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Old 01-21-2021, 01:41 PM   #1
Tex_Cattleman
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Default Snowball of Debt? Is Your Mortgage the Solution?

TBH Friends: Now that 20,000 Q posts are gone, you have time to read the the information below.

I originally wrote this column a year ago when we thought interest rates were as low as they could possibly ever go. HA, we were wrong.

If the weight of debt is dragging you down, you are not alone. The average debt in America (not counting a home mortgage) is $97,000. Credit card balances, car loans and student loans have put many of us in a position where we simply cannot see the light at the end of the tunnel. Credit card debt is the most daunting, carrying interest rates as high twenty percent! If this sounds all too familiar, now is the time to explore your options.

For homeowners, one option is to consolidate your debt and lower your monthly bills by refinancing your mortgage. With rates at all-time RECORD LOWS this option is even more attractive today. A cash out refinance allows you to turn a portion of the equity you have built up in your home into cash that you can use for whatever you like. It is your hard earned, invested money. Most people use it to pay off high-interest debt, fund a large purchase or finance a home improvement project.

The average interest rate charged on credit cards is nearly ten percent higher than that of a current 30 year mortgage. If you consolidate the credit card debt into your mortgage, you are effectively giving yourself a 10% return on your money. Some may argue that you would be simply extending the payoff of a short-term debt into a long-term debt. Really? For those making minimum payments on your credit card debt, youíll never pay them off.

To calculate how much cash you can access from the equity in your home, take the estimated current home value and multiply by point eight. Then subtract from that number, the current balance of your home loan.

A cash out refinance will increase your mortgage balance by the amount of cash needed. This might cause your monthly mortgage payment to increase, depending on the interest rate and terms you qualify for. However, compared to the minimum payments each month on your credit cards it is likely your total monthly obligations may decrease significantly. It is not uncommon in these scenarios to see a total reduction of hundreds of dollars a month. And again, with rates low, you might reap that cash in your pocket without increasing your monthly mortgage payment at all.

Whether exploring a cash out refinance, planning to purchase a home, or considering building a custom home, please know Iím always here as a resource for you! Call (512-203-5869) or email (trey@treypowers,com) if I can ever be helpful OR if you just want to talk hunting.

As your TBH mortgage lender, Iím here for you!

Interest rates and loan terms are are subject to change without notice. Your exact rate or rate quote will be determined by your loan terms, credit scoare and value. Nothing in my posts are (or should be construed as) an offer to extend credit.

Trey Powers
Senior Loan Officer
City Bank Mortgage (An Equal Opportunity Lender)
1326 Hwy 290
Dripping Springs, Tx 78620
512-203-5869
trey@treypowers.com
NMLS 1294913

Last edited by Casey; 01-22-2021 at 07:26 PM.
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Old 01-21-2021, 02:10 PM   #2
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We are just about finished building our home and we are working under the construction loan at this time. Do you do mortgage loans for self employed in Louisiana?
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Old 01-21-2021, 03:55 PM   #3
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We are just about finished building our home and we are working under the construction loan at this time. Do you do mortgage loans for self employed in Louisiana?
Yes sir - all day long. I assume you are talking about the refinance from construction loan to perm, fixed rate loan.
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Old 01-21-2021, 04:50 PM   #4
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Pm sent

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Old 01-22-2021, 01:00 AM   #5
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Originally Posted by Tex_Cattleman View Post
The average debt in America (not counting a home mortgage) is $97,000.
That is simply mind boggling to me Iím glad that Iím not burdened down with CC debt. We do have vehicle loans, but nowhere remotely near $97k in debt. And the house is almost paid for. Iíll be ecstatic when it is done and over with

I may be able to force myself to buy a boat when the house is paid off. Iíve talked myself out of buying one for 10 years now...but itís getting harder to talk myself out of it, to be honest
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Old 01-22-2021, 02:32 AM   #6
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'scuse me...........................
but, did I just click on a commercial..............????
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Old 01-22-2021, 06:46 AM   #7
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Originally Posted by sailor View Post
'scuse me...........................
but, did I just click on a commercial..............????
Bahaha! Yep. I think we did. From what I've seen over the years Trey has hooked a few people up, but he caught me hook, line, and sinker on this one.
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Old 01-22-2021, 06:47 AM   #8
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That is simply mind boggling to me Iím glad that Iím not burdened down with CC debt. We do have vehicle loans, but nowhere remotely near $97k in debt. And the house is almost paid for. Iíll be ecstatic when it is done and over with

