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  1. #176
    Join Date
    Oct 2005
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    Idaho
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    9,829
    Quote Originally Posted by rideit View Post
    What do you consider Jumbo?
    Your mom. Sorry, I have never met your mother but that was a softball.

  2. #177
    Join Date
    Aug 2007
    Location
    At the beach
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    16,068
    Quote Originally Posted by rideit View Post
    What do you consider Jumbo?
    Anything over FNMA guidelines for an area https://singlefamily.fanniemae.com/m...ook-table-2020
    Quote Originally Posted by leroy jenkins View Post
    I think you'd have an easier time understanding people if you remembered that 80% of them are fucking morons.
    That is why I like dogs, more than most people.

  3. #178
    Join Date
    Jan 2008
    Location
    Paper St. Soap Co.
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    2,758
    Are people using calculators that include total amount paid or just seeing a lower monthly payment and think they are saving money? Why would anyone go from a 30 yr to a new 30 if already several years into the original?

  4. #179
    Join Date
    Jan 2007
    Location
    Upstate
    Posts
    7,742
    Quote Originally Posted by 406 View Post
    Are people using calculators that include total amount paid or just seeing a lower monthly payment and think they are saving money? Why would anyone go from a 30 yr to a new 30 if already several years into the original?
    This ... adding time doesn't make sense unless you're counting on the home to appreciate considerably?

  5. #180
    Join Date
    Oct 2007
    Posts
    10,310
    Quote Originally Posted by 406 View Post
    Are people using calculators that include total amount paid or just seeing a lower monthly payment and think they are saving money? Why would anyone go from a 30 yr to a new 30 if already several years into the original?
    Because many people's financial picture includes a lot more considerations than just their mortgage. Managing credit, investments, and taxes.

  6. #181
    Join Date
    Sep 2004
    Location
    LV-426
    Posts
    18,478
    Adding to that - most people won't keep a mortgage through payoff (full 30 or 15, or early payoff). A 30-yr fixed at those cheap rates is a nice way to hold debt cheap.

    Almost makes you want to take out a mortgage on paid-off property and invest the loan amount...
    Quote Originally Posted by powder11 View Post
    if you have to resort to taking advice from the nitwits on this forum, then you're doomed.

  7. #182
    Join Date
    Nov 2010
    Location
    Montrose, CO
    Posts
    3,484

    Shopping for a mortgage

    Quote Originally Posted by Name Redacted View Post
    Because many people's financial picture includes a lot more considerations than just their mortgage. Managing credit, investments, and taxes.
    Yup. With the difference in my monthly payment I'll divert the surplus money to paying off higher interest debt and eliminating at least one monthly payment in the next year or two. Once that is paid down, in theory I'll pay extra on the mortgage but who knows where my life will be by then, or if I'll even still be in this house.

    I'm also eliminating PMI with my refi since my home has went up in value significantly since purchase 3 yrs ago.

  8. #183
    Join Date
    Oct 2006
    Location
    MA
    Posts
    6,393
    Quote Originally Posted by El Chupacabra View Post
    Almost makes you want to take out a mortgage on paid-off property and invest the loan amount...
    Now yer talkin
    Decisions Decisions

  9. #184
    Join Date
    Sep 2005
    Location
    PRB
    Posts
    26,502
    Quote Originally Posted by 406 View Post
    Are people using calculators that include total amount paid or just seeing a lower monthly payment and think they are saving money? Why would anyone go from a 30 yr to a new 30 if already several years into the original?
    Because the savings on payment might be such that if you continue making your current payment on the new loan, you can pay it off sooner than if you kept the current loan, while also giving you the flexibility to have a lower payment if you need it. At least that's my reason.

    I already know that I'm not retiring in this home, I'll have to sell and move, so it's not a big deal to reset the term, even if I don't make overpayments to shorten the term.
    "fuck off you asshat gaper shit for brains fucktard wanker." - Jesus Christ
    "She was tossing her bean salad with the vigor of a Drunken Pop princess so I walked out of the corner and said.... "need a hand?"" - Odin
    "I'd eat a bag of Dicks and wash it down with a Coke any day." - iceman

  10. #185
    Join Date
    Mar 2008
    Location
    northern BC
    Posts
    25,029
    My strategey was to go for the longest amortisation/ lowest payment I could find



    and waited for mom to die
    Lee Lau - xxx-er is the laziest Asian canuck I know

  11. #186
    Join Date
    Nov 2008
    Posts
    1,387
    Quote Originally Posted by tgapp View Post
    Anyone got a recommendation for a broker in Utah? Listening to people here I feel like we were taken for a ride when we bought our first home. Would love to chat with someone recommended by a mag.
    His name is Justin Hudson. Longtime friend of mine.

