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Refinancing?
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Piano*Dad
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Anybody refinanced recently?

I'm in the process for the place we'll likely retire to in Santa Fe.
 
Posts: 12529 | Location: Williamsburg, VA | Registered: 19 July 2005Reply With QuoteReport This Post
jon-nyc
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Probably a good time.


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Posts: 33797 | Location: On the Hudson | Registered: 20 April 2005Reply With QuoteReport This Post
Piano*Dad
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What's the rule of thumb for when it makes sense? Something like 1%, I think. We're cutting the rate by 1.35%.
 
Posts: 12529 | Location: Williamsburg, VA | Registered: 19 July 2005Reply With QuoteReport This Post
ShiroKuro
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Our mortgage is too new so we’re not considering it. Plus, I want to hold on to our cash reserves and I assume there’s an origination fee when you refinance.


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Posts: 18430 | Location: not in Japan any more | Registered: 20 April 2005Reply With QuoteReport This Post
Piano*Dad
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There are closing costs, but with a big enough interest rate cut (and I'm thinking it's significantly lower than 1%), the payback period is very short. And I never pay points.
 
Posts: 12529 | Location: Williamsburg, VA | Registered: 19 July 2005Reply With QuoteReport This Post
piqué
czarina
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IIRR the rule of thumb is 1%. Also of course you need to plan to hold onto the property long enough to justify the expense. Which includes an appraisal and closing costs.


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Posts: 21339 | Registered: 18 May 2005Reply With QuoteReport This Post
Steve Miller
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I look for a payback of less than half the amount of time I expect to keep the loan.


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Posts: 34917 | Location: Hooterville, OH | Registered: 23 April 2005Reply With QuoteReport This Post
Piano*Dad
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My payback of closing costs should be about 9-10 months. A good deal at any discount rate.
 
Posts: 12529 | Location: Williamsburg, VA | Registered: 19 July 2005Reply With QuoteReport This Post
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czarina
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quote:
Originally posted by Piano*Dad:
My payback of closing costs should be about 9-10 months. A good deal at any discount rate.


P*D, what rate did you get? I just looked into it and it was 3.5 or 3.6 percent for Regis. Not low enough to make it worth doing for us.


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Posts: 21339 | Registered: 18 May 2005Reply With QuoteReport This Post
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czarina
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quote:
Originally posted by Piano*Dad:
My payback of closing costs should be about 9-10 months. A good deal at any discount rate.


P*D, what rate did you get? I just looked into it and it was 3.5 or 3.6 percent for refis. Not low enough to make it worth doing for us.


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Posts: 21339 | Registered: 18 May 2005Reply With QuoteReport This Post
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