With the very low interest rates available now, I wonder if anyone else is refinancing their mortgage or other loans. I've just started the process. Lot of paper work, but it looks like it will be worth it. If it all goes through, my mortgage payment will be about $120 less every month.
Are you refinancing?
- Thread starter Sunny
- Start date
Pecos
Well-known Member
- Location
- Washington State
We refinanced to a 3% loan many years ago and it was definitely worth it.
So if you are in a position to do it, I say go for it.
So if you are in a position to do it, I say go for it.
C'est Moi
Dishin' it out.
- Location
- Houston Y'all
We haven't had a mortgage in over 11 years, so no.
Lethe200
Senior Member
- Location
- San Francisco Bay Area
We plan to do it in a month or so. Rates are so low it makes more financial sense to get a small new first mortgage and pull some equity out of the house, rather than take it from the portfolio.
Ran it by our CFP last month and they agreed. We'll be setting up a Donor-Advised Fund in 2021 and adding in a full year of mostly interest payments, will put us in a tax-positive situation, for one of the rare times in recent years.
Ran it by our CFP last month and they agreed. We'll be setting up a Donor-Advised Fund in 2021 and adding in a full year of mostly interest payments, will put us in a tax-positive situation, for one of the rare times in recent years.
CarolfromTX
Senior Member
- Location
- Central Texas
We have no debt. Not cars, not the house, not the ranch, not the credit card. So no.
hollydolly
SF VIP
- Location
- London England
Us neither....
Macfan
Member
- Location
- Riverside, CA
Same here as CarolfromTX, so, for the same reason, no here as well. Don...
Don M.
SF VIP
- Location
- central Missouri
One of our granddaughters refinanced their house a few weeks ago, and said they will be saving over $200 a month. As for us, the last interest we paid on Anything was in the mid 1980's, when we paid off our house. Ever since, we have Never financed anything.
I guess I should have mentioned at the beginning that I was asking the question of anyone who had a mortgage or any other loan, and was thinking about getting a lower interest rate. I was not asking what you will do about your mortgage if you don't have one. 
Interestingly, when I downsized into my current apartment, I could have paid cash, but my son, who is a mortgage loan officer, recommended that I should take out a small mortgage, as interest rates were so low. And now, they have come down even lower. It's worked out very well for me, as my investments have made it more than worthwhile. Sometimes it's better to keep enough of your cash liquid to be able to "play" with it. Obviously, a lot of variables are at play, and there's no one size fits all answer.
Anyway, I think that for me, taking a bit of trouble now will be worth the monthly saving, but boy, what a lot of paper work.
Interestingly, when I downsized into my current apartment, I could have paid cash, but my son, who is a mortgage loan officer, recommended that I should take out a small mortgage, as interest rates were so low. And now, they have come down even lower. It's worked out very well for me, as my investments have made it more than worthwhile. Sometimes it's better to keep enough of your cash liquid to be able to "play" with it. Obviously, a lot of variables are at play, and there's no one size fits all answer.
Anyway, I think that for me, taking a bit of trouble now will be worth the monthly saving, but boy, what a lot of paper work.