Refinancing existing home

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  #31  
Old 05-19-2020, 04:12 PM
Stuart Zaikov Stuart Zaikov is offline
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Quote:
Originally Posted by NavyVet View Post
It all depends on one's individual circumstances. Personally, we liked the peace of mind of not owing anyone anything. We're on our third home here; we did 2 with bridge loans, 1 with traditional 15 year mortgage, paid off all 3 within a year of when previous house sold. Also, we pay off cc balance in full every month, never had a car loan more than 3 years. I guess we just really hate paying interest. For us, living debt free and finally not worrying about money all the time is a comforting feeling. We have what we need.
Have always followed basic principles of budgeting, saving/investing:
Pay yourself first.
Live beneath your means.
Dollar cost averaging.
Don't take on more than you can afford.
Agree 100%
  #32  
Old 05-19-2020, 04:28 PM
tvbound tvbound is offline
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Originally Posted by bpascani View Post
I don't know what this HELOC (I think it is you typed) is, but, we just bought our home last Nov, over age 70, and had no problem securing a 30yr fixed. We wanted the "more than necessary down, for lower monthy note" route, as you are considering. We also went with First Citizen (I think it's called...the one here in TV), and got an extra discount on interest at veteran. Also some sort of savings for opening a checking account with them.
HELOC = Home Equity Line Of Credit

What is a Home Equity Line of Credit and How Does it Work?
  #33  
Old 05-19-2020, 04:33 PM
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dewilson58 dewilson58 is offline
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Quote:
Originally Posted by NavyVet View Post
It all depends on one's individual circumstances. Personally, we liked the peace of mind of not owing anyone anything. We're on our third home here; we did 2 with bridge loans, 1 with traditional 15 year mortgage, paid off all 3 within a year of when previous house sold. Also, we pay off cc balance in full every month, never had a car loan more than 3 years. I guess we just really hate paying interest. For us, living debt free and finally not worrying about money all the time is a comforting feeling. We have what we need.
Have always followed basic principles of budgeting, saving/investing:
Pay yourself first.
Live beneath your means.
Dollar cost averaging.
Don't take on more than you can afford.

Thank you for your service.
Thank you for your post.
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  #34  
Old 05-20-2020, 08:05 AM
joseppe joseppe is offline
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Originally Posted by merrymini View Post
Wow, 10 and 25 percent gain in the market? Which market is that?
This is from Barrons ....

The Dow Jones Industrial Average has risen 23% in 2019 after gaining 190.17 points, or 0.7%, to 28,645.26, this past week, while the S&P 500 index has gained 29% after rising 0.6%, to 3240.02, and the Nasdaq Composite has climbed 36% after finishing the week up 0.9%, at 9006.62.Dec 27, 2019

That is the STOCK MARKET, WALL STREET of course. Not your local grocery store.
  #35  
Old 05-20-2020, 02:42 PM
tvbound tvbound is offline
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Originally Posted by joseppe View Post
This is from Barrons ....

The Dow Jones Industrial Average has risen 23% in 2019 after gaining 190.17 points, or 0.7%, to 28,645.26, this past week, while the S&P 500 index has gained 29% after rising 0.6%, to 3240.02, and the Nasdaq Composite has climbed 36% after finishing the week up 0.9%, at 9006.62.Dec 27, 2019

That is the STOCK MARKET, WALL STREET of course. Not your local grocery store.
"The Dow Jones Industrial Average has risen 23% in 2019 after gaining 190.17 points, or 0.7%, to 28,645.26, this past week"




When was that written? Right now, the Dow is hovering around 24,500.
Cherry picking any two specific days, one could make the DOW look like it was up (or down) 50%.
  #36  
Old 05-20-2020, 04:14 PM
biker1 biker1 is offline
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How about calendar 2019? Here are the popular indices.

https://image.cnbcfm.com/api/v1/imag...20&w=740&h=416

Quote:
Originally Posted by tvbound View Post
"The Dow Jones Industrial Average has risen 23% in 2019 after gaining 190.17 points, or 0.7%, to 28,645.26, this past week"




When was that written? Right now, the Dow is hovering around 24,500.
Cherry picking any two specific days, one could make the DOW look like it was up (or down) 50%.
  #37  
Old 05-20-2020, 05:07 PM
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Challenger Challenger is offline
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Originally Posted by thelegges View Post
OPM ( other People’s Money). If your investment make more than the current interest rate it’s a win. Your financial advisor should be more help then here
True , but risk factor on the investment is a critical part of the decision process, also. Consider the costs associated with a new mortgage. They amount to a reduction of the balance received and can affect the cost calculation of the funds received.
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  #38  
Old 05-23-2020, 08:46 PM
Kim Fowler Kim Fowler is offline
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Originally Posted by John41 View Post
We looked into refinancing but would have to pay $4000 in closing costs plus all the paperwork. Decided to pass it up.
Shop around with lenders not just for the new interest rate but also for closing costs. Also, some lenders let you roll the closing costs into the new mortgage, so you have no out-of-pocket costs. This plan of course means your new mortgage is a little higher than your old one, but with the extremely low rates available now, it’s still easily worth it to refinance with costs rolled in. Have a couple lenders run numbers for you.
  #39  
Old 05-23-2020, 11:12 PM
Buffalo Jim Buffalo Jim is offline
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Originally Posted by tvbound View Post
Recognizing that a larger than normal percentage of TV homes are purchased entirely with cash, I'm sure there are still plenty that although they didn't really need to, financed at least a portion (which we've been contemplating) of their purchase. While the thought of not having a monthly mortgage is very enticing, so is the idea of having a small and easily managed mortgage, while also having a healthy extra 6 figures in the bank.

I'm just curious, given the current low mortgage interest rates, if there are any people who have been thinking of refinancing and maybe taking out some equity built up since purchasing. The idea of even giving a 70 year old a 30 year mortgage is a thread in itself.LOL I can't help but think if there are some who have found their calculations of savings & investments in retirement aren't working out to what they thought they would be (due to higher costs, extended longevity or both), are looking to refinance to make up for it.

I believe I read that most banks aren't doing HELOC's right now, so I'm thinking that refinancing (even with closing and other costs) would be the only way to access cash in the equity built up in the last number of years.
For what it may be worth as a point of information : The average duration of a 30 year home mortgage has historically been about 7 years . This is why mortgage loans are priced off the 10 year Treasury .
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