NON_POLITICAL China Coronavirus THREAD

[Red Squirrel]

Since interest rates were lowered (both US and Canada) think it would make it worthwhile to remortgage? Or would the penalty basically be more than the savings? Is this something a bank would be able or willing to tell you if you asked? I imagine it depends on each individual scenario.

I have 3 years left on my term so I don't think it's worth it as the penalty is probably based on how much time is left... but just a random thought that came to mind.

 

[ponyo]

It's winter in Iran. Just looked at the weather in Tehran, it's 48 F right now.

ok. That makes me feel better. I just checked Egypt and I think it's winter there as well.

 

[highland145]

Since interest rates were lowered (both US and Canada) think it would make it worthwhile to remortgage? Or would the penalty basically be more than the savings? Is this something a bank would be able or willing to tell you if you asked? I imagine it depends on each individual scenario.

I have 3 years left on my term so I don't think it's worth it as the penalty is probably based on how much time is left... but just a random thought that came to mind.

Doubtful. You've already paid most of the interest. YMMV.

 

[Scarpozzi]

Since interest rates were lowered (both US and Canada) think it would make it worthwhile to remortgage? Or would the penalty basically be more than the savings? Is this something a bank would be able or willing to tell you if you asked? I imagine it depends on each individual scenario.

I have 3 years left on my term so I don't think it's worth it as the penalty is probably based on how much time is left... but just a random thought that came to mind.

This thread is supposed to be about everyone's death, not you planning for the future!

But yeah.... I refinanced in December of 2012 @ 2.49%. Today, I can get the same rate....for the first time since. I highly doubt the FED is going to drop the interest rate again for a long while. The markets are too volatile for it to help without serious workforce issues driving spending down. The cost of refinancing is $3,000 to $5,000 depending on if they sell you points.... Shop around as many credit unions as you can. Also remember that some only change rates on weekly or monthly intervals.

You can work out how much money you can save and see if it makes sense. Another angle is to free up cash flow to invest in the markets by locking a 20-30 year rate and buying stock with the savings.

 

[sdifox]

Since interest rates were lowered (both US and Canada) think it would make it worthwhile to remortgage? Or would the penalty basically be more than the savings? Is this something a bank would be able or willing to tell you if you asked? I imagine it depends on each individual scenario.

I have 3 years left on my term so I don't think it's worth it as the penalty is probably based on how much time is left... but just a random thought that came to mind.

Do the math duh

 

[Red Squirrel]

Do the math duh

That's out of my expertise. Mortgage math can get pretty complicated. Math was never my thing, especially not financial math. That's why there are people who make more money than me who do that for a living. But yeah I might check with my bank for fun. They have programs that do all the work and know the formulas etc. I'll wait though, like say a year, if this stays the same or if the rates go back up. Maybe once they announce a vaccine I'll check.

I hardly have any cashflow left after all costs of living so not much money to invest. If I did reopen my mortgage I'd take out 10k to pay off my credit line since I have been trying to pay that off for a while and it's barely moving. Buying a 14k truck on credit was probably a stupid financial decision, I should have bought a small car again.

 

[sdifox]

That's out of my expertise. It can get pretty complicated. Math was never my thing, especially not financial math. That's why there are people who make more money than me who do that for a living.

Whut? It's super easy.

 

[Red Squirrel]

Whut? It's super easy.

Like I said, math is not my expertise. It might be easy for someone that knows all the math and stuff and that sure as hell is not me. I would not even know where to start. I'm in telecom, not finance.

 

[Roger Wilco]

We are beginning to see outbreaks in hot countries south of the equator, so time will tell if climate can mitigate them. India, Ecuador, Egypt, Singapore, and others have shown surges in reported new cases in the past day or so.

EDIT: Malaysia also had a big spike recently. Brazil as well....too many to keep track of. Regardless, we will know very soon how well this transmits and survives in hot and dry and hot and humid environments.

 

[highland145]

Like I said, math is not my expertise. It might be easy for someone that knows all the math and stuff and that sure as hell is not me. I would not even know where to start. I'm in telecom, not finance.

Google amortization chart.

Let's say you had a 15yr. 3 years left, you've paid most of the interest.

 

[Scarpozzi]

Inovio shares rally after biotech says human trials of coronavirus vaccine will start in April

Shares of Inovio Pharmaceuticals Inc. rallied more than 16% Tuesday, after the company said it’s accelerating the timeline for development of a vaccine to...

www.marketwatch.com

 

[jpiniero]

Google amortization chart.

Let's say you had a 15yr. 3 years left, you've paid most of the interest.

IIRC in Canada they don't have long fixed rate mortgages like in the US. Typical is like a 5/5 ARM.

 

[Red Squirrel]

Google amortization chart.

Let's say you had a 15yr. 3 years left, you've paid most of the interest.

All of those seem to assume you are starting from a new mortgage though. That and there may still be other variables that vary between bank to bank, like the insurance rate and other modifiers etc. Like when I log into my bank it shows as rates:

Annual interest rate 4.950%
Annual credit rate, including insurance 6.189%

So not even sure what percentage I use. Do I use the 2nd one in the calculators?

 

[jpiniero]

All of those seem to assume you are starting from a new mortgage though. That and there may still be other variables that vary between bank to bank, like the insurance rate and other modifiers etc. Like when I log into my bank it shows as rates:

Annual interest rate 4.950%
Annual credit rate, including insurance 6.189%

So not even sure what percentage I use. Do I use the 2nd one in the calculators?

