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Amps 13

Amps 13

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We all know that this crap sucks and prices for many (ammo) things have gone through the roof but there is ample ability to also profit (in a morally good way) from this situation.
- Refinance your home loan. Wife and I are in the process of doing just that. We were at 4.2% over 15 years and we talked to someone last week and he had us dropping to 3% for 15 years. That would lower out payments about $135 a month and save us over $24,000. We have started the paperwork but we just saw it dropped to 2.875%. So we will be asking for that of course. Big savings.
- need a new car? Most car companies are offering 0% financing for 60+ months and no payments for 90 days. They also are offering $500 off if you are in healthcare and they have dropped their prices. They will come to your house and let you test drive car and are doing most of the transaction online now.
I am having a hard time not buying a new car.
- Now is also a great time to refresh any gasoline that you store. Prices are cheap and you can use loyalty cards and gas apps to make out even better.
I’m sure you all have more...
 
2 7/8 is an amazing rate. That’s the APR and are there a lot of points and fees?
 
Jeppo said:
2 7/8 is an amazing rate. That’s the APR and are there a lot of points and fees?
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We got the 2 7/8 rate off of Wells Fargo website but have only been quoted the 3% for now. We have to call tomorrow so will find out exactly what all the costs are but even if it was $5,000 it would still be a 19,000 reduction over 15 years. Will update when I know more.
 
I believe rocket mortgage has the lowest rates .....

DS
 
I’ve been planning on refi’ing this year so these low rates are a bonus.

I haven’t applied anywhere yet because as of 1.5wk ago many banks were so slammed they were marking things up a little and removed their rates from all of the 3rd party sites like nerdwallet and lendingtree.

I love being with my CU but if one of the big banks can get me to 3.0 or less w comparable total cost, I’ll jump.
 
Jerzsubbie said:
I’ve been planning on refi’ing this year so these low rates are a bonus.

I haven’t applied anywhere yet because as of 1.5wk ago many banks were so slammed they were marking things up a little and removed their rates from all of the 3rd party sites like nerdwallet and lendingtree.

I love being with my CU but if one of the big banks can get me to 3.0 or less w comparable total cost, I’ll jump.
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Problem with some of them is that they are not working full time. Our guy is only working M W F this week. But the delay might get us a better rate. I’m good with that
 
well, silver is relatively cheap...especially compared to the gold ratio.
 
Amps 13 said:
Problem with some of them is that they are not working full time. Our guy is only working M W F this week. But the delay might get us a better rate. I’m good with that
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Let us know how it works out for you if you don’t mind.
 
BASIL said:
For me, one upside to all this BS situation is not having a mortgage.
I am thankful for that.
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Amen. So glad we sold our house in February... Top of the market just before the virus mess.

No debt, smaller bills, and no major financial worries in all this mess...
 
Amps 13 said:
We got the 2 7/8 rate off of Wells Fargo website but have only been quoted the 3% for now. We have to call tomorrow so will find out exactly what all the costs are but even if it was $5,000 it would still be a 19,000 reduction over 15 years. Will update when I know more.
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Forgive me for being Captain Obvious...

What counts is comparing APR’s (annual percentage rates) not the “interest rate” and the total costs/fees (points, junk fees, appraisal, etc.). When shopping for our last refi, we were offered a 30-year fixed APR of 3.25% with a ton of costs. We went ahead at 3.5% where the lender “ate” all those costs. Of course, all we’re doing is paying those costs monthly for as long as we keep the loan. That saved cash upfront but I’m sure we’ve more than repaid those costs since taking the loan. Who knew?
 
I like threads like this, where someone finds a practical silver lining to a situation & clues others in!

I shop for mortgages the same way I shop for other "things." My questions are 1) What exactly am I looking for? and 2) What is the TOTAL cost to me after all is said & done?

Low interest rates are an attractant, and make it worth considering a refi. Figuring out the actual cost over time (plus extending the length of the term, i.e. trading a 23-years-left mortgage for a new 30yr term mortgage) may make it more or less desireable.

But it's always good to revisit & reassess.
 
Update: so We have to hear from the underwriter but as of right now we are locked in for 2.875% mortgage loan with 3.208 APR. our payment would go down about $153.00 a month for the 15 year loan. This would save us $27,540.00 over the 15 year loan. Bad news is it will cost about $7,000 grand which will be paid off in about 2-2.5 years. Still a savings of 20+ grand.
 
$7000/$153 = closer to four years. But still pretty good if you’re sure you’ll be there at least that long. ;)
 
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Jeppo said:
$7000/$153 = closer to four years. But still pretty good if you’re sure you’ll be there at least that long. ;)
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Prob right and I am sure you know more about this junk then me. We plan on being here for at least 20 years.
 
We re-fi'd in '11 & got 2.875% fixed for 20 years & we're planning to move within a year, so we're good on that end. I am in want of a new truck & am tempted, but will hold off on that till after we move. We'll survive this current hoopla financially unscathed, the downside is that we had planned to borrow against our 401k to finance the construction loan, then pay it back (plus a huge down payment on the mortgage) with the equity we'll pull out of our current home. No way in hell I'm touching that now, with the market down. Win for us regardless, as waiting for the market to recover/normalize just gives us more time to save more money for the down payment.
 
regarding cubrock above, i've found silver on Craig's List
among other forums/listings/etc.
 
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