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Old 12-14-2014, 02:42 PM   #21
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It has been a decade since we had one and I don't recall what the interest rate was on it or any of our previous mortgages - except for the one in the early 80's which was 12.75%.

You'll never hear me long for "the good old days"...
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I could probably remember the interest rates I paid if I tried really hard to do so, but I don't want to even think about it!

I paid off my mortgage in 2006; was just on the verge of it in 2005 when Katrina clobbered us down here, so I let things ride for a few months and just paid the regular monthly payments.
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Old 12-14-2014, 03:17 PM   #22
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Paid cash and won't get into the cash vs. finance debate. Best decision I ever made. This place is now worth 5 times what I paid for it. Highly desirable area getting more desirable each year. Fortunately, I strongly desire to leave in the next couple years.
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Old 12-14-2014, 04:10 PM   #23
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I just had to go into the basement files and look it up. In October 1981 we bought our first house - $38000 30 year mortgage - 17 1/2% rate. Fortunately we got relocated a couple years later from NY to Il where it dropped to 13 1/2%. In 1986 we got a 12% mortgage in MI. Moved one more time and finally got it down to 4 3/4% before paying off the last one in 2009 ( and it was a lot bigger than 38k).
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Old 12-14-2014, 04:20 PM   #24
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I bought my first house in 1983. I was able to straight assume the seller's 12% VA mortgage. (I was never in the military). I had to put down about 20% to do this. My cost to close the loan was $45 to transfer the paperwork to my name. I thought that this was a bargain considering the times. (by the way you cannot do this type of loan assumption anymore).
Ah yes, assumable loans. That's a memory that dates you. Like having used a typewriter.
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Old 12-14-2014, 05:34 PM   #25
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I don't remember the first rate... assumed a mortgage in 1984, believe it was above 10%. Bought a different house in 1987 with a 9.5% mortgage. In 1991 bought another house with an 8.5% mortgage. That was my last one so far. BTW, paid that last one off in 1993.. so 0% since then.. or at least that is one way to think of it.
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Old 12-14-2014, 05:37 PM   #26
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I'm amazed at how many people can remember so much. Or maybe they keep records of these things.

Me, I have no idea.
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Old 12-14-2014, 05:40 PM   #27
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I have a copy of every note and mortgage, and every release, in my records.
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Old 12-14-2014, 07:06 PM   #28
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I'm amazed at how many people can remember so much. Or maybe they keep records of these things.

Me, I have no idea.
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.
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Old 12-14-2014, 08:42 PM   #29
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My last mortgage was in 1986 for 8% for 15 years . Paid it off in 1995 and have been mortgage free since then .
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Old 12-15-2014, 04:01 PM   #30
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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.
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Old 12-15-2014, 04:35 PM   #31
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My last mortgage was in 1986 for 8% for 15 years . Paid it off in 1995 and have been mortgage free since then .
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.
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Old 12-15-2014, 08:39 PM   #32
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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.)
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Old 12-16-2014, 12:07 AM   #33
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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.
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.
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Old 12-16-2014, 12:32 AM   #34
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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.
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Old 12-16-2014, 02:02 AM   #35
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1984 mega moved us cross country 14.5% of which they bought down 5% to get anyone to move. They refinanced to 7.5% for us later. Moved in 1998 at 6.25%. Refi 2004 to 5.125%. Payoff in less than 2 years.
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Old 12-16-2014, 07:55 AM   #36
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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.
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.
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Old 12-16-2014, 08:46 AM   #37
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2007 (DE) - 6.5% 30 yr
2009 (REFI) - 5.5% 30 yr
2010 (REFI) - 4.5% 5/1
2013 (MN) - 3.375% 30 yr (Keeping this one)
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Old 12-16-2014, 10:00 AM   #38
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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.
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?
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Old 12-16-2014, 10:24 AM   #39
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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.
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Old 12-16-2014, 11:08 AM   #40
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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?
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.
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