Insurance? PMI? What % did you put down?

 

[Scarpozzi]

We are beginning to see outbreaks in hot countries south of the equator, so time will tell if climate can mitigate them. India, Ecuador, Egypt, Singapore, and others have shown surges in reported new cases in the past day or so.

EDIT: Malaysia also had a big spike recently. Brazil as well....too many to keep track of. Regardless, we will know very soon how well this transmits and survives in hot and dry and hot and humid environments.

It's all about how often people choose to be outside and not inside. For example, if near 100% of people are indoors because it's cold outside or rainy season stuff will get passed around...if it's warmer outside and longer days, people tend to have looser contact.

All of those seem to assume you are starting from a new mortgage though. That and there may still be other variables that vary between bank to bank, like the insurance rate and other modifiers etc. Like when I log into my bank it shows as rates:

Annual interest rate 4.950%
Annual credit rate, including insurance 6.189%

So not even sure what percentage I use. Do I use the 2nd one in the calculators?

You just need to know how many years/payments you have left currently on your mortgage and the APR (4.95) and it can be calculated.

 

[rcpratt]

Your insurance is billed as an interest rate...?

If you only have 3 years left on your loan, it's not going to make sense.

 

[Lost_in_the_HTTP]

Since interest rates were lowered (both US and Canada) think it would make it worthwhile to remortgage? Or would the penalty basically be more than the savings? Is this something a bank would be able or willing to tell you if you asked? I imagine it depends on each individual scenario.

I have 3 years left on my term so I don't think it's worth it as the penalty is probably based on how much time is left... but just a random thought that came to mind.

There's a whole thread on that: https://forums.anandtech.com/threads/psa-look-to-refinance-mortgage-now.2577754/unread

 

[Red Squirrel]

Insurance? PMI? What % did you put down?

I don't recall, think original was 165k and I put down like 13k. Basically there was a minimum I can put down to avoid a certain penalty, and anything after that made hardly any difference. But I remortgaged a couple times since then, so everything is kind of different now. That's why I don't think any online calculator will work as it won't take any of those changes into account. Switching banks, getting different rates through the life of it, etc.

There's 3 years left until it opens, not until it's paid off. I got around 73k left. If I recall I have about 5-6 years left at this current payment rate.

 

[highland145]

So is J right? You don't have a fixed long term loan?

 

[sdifox]

IIRC in Canada they don't have long fixed rate mortgages like in the US. Typical is like a 5/5 ARM.

Err we do have fixed rate mortgage.

 

[Red Squirrel]

So is J right? You don't have a fixed long term loan?

It's a fixed 25 year, but every 5 years it opens which means I can negotiate a better rate, switch banks, make major changes etc without penalty. Normally if you take no action you get whatever is the current going rate. Basically a fairly standard mortgage. I'm about 3 years away from it opening. Mine is also paid biweekly accelerated. (I'm not sure what's the difference between biweekly and biweekly accelerated but think they are two different things). I also pay more than the base payment. Like, that part I can change any time without penalty, as it's paid on top of the base rate, rather than upping the base rate itself.

 

[sdifox]

All of those seem to assume you are starting from a new mortgage though. That and there may still be other variables that vary between bank to bank, like the insurance rate and other modifiers etc. Like when I log into my bank it shows as rates:

Annual interest rate 4.950%
Annual credit rate, including insurance 6.189%

So not even sure what percentage I use. Do I use the 2nd one in the calculators?

Lol those are posted rate. And if you have only three years left for your whole mortgate the interest is negligible. I get 1% below posted.

How many years are you away from paying it off? What is your principal amount now? You use that as the amount you want to borrow. Go through mortgage brokers they will find you a best fit mortgage and rate.

 

[Red Squirrel]

Lol those are posted rate. And if you have only three years left for your whole mortgate the interest is negligible. I get 1% below posted.

How many years are you away from paying it off?

How would I find out the rate I'm actually paying then?

I think I have around 5-6 years left but I'm not sure. I added an extra $50 biweekly about a year ago so I imagine that changes things a bit. I think the 5-6 year I was told was before I made that change. That was also at least a year ago so it's probably more like 4-5 years now. I don't recall the exact amount. I should have kept the statement as when it opened I got a more comprehensive statement than what I get when I login to my bank.

 

[Scarpozzi]

How would I find out the rate I'm actually paying then?

I think I have around 5-6 years left but I'm not sure. I added an extra $50 biweekly about a year ago so I imagine that changes things a bit. I think the 5-6 year I was told was before I made that change. That was also at least a year ago so it's probably more like 4-5 years now. I don't recall the exact amount. I should have kept the statement as when it opened I got a more comprehensive statement than what I get when I login to my bank.

When you get a payoff quote, you can do the math. I helped a friend of mine calculate his today. He has 19 years left. We looked at rolling it into a 15 year fixed at 2.5% and it would take four years with the same exact payment...saving him $43000.

 

[sdifox]

How would I find out the rate I'm actually paying then?

I think I have around 5-6 years left but I'm not sure. I added an extra $50 biweekly about a year ago so I imagine that changes things a bit. I think the 5-6 year I was told was before I made that change. That was also at least a year ago so it's probably more like 4-5 years now. I don't recall the exact amount. I should have kept the statement as when it opened I got a more comprehensive statement than what I get when I login to my bank.

You get a yearly statement no? How the hell don't you know what is the rate you are paying?

Best to go over to the mortgage thread instead of mucking up this one.