09-17-2020, 04:19 PM
(09-17-2020, 03:52 PM)Tyler.M Wrote: I did the unpopular refinance option of going to another 30 year loan. The plan is to pay my old mortgage payment amount (including PMI) effectively making it a 15 year loan, but allowing me some flexibility in case I wanted to budget for a purchase (i.e. a car) or lost a job. In those instances, just pay the minimum mortgage payment. The real cost to this is that I wouldn't take advantage of a closer to 2.0% rate, but I'm at 2.99% on the refinance which is a big improvement over the 3.75% I had in the other loan.
FWIW, this is exactly what I would have done.
'76 911S | '14 328xi | '17 GTI | In memoriam: '08 848, '85 944
"Here, at last, is the cure for texting while driving. The millions of deaths which occur every year due to the iPhone’s ability to stream the Kim K/Ray-J video in 4G could all be avoided, every last one of them, if the government issued everyone a Seventies 911 and made sure they always left the house five minutes later than they’d wanted to. It would help if it could be made to rain as well. Full attention on the road. Guaranteed." -Jack Baruth
"Here, at last, is the cure for texting while driving. The millions of deaths which occur every year due to the iPhone’s ability to stream the Kim K/Ray-J video in 4G could all be avoided, every last one of them, if the government issued everyone a Seventies 911 and made sure they always left the house five minutes later than they’d wanted to. It would help if it could be made to rain as well. Full attention on the road. Guaranteed." -Jack Baruth