Morgage rates

[IHateMyJob2004]

Yes, I know they are down. I only could have saved 0.25% or so at best several months ago. So I havn't refinanced.

I looked today and I could pull out $20K in equity, roll the fees into the new mortgage and have lower monthly payments.

Simply amazed.

Cliff notes:
I can refinance, roll the fees into the mortgage, get $20K, and have lower monthly payments.

NICE

 

[Epic Fail]

??

so how much longer do you have to pay?

 

[Spike]

That would be very nice. I am stuck with a new mortgage at $1600 a month... darn Seattle housing. Maybe in a few years the ecomony will dive again and I can refinance for a lower rate

-spike

 

[IHateMyJob2004]

Originally posted by: yamadakun
??

so how much longer do you have to pay?

I have 28 years to go as is. So, it wouldreset to 30. No biggie.

 

[StageLeft]

Originally posted by: yamadakun
??

so how much longer do you have to pay?

*DING DING*

 

[StageLeft]

Originally posted by: IHateMyJob2004

Originally posted by: yamadakun
??

so how much longer do you have to pay?

I have 28 years to go as is. So, it wouldreset to 30. No biggie.

I could do the same thing and in fact come out with basically the exact same numbers, but then I'm starting at square one, as you would be. I try not to see the equity as accessible money, unless I really need it.

 

[Homerboy]

uhh why would you pull that $20K unless you need it to pay off something higher rate?
Let the equity sit and ONLY use it under EXTREME emergencies. I had to pull out like $18K last year as I was unemployed for 6 months or so. It still turns my stomach that Im back to square 1 on that.

 

[shilala]

I'm thinking about selling all but two of my houses and being without a mortgage all together.
Now that'd be cool. I don't think I can do it yet though. I'd have to crunch the numbers, but I probably have to hang in there for another year or two.

 

[imported_Tick]

Originally posted by: shilala
I'm thinking about selling all but two of my houses and being without a mortgage all together.
Now that'd be cool. I don't think I can do it yet though. I'd have to crunch the numbers, but I probably have to hang in there for another year or two.

Do you rent them out?