    Justinhudsonlending.com

    Hes the guy that does what he says hes gonna do when he says he gonna do it. Very solid reliable dude. You can apply on the website or call him directly. 801-603-2007

  12. #187
    Join Date
    Dec 2005
    Location
    Central OR
    Posts
    5,655
    Quote Originally Posted by snowaddict91 View Post
    Yup. With the difference in my monthly payment I'll divert the surplus money to paying off higher interest debt and eliminating at least one monthly payment in the next year or two. Once that is paid down, in theory I'll pay extra on the mortgage but who knows where my life will be by then, or if I'll even still be in this house.

    I'm also eliminating PMI with my refi since my home has went up in value significantly since purchase 3 yrs ago.
    This is why Im doing a refi too. We plan to pay an extra $800/month to principal, so well be paid off well before 30 years.

  13. #188
    Join Date
    Mar 2009
    Location
    NorthEast
    Posts
    1,074
    Quote Originally Posted by Flyoverland Captive View Post
    This is why Im doing a refi too. We plan to pay an extra $800/month to principal, so well be paid off well before 30 years.
    Same. Just locked in and went to 30 year. We had 21 left anyways.

    Dropped payment by $850 a month. We will bombard the principal with some of the extra $ and if the shit hits the fan and one of us losses our job we wont be in dire straights.


    Sent from my iPhone using Tapatalk

  14. #189
    Join Date
    Oct 2010
    Posts
    955
    Quote Originally Posted by El Chupacabra View Post
    Almost makes you want to take out a mortgage on paid-off property and invest the loan amount...
    Yeah 'cause that never caused anybody any trouble before........

  15. #190
    Join Date
    Oct 2009
    Location
    seatown
    Posts
    3,640
    what are you talking about, the economy is great

  16. #191
    Join Date
    Aug 2007
    Location
    At the beach
    Posts
    16,068
    WTF? Huge decline in the 10 Year t bond and early indicators for mortgages are higher rates. I have never seen anything like this in my 36 years in the business. Last Monday's Jumbo rates were 3%-3.125%. Now there 4%+. Lenders do not want new business at this time. Market volatility is scaring them all away and they are trying to protect their servicing from being completely refinanced. Un fucking real.
    Quote Originally Posted by leroy jenkins View Post
    I think you'd have an easier time understanding people if you remembered that 80% of them are fucking morons.
    That is why I like dogs, more than most people.

  17. #192
    Join Date
    Oct 2005
    Location
    Idaho
    Posts
    9,829
    It's almost like the system is rigged for people with money to make more money.

  18. #193
    Join Date
    Oct 2006
    Location
    MA
    Posts
    6,393

    Shopping for a mortgage

    I was wondering if that was a concern for lenders. Rates bottom, everyone refinances at low rates in a 2 week period, then what?
    Decisions Decisions

  19. #194
    Join Date
    Oct 2009
    Location
    seatown
    Posts
    3,640
    just let the free markets figure it out guys, this is america

    just like my gas prices

  20. #195
    Join Date
    May 2007
    Location
    Sandy, Utah
    Posts
    14,391
    Email sent to my guy. We just closed less than a year ago but the drop may be significant enough to do it all again.

    Sent from my Pixel 2 using TGR Forums mobile app
    TGR MODS EAT SKIDOG JIZZ

  21. #196
    Join Date
    Oct 2006
    Location
    MA
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    6,393
    Quote Originally Posted by Skidog View Post
    Email sent to my guy. We just closed less than a year ago but the drop may be significant enough to do it all again.

    Sent from my Pixel 2 using TGR Forums mobile app
    Closed in July at 3.75. 15 year may not be that much more money monthly though Id lose the flexibility
    Decisions Decisions

  22. #197
    Join Date
    May 2007
    Location
    Sandy, Utah
    Posts
    14,391
    Quote Originally Posted by Brock Landers View Post
    Closed in July at 3.75. 15 year may not be that much more money monthly though Id lose the flexibility
    I'm slightly higher at 4.1 so this might pencil out. Let's let the pro do the work. He figured out my current situation when some others couldn't. I trust him.

    Sent from my Pixel 2 using TGR Forums mobile app
    TGR MODS EAT SKIDOG JIZZ

  23. #198
    Join Date
    Oct 2003
    Location
    slc
    Posts
    14,618
    Quote Originally Posted by Conundrum View Post
    It's almost like the system is rigged for people with money to make more money.
    What could possibly give you that idea?

  24. #199
    Join Date
    Nov 2005
    Location
    Down In A Hole, Up in the Sky
    Posts
    30,999
    Quote Originally Posted by shroom View Post
    just let the free markets figure it out guys, this is america

    just like my gas prices
    And health insurance!
    Forum Cross Pollinator

  25. #200
    Join Date
    Apr 2010
    Posts
    711
    Thinking I'm gonna let my 3.625% 30 yr ride for a bit. Best 30yr fixed I could find was 3.25%

    Wouldnt be shocked if rates drop after this wave of refis close. My buddy says his shop locked 3.5 billion in refis last week. Shattered old record.

    Conf call today was all about negative interest rates coming our way. If my rate was a little higher, I'd refi now and them again in a few months. Fingers crossed.

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