I may be able to force myself to buy a boat when the house is paid off. Iíve talked myself out of buying one for 10 years now...but itís getting harder to talk myself out of it, to be honest
You ever looked at the US federal debt per citizen??? $97,000 is pennies.
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Old 01-22-2021, 07:07 AM   #9
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i am one with several cc debts, not as high as the 97k but enough to make it seem like i will never finish... paid the house off, but still never seem to have the extra money ... on top of that had to go out buy a Harley.. that was not truly needed.. the wife is adamant against taking a loan out against the house to pay off everything, as well as to build a new shop.
thinking of taking out a loan but not sure which way to go..
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Old 01-22-2021, 07:28 AM   #10
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I'm currently going through the re-fi process with Trey. Very competitive rates and it has been a painless process. Plus, he's a TBH Sponsor!
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Old 01-22-2021, 08:55 AM   #11
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What's the cost of the refi? Is it added to the end of the note? How much out of pocket would there be? Seriously considering this.

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Old 01-22-2021, 08:59 AM   #12
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I refinanced using yall 6-8 months ago. Great help and process!!!! So glad I did it, locked in 3.25%

Its not worth it to do it again likely, but what are 30 year rates at now with no points and good credit?
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Old 01-22-2021, 01:07 PM   #13
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We are building a house and went through the construction loan process with Trey. Very simple and a good dude. His interest rate on the construction loan (interest only payments) was 3% lower than another lender that we looked at. And that lender came very highly recommended and is a hell of a guy as well.. Appraisal was awesome and we will most likely be refinancing to the perm loan with Trey as well.

Thanks Trey for all your help. I will be in touch when we are 60 days out so we can lock the low rates.
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Old 01-22-2021, 01:37 PM   #14
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Originally Posted by WItoTX View Post
You ever looked at the US federal debt per citizen??? $97,000 is pennies.
Maybe, but I can't print my own money to pay my debt (well, not supposed to anyway).
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Old 01-22-2021, 01:41 PM   #15
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Using Trey again....good guy, easy process!
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Old 01-22-2021, 02:38 PM   #16
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Unbelievable that is the average debt per person. How do people go to bed at night knowing they're slaves to debt? Insane!
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Old 01-22-2021, 03:21 PM   #17
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Pretty sure you missed your calling in sales.

Pm sent


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Old 01-22-2021, 08:08 PM   #18
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Quote:
Originally Posted by sailor View Post
'scuse me...........................
but, did I just click on a commercial..............????
Man, I just can't pull one over on ya, can I? It's called content marketing. I bring info of value to a group and hope like hell they come to me when they need a loan.

I pay my hard-earned money to be TBH sponsor just like Matthews Archery does. Imagine the crazy idea of them trying to sell you a bow!
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Old 01-22-2021, 08:20 PM   #19
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Originally Posted by Tex_Cattleman View Post

I pay my hard-earned money to be TBH sponsor just like Matthews Archery does. Imagine the crazy idea of them trying to sell you a bow!
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Old 01-22-2021, 08:23 PM   #20
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Trey made our mortgage Refi easier than i ever imagined it could be. Seamless process. Closed today. 2.6% @ 30yrs. Saved me $300/mth and I literally cam out of pocket $98. Feels good to make wise decisions financially.

Thanks dude!
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Old 01-22-2021, 08:24 PM   #21
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Quote:
Originally Posted by Tex_Cattleman View Post
TBH Friends: Now that 20,000 Q posts are gone, you have time to read the the information below.

I originally wrote this column a year ago when we thought interest rates were as low as they could possibly ever go. HA, we were wrong.

