billbill1
Veteran Member
- Joined
- Oct 13, 2004
- Messages
- 1,207
- Location
- Lecompton, Kansas
- Tractor
- 2016 Mahindra 1533 Shuttle AgKing 2840 shuttle shift
Just this very morning, I paid off my mortgage. I feel like a new man!!
just refinanced my house -- saved $215K -- worth a look --
- Thread starter Unregistered2013
- Start date
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riptides
Super Member
Personally I am looking for another million or two before the rates go up ever further.
Robert_in_NY
Super Member
- Joined
- Aug 1, 2001
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- 8,552
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- Silver Creek, NY
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- Case-IH Farmall 45A, Kubota M8540 Narrow, New Holland TN 65, Bobcat 331, Ford 1920, 1952 John Deere M, Allis Chalmers B, Bombardier Traxter XT, Massey Harris 81RC and a John Deere 3300 combine, Cub Cadet GT1554
Congrats on the savings Eric. I don't care how anyone wants to say it, when you pull $215k off of what you owe without having to give $215k to do so then you did indeed "SAVE". I don't know if I can refinance on my house just yet as I don't recall when I bought it. I am going to check my records and go from there. Thanks for sharing
Pirate
Gold Member
A few months ago I went from a 6.something to a 4.zero, yes, that is 4.o, 30 to 15 year. I'm betting that is the low rate so far!
riptides
Super Member
Ahh... loaded question.
The rate you get depends on many other factors.
How much you need to float, how much you can put in the game, your assets, liabilities and credit scores come to mind.
But 4.0 for 15 is very, very good.
tallyho8
Elite Member
- Joined
- Aug 1, 2004
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- 4,533
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- Kubota L4400, Kubota ZD326
The only 3 properties that I ever bought with a mortgage were in 1973, 1974 and 1982 and I had 20 year loans on the first 2 at 7.5% and 8% and the last one was a 10 year loan at 10%. A 4% loan back then was unheard of.
I paid each loan off in less than 5 years against the advice of everyone I talked to. They all advised me to keep the mortgage so I could write off more taxes and to save my money for other purposes.
With less bills, a few years later I was buying properties for cash. Having healthy assets I was able to retire years early with no debts. My friend and financial advisor retired last year at 68 with no measurable assets and owing $175,000 on his home. I couldn't live with the stress he is facing now. Of course, he was always proud of the new car he financed every other year of his life while I saved up and paid cash for a new one about every 10 years.
Some people believe that the one who dies owing the most wins because they don't have to pay it back. That would make me die many years earlier from the stress.
Now I leave next Saturday for a Carribean cruise and sipping margaritas in the sun. Do I regret paying off my bills early and saving up for my retirement years?
[size=+3]NOPE[/size]
I paid each loan off in less than 5 years against the advice of everyone I talked to. They all advised me to keep the mortgage so I could write off more taxes and to save my money for other purposes.
With less bills, a few years later I was buying properties for cash. Having healthy assets I was able to retire years early with no debts. My friend and financial advisor retired last year at 68 with no measurable assets and owing $175,000 on his home. I couldn't live with the stress he is facing now. Of course, he was always proud of the new car he financed every other year of his life while I saved up and paid cash for a new one about every 10 years.
Some people believe that the one who dies owing the most wins because they don't have to pay it back. That would make me die many years earlier from the stress.
Now I leave next Saturday for a Carribean cruise and sipping margaritas in the sun. Do I regret paying off my bills early and saving up for my retirement years?
[size=+3]NOPE[/size]
tbalz
New member
I tried to refinance a year ago and had the same exact experience as forgeblast. thankfully i only had $450 into it and it was fully refunded after 38 phone messages and 26 emails over a 3 week period.
rural property with new construction and barns is not appraised worth a ****. they said my fully insulated, heated, concrete, wired with power& lights. 40'x60'x14' w/15'x60' over hang was only worth $18k.
needless to say my appraisal didnt come in high enough. it sucks knowing that i am wasting $250 a month in interest.
rural property with new construction and barns is not appraised worth a ****. they said my fully insulated, heated, concrete, wired with power& lights. 40'x60'x14' w/15'x60' over hang was only worth $18k.
needless to say my appraisal didnt come in high enough. it sucks knowing that i am wasting $250 a month in interest.
dmccarty
Super Star Member
When we built our house we had a fun time with the appraisers. The first ones did not know scat about rural land. They were fired. They tried to tell us that our land was worth 30% less than reality. We had comparables since WE had sold a lot that was just like our house site. AND other lots had sold as well. But the duffus valued the land very low. I think it was lower than the tax appraisal.
The bank got a new appraiser when we showed them the old appraiser's errors. The appraiser who watched over the house construction was not awe inspiring either. I watched him drive up one day in his fancy car. Get out of said car with his fancy dress shoes and peer at the foundation from the 30 feet away as he checked off his check list. Don't know how he could SEE ANYTHING. But it was not a problem for us.
The appraiser we had when we converted from the loan or during our refi, can't remember which, SHE was very competent. She actually looked at things and KNEW their value. Appraisers in NC are supposed to have some education and I think they are licensed but there are some out there that are just dumb.
We have had some run ends with the bank officers over the years but the vast majority have been pretty good. When we find a good one bank officer and bank we stick with them.
Later,
Dan
They tried to tell us that our land was worth 30% less than reality. We had comparables since WE had sold a lot that was just like our house site. AND other lots had sold as well. But the duffus valued the land very low. I think it was lower than the tax appraisal. The bank got a new appraiser when we showed them the old appraiser's errors. The appraiser who watched over the house construction was not awe inspiring either. I watched him drive up one day in his fancy car. Get out of said car with his fancy dress shoes and peer at the foundation from the 30 feet away as he checked off his check list. Don't know how he could SEE ANYTHING.
But it was not a problem for us.The appraiser we had when we converted from the loan or during our refi, can't remember which, SHE was very competent. She actually looked at things and KNEW their value. Appraisers in NC are supposed to have some education and I think they are licensed but there are some out there that are just dumb.
We have had some run ends with the bank officers over the years but the vast majority have been pretty good. When we find a good one bank officer and bank we stick with them.
Later,
Dan
Ridgewalker
Platinum Member
I did that a few years ago...4.8% on a 15. I have 8 years to go! Woot!!!
