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A good thing to come out of COVID 19 - low interest rates  Rate Topic 
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 Posted: Mon Jul 13th, 2020 10:10 pm
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Big Garea Fan

 

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I have been getting a lot of junk mail the past couple weeks about refinancing my mortgage since "mortgage rates are at an all-time low". I threw them all in the trash since I don't trust the companies that send them.


However, I logged online and looked at the current mortgage rates that my existing mortgage lender was offering and discovered that I could save approximately $300 per month (about $80,000 over the lifetime of my mortgage) by refinancing since the interest rate will drop from 4.125 to 3.25. Granted, 3.25 is a little higher than the rates that were posted in the junk mailings (I saw as low as 2.5) but I am happy with it since I can keep my current lender who has been problem-free since I bought my home with them over 5 years ago.

If you are looking to reduce your monthly payment, now might be a good time to do so. You might not even need to change your lender.





Last edited on Mon Jul 13th, 2020 10:10 pm by Big Garea Fan

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 Posted: Tue Jul 14th, 2020 01:13 pm
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Infamous
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During last economic downturn there were major deals on secondary vacation homes as people were dumping those ASAP in hopes of saving their primary residence. Picked up decent cabin upstate for basically the price of a standard car

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 Posted: Thu Jul 16th, 2020 06:16 pm
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nyhack56

 

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I have an ARM that adjusts every year.

It was at 4.125 and readjusted down to 3.125. Saves me $100/month on payment, and about $200/month on interest.

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 Posted: Thu Jul 16th, 2020 06:21 pm
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Franchise
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Infamous wrote: During last economic downturn there were major deals on secondary vacation homes as people were dumping those ASAP in hopes of saving their primary residence. Picked up decent cabin upstate for basically the price of a standard car

I thought about picking up some raw land outside of town to mess around with (shooting range, plant some fruit trees, maybe create a pond to fish) but I don’t know anymore. I think I’ll probably wait and see how the election plays out. 



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 Posted: Thu Jul 16th, 2020 06:31 pm
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Principal_Raditch



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I'm just sitting on the impending foreclosures that will hit here next. Should be able to buy some property at reduced rates.

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 Posted: Thu Jul 16th, 2020 06:55 pm
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vinamars

 

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Principal_Raditch wrote: I'm just sitting on the impending foreclosures that will hit here next. Should be able to buy some property at reduced rates.+1

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