Mortgage Rates Could Hit 4.5% on a 30-year Fixed!!!
- Thread starter Powderhound
- Start date
Depends on how far into your 6% u are, how long you will stay there and what the closing costs would be.
on $100,000 at 6% would be $600 per month
on $100,000 at 5% would be $536 per month
so you save $64 per month so if your closing cost's were lets say $2500 it would take 39 months before you start saving.
Don't forget the intrest you already payed into the 6% loan also. there is much to think about.
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Diesel99
Member
I guess you must be in the lucky category of still rising home values, most of Utah is down around 2% from last year and is just starting to fall.
It must make you feel good to help people save a couple bucks on their payments and help them get a sled or pay for the fuel.
I do know I could not do your job getting families into mortages that might eventually put them under but it's their choice to spend every penny and strech themselves thin every month with no savings to fall back on.
Are you kidding me with this AZZHOLE!!!!!! when did I ever say that I am that kind of Broker, or that was my plan. ALL that I said is that markets are different in every part of the country. I have never written a subprime loan in my 10 year career. I am simply letting people know that a change for their benefit might be coming. You must be related to Senator Dodd. 4.5% interest could possibly save a person's house, or thousands in interest depending on what a persons current rate is. Just like the demorats let's listen to people like you and take away thier accountability and bail them out. Their have been regulations, and guidelines in place so that people do not over extrend themselves. I am sorry that people have chosen to live their life on the edge of Bankruptcy. Go ahead point your finger at me blame me. Your a piece of work to take a shot at me like this. It was un warranted and un provoked. And for the record YES we are very lucky her in SE Idaho cause our values have held so far. Then again we never had the unpreciedented gains that some in the country had. I guess its sucks when we have to let a market regulate itself. but then again that's my fault to huh.....
A little food for thought. Why do sled manufactures offer no interest no payment until the spring. Or 4-wheeler dealers offer a 59.00 payment on a new quead for the first two years? Like it or not there are people out there who use these tools to enjoy this great sport and they dont have to means to pay cash. They could be young and fresh out of college. Cash it tight, but this offer gets them a chance to ride. NOW I hope and pray that they have the means to get it paid for ASAP. My personal thought is you don't finance toys. However the offer is there from the manufacture. Are they as crooked as you have painted me to be? Do me a favor and think before you speak.
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trackvs2wheels
Well-known member
powderhound...
I LIKE YOUR STYLE!!
Also, as a basic guideline what should one's payment be on a house as a percentage of their take home pay? Isn't there some sort of metric that is a safe percentage to invext in your housing based on your take home pay???
Hopefully you get what I am asking here
Thanks,
Track~
I LIKE YOUR STYLE!!
Also, as a basic guideline what should one's payment be on a house as a percentage of their take home pay? Isn't there some sort of metric that is a safe percentage to invext in your housing based on your take home pay???
Hopefully you get what I am asking here
Thanks,
Track~
no kidding, I think I'm at 6.25 or so, bought last July when they were "high". What magic number would make it worth refinacing this early?
Damn Diesel99, you get the smooth talker award.
If you've paid half your house off, it's a good way to reduce your monthly payments.
2 to 3 hundred extra money each month makes a huge difference for some people.
well as a single income home with 2 kids I know that 2-300 a month extra is HUGE. That's why I work lots of shifts and call time, for that extra money. That measly 200 extra is how I get money for extras and for savings.
well as a single income home with 2 kids I know that 2-300 a month extra is HUGE. That's why I work lots of shifts and call time, for that extra money. That measly 200 extra is how I get money for extras and for savings.
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modsledr
Well-known member
A typical refi will cost you 1.5 points (origination fee, appraisal, processing, title, etc...). This is a generalization, some are cheaper, some are more...so for the sake of the example, dont jump my sh!t.
If you have a $300,000 mortgage, the refi will add $4500 to your loan.
If you have a 30 yr, $300,000 mtg @ 6%, your payment is $1800.
If you refi, your new mtg is $304,500, @ 5%, your payment is $1635.
So, you are saving $165/mo. Divide 4500 by 165 and it will take you 27 months to break even and start taking advantage of the lower payment.
If you know for a fact you will stay there more than 27 months, then you should refi. If not, you are losing money.
powderhound...
I LIKE YOUR STYLE!!
Also, as a basic guideline what should one's payment be on a house as a percentage of their take home pay? Isn't there some sort of metric that is a safe percentage to invext in your housing based on your take home pay???
Hopefully you get what I am asking here
Thanks,
Track~
You are exactly correct. Your housing expense should not exceed 24% of your gross monthly income. When qualifying for a home the lending industry does not take into consideration things like monthly food, utilities, car insurances, " the sledding fund" that is why they want you to stay at 24% to 28 % on your housing payment and no more than 38% on your total monthly debt obligations. that will keep enough on a monthly basis for the above mentioned.
Perfectly said
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Diesel99
Member
Powder why the hate? I never said you are one of those brokers whatever those brokers are.
Are you on here helping guys out with by getting them lower payments? Yes.
Are you getting people into houses with only 5% down? don't feel guilty about it it's their choice.
20% down would give them more skin in the game and that would mean less defaults and less bank foreclosures and less taxpayer bailouts for the banks which is good for everyone.
Is Utah home prices falling? Yes.
Are you doing a job that I would not like to do? yes.
Sounds like your feeling guilty about something?
It must make you feel good to help people save a couple bucks on their payments and help them get a sled or pay for the fuel.
Don't you dare .... What did you mean by the above statement? You can play an angel all you want. I still dont care for you. That statement was a shot at the industry, as well as me. It is something that I am very passionate about. It is how I provide for my family. If I had guilt about what I do for a living I would have never started this thread. I am simply letting the fellow snowesters know that they should take a good look at their current mortgage and go see their local lender and see if it makes sense for them to save some interest. If they have any questions then I will be happy to help if I can. Lord knows we arent ridding. Their is a happy medium in the indusrty that people can get a mortgage and do not need 20% down to get home that they can afford and be proud of. Everyone needs a home, they dont need the mansion!!!!
Tell your reasoning to the family living on 30k a year with four kids that the $130.00 a month that could be saved is nothing... Or that they need to save 400.00 a month for the next 5 years to afford their starter home.... I am sure they'll understand
Don't you dare .... What did you mean by the above statement? You can play an angel all you want. I still dont care for you. That statement was a shot at the industry, as well as me. It is something that I am very passionate about. It is how I provide for my family. If I had guilt about what I do for a living I would have never started this thread. I am simply letting the fellow snowesters know that they should take a good look at their current mortgage and go see their local lender and see if it makes sense for them to save some interest. If they have any questions then I will be happy to help if I can. Lord knows we arent ridding. Their is a happy medium in the indusrty that people can get a mortgage and do not need 20% down to get home that they can afford and be proud of. Everyone needs a home, they dont need the mansion!!!!
Tell your reasoning to the family living on 30k a year with four kids that the $130.00 a month that could be saved is nothing... Or that they need to save 400.00 a month for the next 5 years to afford their starter home.... I am sure they'll understand
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x, you gotta do the math. take your current payment as a baseline. take all the added expenses and savings divide them in months and it will tell you how long it takes to come out square. if you are at 6-6.5% it will be less time then if you are at 5.5%.....and you total loan cost...they are all variables.
Woke up in a better mood and I was thinking if this is a good thread share the love with some green dots
Whats the rates today? Any idea how long before the 4.5 fixed might be a reality??
Rates are running from 5% to 5.125% on a 30-year depending on the Investor. 4.875% on a 15-year note today.
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