mpeirce
Thinks s/he gets paid by the post
I'm amazed at how many people can remember so much. Or maybe they keep records of these things.
Me, I have no idea.
Me, I have no idea.
Your Mortgage Rate History
- Thread starter UnrealizedPotential
- Start date
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I have a copy of every note and mortgage, and every release, in my records.
harley
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
How can you forget at 15.75% mortgage? And I remember the 6.5% one from 8 years ago because it was a zero interest liar's loan. I couldn't believe someone would loan me over half a million dollars without really checking on my financial situation. I wasn't lying, but I could have been. Of course, this was about 6 months before the bottom fell out. Two years later they were begging me to refinance so they could get that embarrassing loan off the books before the auditors got to it.
Moemg
Gone but not forgotten
My last mortgage was in 1986 for 8% for 15 years . Paid it off in 1995 and have been mortgage free since then .
jimnjana
Thinks s/he gets paid by the post
First mortgage was 9% on a condo back in 89. Current mortgage is 3.75 and am doing a refi to get it to 3.25 30 yr. Also have a 5 percent home equity loan on a vacation rental.
UnrealizedPotential
Thinks s/he gets paid by the post
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- May 21, 2014
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If I still had a mortgage that was 8% I might strongly consider paying it down instead of investing in the stock market as much. Why? Well, an 8% return is good and I am not sure going forward if we get that in the stock market. At a mortgage that is 4.625 % I am less inclined to do so. Is this right or wrong? I don't know, but it is how I feel.
House one
1988 10.875 (30 year fixed)
1993 8.25 (refi, 30 year fixed)
House two
1996 9.0 (30 year fixed)
between 1996 and 2007, i refinanced 3 times without extending the period of the original loan rates were 8.25, 6.5 and 4.875
paid off in 2009
House three
2011 3.25 (15 year fixed)
2011 3.00 (no cost refi, with same bank.)
1988 10.875 (30 year fixed)
1993 8.25 (refi, 30 year fixed)
House two
1996 9.0 (30 year fixed)
between 1996 and 2007, i refinanced 3 times without extending the period of the original loan rates were 8.25, 6.5 and 4.875
paid off in 2009
House three
2011 3.25 (15 year fixed)
2011 3.00 (no cost refi, with same bank.)
harley
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
If I still had a mortgage at 8%, I'd spend 20 minutes feeling like an idiot, then I'd pick up the phone and start the refinance process. End up with whatever the current rate is, be paying significantly less, and still be able to invest in the stock market.
NW-Bound
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
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- 35,712
I only remember the mortgage on my 1st home ever, bought soon after our marriage and my 1st real job in 1980: 14% 30-year FHA assumable. Everything else after that was a cake, so I would not remember the later mortgages and would have to pull up my records to see.
And I still remember that the home payment ate up almost 1/2 of my pay, which was about $70K gross in today's dollars. I remember this clearly, because I was paid bi-weekly, and every other pay check went for the mortgage. Thinking about it, that was pricey for a 1800-sq.ft. home that was not in a coastal state.
And I still remember that the home payment ate up almost 1/2 of my pay, which was about $70K gross in today's dollars. I remember this clearly, because I was paid bi-weekly, and every other pay check went for the mortgage. Thinking about it, that was pricey for a 1800-sq.ft. home that was not in a coastal state.
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UnrealizedPotential
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Very true, but will that be true 5 years from now? Even 2 years from now. Options that are available now may not be in the very near future. Also, unfortunately not everyone with good enough credit will qualify for that lower rate and may be stuck with the higher one. Banks are still very stingy who they lend money to. They should be. Who wants to live the 2008/2009 bear over again? Not me.
harley
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
I guess I don't understand your point. I thought you were saying that if you currently, in this rate environment, had an 8% loan you'd pay it down/off as opposed to saving/investing your money. I was saying that if I had an 8% loan in this environment, I'd refinance and save and invest even more.
If rates went up to the 8% level again, I would assume that CD rates and bond rates would go up with them. The playing field tends to stay in the vicinity of even. And if someone's credit rating is so bad that they couldn't qualify for a decent mortgage rate, what the heck would they be doing buying a house?
RetireAge50
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- Aug 6, 2013
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1992 8% 15 year mortgage
Currently 3.375% 15 year mortgage different house.
A few refinances in between. We have lived in 2 houses and an apartment.
Currently 3.375% 15 year mortgage different house.
A few refinances in between. We have lived in 2 houses and an apartment.
UnrealizedPotential
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I was thinking more of someone who was stuck in an 8% mortgage from years past and could not refinance. Other than that I am not really debating what you say at all.
kitesurfer2
Recycles dryer sheets
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- Nov 14, 2014
- Messages
- 435
my first house was $47,500 in 1978 at 14.5% . the payments were $600'ish. My current house is paid off but it was also $600'ish, bought in 2000. had 5 houses in between, one of which was paid off when I gave everything I owned to x wife #2, and started all over again 
