Question for Homeowners
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Anyone ever done a cash out refinance? If so y’all about your personal pros and cons of it. Me and the better half are considering it.
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I am also considering. My coworker did and he said he would do recommend it for everyone. I dont see a problem with it, you get a lower interest rate and some $$
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Just check all the terms and conditions closely. Usually closing costs are involved, and extending the length of your mortgage, meaning more money spent on interest in the long run.
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Well for us we have about 100K equity. Our mortgage would probably increase by 500 a month, but our consumer debt goes bye bye. We’ve been in the house for 8 yrs on a 30 yr note. We do the cor for 20 month save almost 1K a month overall and gain 2 years on the house note.
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20 yrs not months. Lol
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I’d knock years off before lowering the payment, personally.
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Consumer debt!!!!
Are you taking money out of your mortgage to pay off credit cards???
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We’re looking to see if we can yeah. I know it works for some and not others. Can’t break the cycle if spending habits don’t change.
Brown Note yeah we are looking at bumping up to a twenty or maybe 15 yr. Been in the house for 8.
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Ꮋ🚫Ꭲ🔥ŠϦᎥt 💩 wrote:
Yeah if your house stops going up in value to fund spending you won’t be able to pay off CC in the future and then you will have no house.We’re looking to see if we can yeah. I know it works for some and not others. Can’t break the cycle if spending habits don’t change.
Brown Note yeah we are looking at bumping up to a twenty or maybe 15 yr. Been in the house for 8.
Be careful and don’t ask for finance advise on a turf war app on the internet is probably the first step.
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An old dead guy once said: “If you find yourself in a hole, the first thing to do is stop digging.”
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I have mixed feelings about obsessive savers like Dave Ramsey, etc.
You know you die at the end, right?
I paid off my mortgage, but the grass doesn’t feel any different between my toes like he says it should.
It just feels like I’m chained to a piece of dirt.
Maybe in my next life I’ll live in an old sailboat for free. I don’t think I’d be less happy.
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Brown🎵Note wrote:
Along the same lines of my favorite quote.An old dead guy once said: “If you find yourself in a hole, the first thing to do is stop digging.”
“You can’t dig up”
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You need to review your amortorization table. Around the 10year mark you really start to turn the table on the percentage of your payment that goes into interest. Refinancing even for 15years resets that percentage and most of your payment is interest regardless of the time. Plus absorbing the closing cost. Whats the point in reducing your payment from 2000 to 1000 if 900 of that is going to interest? Remember the bank in not in the business of losing money so if its something they want then its in their favor, not yours.
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I was just asking if anyone had done one. I sure as fuck ain’t gonna say we’ll these rando peeps say yeah go for it.
The reason I asked is for what I’m reading here though. Things to consider and be careful of. Sometimes someone might throw out a tip that hadn’t been thought of. That’s all.
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I think done right it could be a good thing but all the math has to be considered. Not just the surface math. On the surface the bank will say we can lower your monthly payment, all the while they are fucking you in the ass. Lower your interest rate and the term of your lown sounds good. But get out a calculator and see how much remaining interest you have on your current loan vs the amount you will pay in on the new loan. Plus eating the cc. And make sure to avoid PMI if you can. Right now you might have a higher payment but because of the time you have vested a larger amount might be going to principal vs refinancing and sending the majority to interest again.
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Brown🎵Note wrote:
I agree with brown. It might keep your note about the same but you would save time and thats the killer. Refi the remaining balance for a shorter time at a lower interest rate and make sure the cc makes sense and no pmi. You can prob avoid that easy enough just with the appreciation of the house over the time period youve owned it already. So no worries there. Talking to a financial consultant thats not part of the refi process would prob be good also. Someone that has nothing to gain.An old dead guy once said: “If you find yourself in a hole, the first thing to do is stop digging.”
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Crack a bank safe
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ⲋⲏⲩⲧ ⲦⲇⳐⲕⲉⲅ wrote:
That just gets you stale cannolis.Crack a bank safe
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BigAl! wrote:
I got a few Toms. Toms are nice.ⲋⲏⲩⲧ ⲦⲇⳐⲕⲉⲅ wrote:
That just gets you stale cannolis.Crack a bank safe
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