If the weight of debt is dragging you down, you are not alone. The average debt in America (not counting a home mortgage) is $97,000. Credit card balances, car loans and student loans have put many of us in a position where we simply cannot see the light at the end of the tunnel. Credit card debt is the most daunting, carrying interest rates as high twenty percent! If this sounds all too familiar, now is the time to explore your options.

For homeowners, one option is to consolidate your debt and lower your monthly bills by refinancing your mortgage. With rates at all-time RECORD LOWS this option is even more attractive today. A cash out refinance allows you to turn a portion of the equity you have built up in your home into cash that you can use for whatever you like. It is your hard earned, invested money. Most people use it to pay off high-interest debt, fund a large purchase or finance a home improvement project.

The average interest rate charged on credit cards is nearly ten percent higher than that of a current 30 year mortgage. If you consolidate the credit card debt into your mortgage, you are effectively giving yourself a 10% return on your money. Some may argue that you would be simply extending the payoff of a short-term debt into a long-term debt. Really? For those making minimum payments on your credit card debt, you’ll never pay them off.

To calculate how much cash you can access from the equity in your home, take the estimated current home value and multiply by point eight. Then subtract from that number, the current balance of your home loan.

A cash out refinance will increase your mortgage balance by the amount of cash needed. This might cause your monthly mortgage payment to increase, depending on the interest rate and terms you qualify for. However, compared to the minimum payments each month on your credit cards it is likely your total monthly obligations may decrease significantly. It is not uncommon in these scenarios to see a total reduction of hundreds of dollars a month. And again, with rates low, you might reap that cash in your pocket without increasing your monthly mortgage payment at all.

Whether exploring a cash out refinance, planning to purchase a home, or considering building a custom home, please know I’m always here as a resource for you! Call (512-203-5869) or email (trey@treypowers,com) if I can ever be helpful OR if you just want to talk hunting.

As your TBH mortgage lender, I’m here for you!

Interest rates and loan terms are are subject to change without notice. Your exact rate or rate quote will be determined by your loan terms, credit scoare and value. Nothing in my posts are (or should be construed as) an offer to extend credit.

Trey Powers
Senior Loan Officer
City Bank Mortgage (An Equal Opportunity Lender)
1326 Hwy 290
Dripping Springs, Tx 78620
512-203-5869
trey@treypowers.com
NMLS 1294913
Didn't read the rest. I knew it was high, but this is crazy!! Print more money, lol
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Old 01-22-2021, 08:24 PM   #22
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Forgot to mention, i was @ 3.8% before Refi....... just for reference.....
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Old 02-22-2021, 08:26 PM   #23
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Just closed on our re-fi this morning with Trey Powers. He and his group made it a very simple and painless process for us! Thanks, Trey.
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Old 02-22-2021, 09:49 PM   #24
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Quote:
Originally Posted by Tex_Cattleman View Post
Man, I just can't pull one over on ya, can I? It's called content marketing. I bring info of value to a group and hope like hell they come to me when they need a loan.

I pay my hard-earned money to be TBH sponsor just like Matthews Archery does. Imagine the crazy idea of them trying to sell you a bow!
LOL..... just jerking yer chain.................
btw------ I sell, Television advertising............
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Old 02-22-2021, 10:02 PM   #25
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Quote:
Originally Posted by sailor View Post
LOL..... just jerking yer chain.................

btw------ I sell, Television advertising............
Fair enough. Now let's get you refinanced

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Old 02-22-2021, 10:37 PM   #26
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So I was told not to redo but “put another “100.00 towards the principal each month and you’ll be fine”. I think our rate is a little 4%. What’s your take Trey? And please comment on my “surviving hyperinflation” thread. Thanks
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Old 02-22-2021, 10:50 PM   #27
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Will you refinance an investment property?
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Old Yesterday, 12:00 AM   #28
ByronB
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Originally Posted by Chief Big Toe View Post
i am one with several cc debts, not as high as the 97k but enough to make it seem like i will never finish... paid the house off, but still never seem to have the extra money ... on top of that had to go out buy a Harley.. that was not truly needed.. the wife is adamant against taking a loan out against the house to pay off everything, as well as to build a new shop.
thinking of taking out a loan but not sure which way to go..
^^^^Would Chief Big Toe do better to take out a HELOC? This way he could combine all of his credit card debts in to one payment. My guess is the HELOC percentage would be way lower than credit card percentages. Sell the Harley if you think you will never finish paying off your debt. Sorry to hijack the thread. I think Chief needs some financial guidance from an expert. I am not an expert though.
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Old Yesterday, 12:21 AM   #29
sailor
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Originally Posted by Tex_Cattleman View Post
Fair enough. Now let's get you refinanced

