PeekingDuck said:

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I imagine he'll be investing the cash at a higher rate of return.

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That would definitely be the plan.

If the money only costs 3.5%, should be fairly easy to beat that over the long run.

We are 6 years into a 30 yr conventional @ 3.5%

Should we refi? If so, 15 or 30 yr?

jakester03 said:

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We are 6 years into a 30 yr conventional @ 3.5%

Should we refi? If so, 15 or 30 yr?

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You're basically at a market rate today, so unless you want to refi into a 15 year note, I wouldn't touch it today. I think your question is really, "Should I keep my less expensive note with 24 years left or should I refi into a new more expensive note at around 2.875% (depending on your credit) that will be paid off in 15 years?" That's up to you.

Why is it no one really discusses 20 year notes? I generally only see 15 and 30 discussed and many companies only advertise the 2 but offer a 20 year option as well?

I'll add mine to the mix and thanks for the advice. Should I refi?

I'm 11 years in on a 30-year fixed (4.875%). Have a HELOC at 6.50% Not really sure what rates are like today.

Appraisal on house would come back 1.3-1.4m

Mortgage balance is 332k. HELOC is 144k. HELOC can't be drawn on anymore and is now fixed after the 10-year initial term.

Sid said:

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I'll add mine to the mix and thanks for the advice. Should I refi?

I'm 11 years in on a 30-year fixed (4.875%). Have a HELOC at 6.50% Not really sure what rates are like today.

Appraisal on house would come back 1.3-1.4m

Mortgage balance is 332k. HELOC is 144k. HELOC can't be drawn on anymore and is now fixed after the 10-year initial term.

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Should I refi? yes
I'd do a 15 year

Yes, you should absolutely refinance. Assuming you are in Texas the loan would still be considered a "cash out" because you would be combing your HELOC but no matter what term you are looking for would be in the 3's. (assuming good credit of course.)

I'm shocked you haven't refinanced well before now. I've had 2 separate loans at 3.5% 30-year over the last 7 years (one in 2012 and one in 2016), so there have been opportunities to get in much lower...

Old RV Ag said:

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aggiepaintrain said:

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Sid said:

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I'll add mine to the mix and thanks for the advice. Should I refi?

I'm 11 years in on a 30-year fixed (4.875%). Have a HELOC at 6.50% Not really sure what rates are like today.

Appraisal on house would come back 1.3-1.4m

Mortgage balance is 332k. HELOC is 144k. HELOC can't be drawn on anymore and is now fixed after the 10-year initial term.

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Should I refi? yes
I'd do a 15 year

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Absolutely! Part of debt is at 6.5% and rest is 4.875%. Not wanting to be snarky but you live in a 1.4m house and need to ask this here?

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Easier to ask here and get some reasonable responses than deal with various wealth managers who don't want to just give me a simple answer. Sorry to bother.

Jay@AgsReward.com said:

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Yes, you should absolutely refinance. Assuming you are in Texas the loan would still be considered a "cash out" because you would be combing your HELOC but no matter what term you are looking for would be in the 3's. (assuming good credit of course.)

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Can I just send you an email on this?

Sid said:

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Old RV Ag said:

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aggiepaintrain said:

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Sid said:

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I'll add mine to the mix and thanks for the advice. Should I refi?

I'm 11 years in on a 30-year fixed (4.875%). Have a HELOC at 6.50% Not really sure what rates are like today.

Appraisal on house would come back 1.3-1.4m

Mortgage balance is 332k. HELOC is 144k. HELOC can't be drawn on anymore and is now fixed after the 10-year initial term.

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Should I refi? yes
I'd do a 15 year

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Absolutely! Part of debt is at 6.5% and rest is 4.875%. Not wanting to be snarky but you live in a 1.4m house and need to ask this here?

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Easier to ask here and get some reasonable responses than deal with various wealth managers who don't want to just give me a simple answer. Sorry to bother.

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I think his point is rates are well below what you have and you should be able to do the math to see if it makes sense. If you go 15, you will be able to drop that almost 2 points.

