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Started By
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re: Refi rules of thumb?
Posted on 8/23/23 at 4:49 pm to Pezzo
Posted on 8/23/23 at 4:49 pm to Pezzo
quote:
hes paying 5k to lower his note and total interest paid over the life of the loan....he'll probably save over 60k over the life of the loan
to OP id say do it. these number almost match what i did in 2021. refinanced a 190k loan from 4.5 down to 3.0 and rolled the closing into the new loan. 195k loan with 3.0 rate and over the life of the loan ill save close to 90k in interest
With that approach, why stop at 2 points?
Why not 4?
Why not 6?
0
Posted on 8/23/23 at 5:35 pm to rpg37
quote:
This would be a longterm investment property at the least. I plan to live here at least a few years though myself but not much interest in selling.
2 points with closing costs only is my rule, but you complicating it with above.
Your "new primary" residence will have to go into the higher rate bucket when you go there since you have claimed a primary residence.
I would refi this one when you hopefully see 1.5 points and closing costs only. Then wait until we get historically low rates in every rate bucket (like a few years ago) and buy your "second home" at the same rate.
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