Sent from my SAMSUNG-SM-G930A using Tapatalk
Thanks, but my place is paid for..........
I just pay the rent to the state, every year...............
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Old Yesterday, 08:20 AM   #30
Tex_Cattleman
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Quote:
Originally Posted by Hogmauler View Post
So I was told not to redo but ďput another ď100.00 towards the principal each month and youíll be fineĒ. I think our rate is a little 4%. Whatís your take Trey? And please comment on my ďsurviving hyperinflationĒ thread. Thanks
Too many factors to make a call on that. With a few pieces of info, I can show you options and it is usually clear which makes the most sense. I am happy to do that if you will email me (trey@treypowers.com):

Copy of your last mortgage statement

Estimated credit score

Estimated home value


I have not seen the hyperinflation thread.
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Old Yesterday, 08:20 AM   #31
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Quote:
Originally Posted by jtr View Post
Will you refinance an investment property?
Yes sir
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Old Yesterday, 08:24 AM   #32
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Quote:
Originally Posted by Chief Big Toe View Post
i am one with several cc debts, not as high as the 97k but enough to make it seem like i will never finish... paid the house off, but still never seem to have the extra money ... on top of that had to go out buy a Harley.. that was not truly needed.. the wife is adamant against taking a loan out against the house to pay off everything, as well as to build a new shop.
thinking of taking out a loan but not sure which way to go..
I somehow missed your post before. Your scenario is worth a phone call. Shout and let's talk it out. 512-203-5869.
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Old Yesterday, 08:29 AM   #33
Death from Above
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About done in the remodel will hit you up.

Seems like everytime we get close rates drop again and you get busy...so get ready.

And thanks for this service. Financial freedom is a biblical teaching and you help lots of folks achieve it.
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Old Yesterday, 09:01 AM   #34
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PM sent...
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Old Yesterday, 12:10 PM   #35
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The average debt in America (not counting a home mortgage) is $97,000.

Blows my mind too--about 20 years ago we had a financial planning seminar at church (not Financial Peace) and the speaker gave some numbers on average debt. At the time he said the average church-goer carried about $25,000 debt on credit cards alone.

It is just not good financial practice to do this--you are giving your money away to have what you want today.
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Old Yesterday, 12:36 PM   #36
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Quote:
Originally Posted by dustoffer View Post
The average debt in America (not counting a home mortgage) is $97,000.

Blows my mind too--about 20 years ago we had a financial planning seminar at church (not Financial Peace) and the speaker gave some numbers on average debt. At the time he said the average church-goer carried about $25,000 debt on credit cards alone.

It is just not good financial practice to do this--you are giving your money away to have what you want today.
Blows my mind as well has people not heard of pay the card off every Friday?!
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Old Yesterday, 12:58 PM   #37
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Pm sent
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Old Yesterday, 01:14 PM   #38
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I refinanced about a year ago but interest rates have continued to drop since then. Would it be worth refinancing again? We don't plan on moving anytime soon.
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Old Yesterday, 01:38 PM   #39
gingib
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Originally Posted by JGadbury View Post
I refinanced about a year ago but interest rates have continued to drop since then. Would it be worth refinancing again? We don't plan on moving anytime soon.
Curious as well! What roughly are 30 year rates now with excellent credit?
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Old Yesterday, 02:06 PM   #40
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PM sent
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Old Yesterday, 02:18 PM   #41
theloneranger
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Pm Incoming
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Old Yesterday, 02:22 PM   #42
JGadbury
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Originally Posted by gingib View Post
Curious as well! What roughly are 30 year rates now with excellent credit?
I canít quote what they are but Iíve heard of people getting as low as 2.6. I think Iím at 3.5 and I have/had excellent credit when I refinanced a year ago. I even had to purchase a point. Iíve always heard if you can drop it at least a full point it is usually worth it.
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Old Yesterday, 02:34 PM   #43
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Finished with Trey again on a Sat. not even the cold weather slowed us down.

