Bozzlife: Striking while the iron is hot!
This isn't going to be an overly long post due to the fact that some of the nodes appear to be acting up today. I am not sure this will even post and I don't like the idea of having to type it up more than once.
Over dinner at my in-laws house the other day we started talking about the idea of refinancing our home.
My wife and I have been living there for about four years now and I feel like we got a pretty decent rate when we signed up for our mortgage at 3.875%.
One of the good things about the pandemic is the fact that interest rates have fallen pretty significantly. The numbers I am currently seeing would potentially put us in the 2.75% range with is very good.
Since my wife and I didn't find this house until we were in our 40's, with a thirty year mortgage, that leaves us having the house paid off by the time we are in our 70's. Personally, I'm not too fond of that thought. Even though our home is an investment that has actually appreciated in value quite significantly in the past five years, I still don't want to be paying on it until I am 70.
We actually pay a little more than our minimum monthly payment right now, so that 70 year old mark is probably a little high.
My goal is to look for a twenty year mortgage in the 2.75% interest range. I think that would put our monthly payment at just about $10 to $20 more than our minimum payment right now. With the extra that I pay on the mortgage anyway, that would hopefully leave us with a fully owned house at 15 or so years.
The other thing I need to take into account is that fact that my wife and I don't necessarily see ourselves living in this house for the next 30 years. Perhaps not even the next fifteen years.
It is a beautiful house in a great neighborhood, but it has a lot of stairs. As my wife and I get older, we have to be thinking about our mobility in the later years. My wife has also been talking about down-sizing for the past couple of months as well.
Seemingly, now would be a fantastic time to sell with the estimated price of our house being about $75,000 more than we paid for it. The problem is, there are so many people buying houses right now, that the inventory isn't available for all of the potential buyers. I am friends with several people in the housing business and their comments are "if you put it on the market, be ready to find a place to go, because your house will sell".
Are you in a position where you are taking advantage of these great rates right now?
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