account. Then at the end of the year, you will have "X" amount in that account. Now, in February you can send MORE money to your mortgage company. Not sure where the "old wise tale" is wrong here?
True, most folks will just spend the extra $900/m, but most would also take the $10-12K and go to Vegas once a year, too. (or big screen TV, Prescision turbo, GN1 heads................) You have the mental discipline to do the opposite, though. GREAT job! But now is the time for you to start using your money for YOU! It's simple, really! Talk to your banker, tell them what you are planning, they can set it up. There are even better places to save your money, too, but I won't get into that right now.

 

[UNGN]

I set myself to get back nothing from the government on my tax return. Sure getting back $8K (a year later) is great but I'd rather have the extra $650/month.

 

[GNBRETT]

It's an OLD saying too (Benjamin Franklin) that "Those who understand compound interest earn it, and those who don't, pay it."

If you take a few minutes to set up an automatic account with your bank (a Money market account, for exmple) they will automatically draft your savings/checking for what ever addional amount you bring home on your check. (like $900 in your case) and place it in an interest bearing account. Then at the end of the year, you will have "X" amount in that account. Now, in February you can send MORE money to your mortgage company. Not sure where the "old wise tale" is wrong here?
True, most folks will just spend the extra $900/m, but most would also take the $10-12K and go to Vegas once a year, too. (or big screen TV, Prescision turbo, GN1 heads................) You have the mental discipline to do the opposite, though. GREAT job! But now is the time for you to start using your money for YOU! It's simple, really! Talk to your banker, tell them what you are planning, they can set it up. There are even better places to save your money, too, but I won't get into that right now.

I put away about 30% of my paycheck each week and have for my whole career. If one tries to invest too much they will get discouraged and likely save less and less. I know I personally would save less if I tried to get into anymore investment ventures because I might get frustrated. Im sure others are different.

I put away more then 90% of the population does and will have more then 90% of the population at at 45 vs. 65. My plan is to retire at 45. Who knows if that will happen but that is the goal so I can then go racing all the time...

There will always be ways to invest more money but I am also am heaily involved in other investments outside my my 457 in my Etrade account. I play with about $40k there. I have already bought a crap load of GE a couple of weeks ago for just over $5 and am already up $6k from that. It will go up and down over the next couple of months but then it start to slowly increase steadily. Atleast I hope it does. I see it going up to atleat $24 in the next year or two.

I think everyone has a sysyem that works for them. As long as that system is effective and effortless then one should stay with it until that changes. It's the people that don't make the change when they should vs. just letting it ride are the ones that get hurt. But ones has to understand the market. Even the pros can't predict everything but I only need to predict a few things.

I also have no kids or wife to bother me so investing for me is a little more simplified then guys with families. I don't know how guys with families do it. I commend them.

 

[GNBRETT]

I set myself to get back nothing from the government on my tax return. Sure getting back $8K (a year later) is great but I'd rather have the extra $650/month.

I have several friends who do that. It's a personal choice. Most of those guys who do that do it because they need that money each week to pay for monthly bills. It's all the same at the end of the year. What works for one certainly won't always work for another.

 

[Darkcyde]

Just locked in at 4.62% today for 30 years. I have 1.5 months before I have to refi on my 5/1 arm that was 4.5%. Pretty happy with that since I only owe $109k. Anyone done better? If so please post a link.

my father is so happy! I just helped him refi from 6.1% down to 4.6% @ 1/2 a point on a 30/yr fix. In the grand scheme we figured I helped him to save $88,000 in total on the loan, while at the same time dropping the monthly payments down $120 a month. I mentioned now would be a great time to just continue paying what he was paying a month, in order to help cut down the time of the loan. He still owes a lot of money but thats what happens when you live in a big house.

we are both happy