BTW, Kudos to Melissa in your office for handling all the details with the title company and making it happen.
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Old Yesterday, 04:23 PM   #44
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I'm thinking if someone has 100,000 in debt outside of a mortgage, refinancing ain't going to help any. It'll just free up more spending money.
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Old Yesterday, 04:46 PM   #45
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We signed the bottom line on Monday. Our process took two months because I switched game plans half way thru. Trey and Melissa stuck with me. If your smart you will utilize these low rates. The amount of money will will make/save in the next 10-15yrs is mind boggling utilizing the combo of low interest rates and home equity. Almost free investment money right now. If you have the means use it.
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Old Yesterday, 04:48 PM   #46
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Originally Posted by Kossetx View Post
I'm thinking if someone has 100,000 in debt outside of a mortgage, refinancing ain't going to help any. It'll just free up more spending money.
Not all debt is cc or auto etc. we used low interest and high equity to pay off higher rate land loan. Going to save us a lot in the long run. The money we save on the monthly we stick into our investment accounts. Itís a double win!
The rates they are throwing out right now are crazy. DO NOT HESITATE! Youíll kick yourself in the ***** later.
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Old Yesterday, 04:52 PM   #47
KactusKiller
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Not all debt is cc or auto etc. we used low interest and high equity to pay off higher rate land loan. Going to save us a lot in the long run. The money we save on the monthly we stick into our investment accounts. Itís a double win!
The rates they are throwing out right now are crazy. DO NOT HESITATE! Youíll kick yourself in the ***** later.
Also something to keep in mind, if your financially responsible there is no reason to put you home in a 15yr fixed right now. Put it on a 30yr and send that extra monthly amount to you retirement fund of choice. There isnít many investments that are making less than 4-5% right now. With these sub 3% rates itís free money. You can always double pay some monthlyís if you want but your better off investing than paying off your loan. You just have to be responsible and do it. We changed to 30yr from two previous 15yr notes.
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Old Yesterday, 05:01 PM   #48
bbqfan5909
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As I do want to agree with you, this market can self correct and lose 20% or more in a blink of an eye.

We do both, pay extra on 30 yr as if its a 15 yr, while also putting into investments. Different ways to skin a cat for sure.


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Also something to keep in mind, if your financially responsible there is no reason to put you home in a 15yr fixed right now. Put it on a 30yr and send that extra monthly amount to you retirement fund of choice. There isnít many investments that are making less than 4-5% right now. With these sub 3% rates itís free money. You can always double pay some monthlyís if you want but your better off investing than paying off your loan. You just have to be responsible and do it. We changed to 30yr from two previous 15yr notes.
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Old Yesterday, 07:47 PM   #49
KactusKiller
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As I do want to agree with you, this market can self correct and lose 20% or more in a blink of an eye.

We do both, pay extra on 30 yr as if its a 15 yr, while also putting into investments. Different ways to skin a cat for sure.
It can but if one area changes the other improves in my minor investment experience. But with sub 3% interest rates there is very few long term investments that wonít yield better than that over a 15yr period. I am going to finish paying off our higher rate land loans first then that monthly payment will go to a split of money market account and home loan.
Iím just saying there is potentially better ways to spend your money than just paying a 2.25-2.75 interest home loan.
Now if your gonna put it on a 30 yr note then just blow the money your saving each month on toys and vacations then yes you should def go with a 15yr. It takes some dedication.
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Old Today, 10:52 AM   #50
Tex_Cattleman
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Finished with Trey again on a Sat. not even the cold weather slowed us down.

BTW, Kudos to Melissa in your office for handling all the details with the title company and making it happen.
Thanks for recognizing Melissa. You know who does the real work on a loan! I just talk on the phone - mostly hunting and fishing.

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