And I have no idea what is market for closing costs, etc. for a refi....that's why I wanted some feedback.

Reach out to a few of the people mentioned on this thread in the last few weeks and get a rate quote. They will be able to provide you with a rate as well as an estimate of closing costs. From my experience, I'd say budget about another $1k on top of that quote to be safe. What you'll find (at least for me), rolling the costs into the loan was best as the money is cheaper than pulling it out of where it currently sits. That's going to be your best bet. I did mine through Jay but had a few other great offers as well. I just went with the Ag as the differences overall in the long run were a few hundred dollars, so I kept it in the family.

Thanks.

You bet. Email is my screen name here.

Thanks Third Coast!

Bumping this back up as rates are getting back to some very very low levels.

Should I refi? I'm on a 15-yr. note now with 3.125 rate. I own ~$115 on my home and my home is worth ~$350. My home will be paid off in less than 7 years. I went through the analysis and determined it would not be worth it to me, but maybe I don't have all the relevant information.

Thoughts?

RightWingConspirator said:

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Should I refi? I'm on a 15-yr. note now with 3.125 rate. I own ~$115 on my home and my home is worth ~$350. My home will be paid off in less than 7 years. I went through the analysis and determined it would not be worth it to me, but maybe I don't have all the relevant information.

Thoughts?

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Cash out refi, take your money and put it into Oil Stocks and DOW, profit. And of course, buy rental houses. Am I missing something?

Think it's time for me to refi. 2 yrs into a 30 at 4% but can afford the 15 yr fixed. Is 3% achievable (or lower) and what's the standard fee to do that?

Plus AmeriNat bought my loan and I loath their payables system.

Just refinanced at 3% on a 15 year. My credit union dropped to 2.875% yesterday so definitely achievable. I did an express refi which was $1500.

Aggie71013 said:

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Just refinanced at 3% on a 15 year. My credit union dropped to 2.875% yesterday so definitely achievable. I did an express refi which was $1500.

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Good move going with the credit union. They usually always have better rates than the banks.

I'm in process.

I've got limited years to "down sizing" with an empty next, so I'm going for the 7 or 10 year ARM. Bank thinks I can get in at 2.65%

FrioAg 00 said:

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I'm in process.

I've got limited years to "down sizing" with an empty next, so I'm going for the 7 or 10 year ARM. Bank thinks I can get in at 2.65%

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Can't you get a 15 fixed at 2.75% now?

Maybe so, but I'm sure we'll sell around 9 years from now so it's not all that relevant past that.

At what point is the 30 so low it makes sense to do a 30 year over 15? If you're disciplined and invest the difference annually in an index at 4% that's seems doable

aggiedaniel06 said:

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In a couple of years or so we'll be in a recession and the fed will end up cutting rates to near zero.

That will be a good time to lock in a 15 year at around 1.5%

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The prophecy will soon be fulfilled.

My company's credit union can give me a 10-year refi mortgage for 2 5/8 right now. Not sure of the closing costs, but right now I have a 15-year at 3 1/8. Want to make sure that the savings by refinancing will exceed my costs of refinancing.

Is there anybody out there that you guys would recommend?

I should refi now or wait? Rumor is more rate cuts are coming... Don't want to be greedy, but would hate to refi and have it drop even more in a few weeks.

My local bank is offering 2.641% apr on 15 year note. Currently 4.35%ish apr on a 30 year- 6 years in..

Work in mortgage. I pray they don't go much lower. My company is apping as many or more than we can currently close. I'm doing literally 3-4x more per month than I was a year ago at this time.

How much is left on your loan?

I suspect mortgage rates won't go much lower for the next month or so. Huge consumer demand to refinance. If this COVID-19 thing gets worse and drags out through the summer and into the fall, I suspect rates fall further (though it may be awhile).

Your interest rate is high enough that I'd look into it now. If you can find a no closing cost refinance (you'd pay a higher interest rate), I'd try to lock it in.