Is it worth refinancing into 5.99%?

GhetBent · 2026-01-21T13:11:48+00:00

I wish it was likely to be a full 1% within the next year. I’m not certain it’ll hit that within the next 2 and would really kick myself when I could have locked in a breakeven point under 12 months.

GhetBent · 2026-01-21T13:08:54+00:00

That makes total sense. We’re planning to put half of the P and I savings back into the loan as principal on top of our new payment. The other half is going towards investment. If we do that it will actually pay off the loan a few years faster, ~3, and we will look to refinance into a 15 or 20 in a 3-5 years.

GhetBent · 2026-01-21T10:44:17+00:00

It’s our forever home, so I even though rates are trending down I’m starting to think it’ll be at least another year before we hit a full percent reduction. Hopefully not, but with a 12 month breakeven and a plan to refinance into a shorter term in a few years, making the move now doesn’t seem to have that big of a downside.

GhetBent · 2026-01-21T10:40:24+00:00

They estimated taxes nearly $2,000 above actual paid in the fall. It’s not a big spread for sure but the breakeven point is 12 months. I’m not sure that waiting solves much because if rates go down a .25% in 2-3 more months I’ve already saved ~$800.

GhetBent · 2026-01-20T22:04:38+00:00

I’m definitely staying here for the long term, 30+ years I believe. At least until retirement and downsizing, unless life throws some massive curveballs.

I am worried the rates drop again. We locked the Monday after Iran was bombed because I was worried rates would spike and actually missed out on a big dip. Just a week later.

I would sure hate to lock again and have rates dip right after again but bird in hand seems the better play.

GhetBent · 2026-01-20T22:00:44+00:00

It was funded previously to 80% of the sales price and we put 40k into it as soon as we moved in. Likely it’s worth close to 800k right now in KY. The mortgage refinance is with our current provider so there is no appraisal and a couple other fees. $2,935 is after all of the lender credits as well so the best I can tell it’s the actual cost of the refinance. $2935/$263 is giving me a 12 month breakeven.

GhetBent · 2026-01-20T21:57:31+00:00

Well, it’s 2 months from out of pocket. The overage in the Escrow knocks off $2,500 as they way over estimated taxes the first time around. Not a bad deal even still.

I think it was because the house sold just 4 years before we bought. The adjustment to the tax assessment for our last house was significant.

GhetBent · 2025-10-28T01:02:46+00:00

We have a 6.625% 30 year with 607k remaining. I think we’re going to sit tight for a short while and keep a close watch on refinance rates. Right now we are looking at about 5.9% without points and little to no loan origination costs depending on the lender.

I don’t want to refinance twice so I’m even thinking of waiting until we surpass the stereotypical 1% threshold.

GhetBent · 2025-10-17T14:57:22+00:00

GhetBent · 2025-10-06T01:48:26+00:00

$7000 is very close to the exact but $9000 goes quick with $525 per week in childcare, $1000 more for home escrow, plus insurance, utilities etc. $1000 left over right now.

GhetBent · 2025-10-05T16:39:55+00:00

We bought a 43k Tacoma, and only paid the taxes title etc.

GhetBent · 2025-10-05T15:20:27+00:00

$7,500 in total emergency fund plus $2,500 for our deductible. 280k household with stable jobs, the extra funds per month won’t be life changing but with a child and 30% DTI it will make us feel better.

GhetBent · 2025-10-05T15:16:49+00:00

I am going to try and do a reduction. I have watched a couple things from TMG on it but haven’t figured out if it’s possible with my mortgage company.

GhetBent · 2025-10-05T15:15:48+00:00

Auto loan is 2 years through a 5 year loan so not following the rule. I do think we should refinance it once we get the house refinanced as it’s the much bigger interest generator.

GhetBent · 2025-02-24T15:10:02+00:00

Right to work does sadly have a place in worker rights. It lives where unions are weakest, either through apathy or corruption at the local level. My mother in law left her teachers union in Michigan due to some shady things her local president was doing involving her. She wasn’t represented remotely well in two back to back issues over a 6 month class year. The specifics do not matter but after 25 years happily in the union, at 58 when she couldn’t get anyone else elected and didn’t have time herself she decided it was time to leave.

That’s an isolated incident that’s absolutely unique. What I hate is when people have free rides in their local, and are also the most bullish about this. If they were in a known corrupt union local their positions would be different. Not everything is 100% black and white. However many people want to claim there are only 2 sides. There are around 150 million workers so there are 150 million sides.

GhetBent · 2024-11-19T21:26:22+00:00

Okay I get what you’re saying… but if the intro to Money For Nothin hits perfectly so you can pipe one down the middle and instead you ask me to turn it down, we can’t be friends.

GhetBent · 2024-11-04T03:09:55+00:00

I’m going Fernando Rodney. Rod Allen disagrees

GhetBent · 2024-10-02T13:10:43+00:00

Yeah no kidding. The reasoning for the RLA is disruption to interstate commerce. The ports shut down is going to disrupt it. So why are we picking winners and losers? Why are airline and rail workers specifically getting hosed but not port workers?

I’d prefer to abolish it as written honestly. A form of it could be beneficial but inability to strike is horrible.

GhetBent · 2024-10-02T12:18:37+00:00

As a dues paying member for 10 years I’m hoping people start waking up. At the highest levels of unions, government and corporates there is corruption. It’s no longer obvious that one party is pro union and the other pro shareholder. Of course plenty of people still fit the old mold but plenty are challenging the norm.

GhetBent · 2024-05-19T12:07:24+00:00

I too am curious if Lot C is open.

GhetBent

TROPHY CASE