[quote=HLS]**This opportunity will probably never happen again in our lifetimes**
These guys rode the wave…Had they been surfing in Hawaii it would have been an amazing ride.[/quote]Never say never. I’m wrapping up another refi. This time, rate dropped by 1/8% and I got about $4200 in credit to pay 3rd party fees, taxes, and insurance. It came out that would need to bring ~$600 to closing and have my property tax and insurance and 1st month mortgage paid for by escrow without changing my principle amount. I’m already eye the next 1/8% drop. Right now, I’m seeing 3.375% with ~$1k in credit. I’ll probably pull the trigger if the credit increase to ~$4k.
[quote=HLS]I do not suggest gambling with the biggest financial decision of their lives. AN & FLU never gambled.[/quote]I totally agree. I stated before that for my first mortgage, I thought I would time the market (rate), and bought points to get a lower interested. I gambled and failed. I had to think long and hard with the 1st refi when rate dropped to 4.125%, since I paid almost $10k in points to get a 4.5% rate when 0 point loan were at 5%. I decided that I gambled and failed and chalk that loss up as sunk cost. So I refi to 4.125% with enought credit to pay for my taxes and insurance, only to refi 6 months later, and 6 months after that, and 6 months after that, and 6 months after that.
Today, I’m back to a 30 years mortgage. But I think that’s OK. As long as it’s fixed, I’m OK with it. There’s no upside risk for me. I view it as nothing more than a predictable cost of living for the next 30 years. Thanks to inflation, my mortgage now is less than a 2/2 apartment. At this rate, in probably 5 years, it would be less than a 1/1 apartment. Which make me feel just perfectly fine to keep on refinancing until rate hit rock bottom. Every time, resetting it back to 30 years.
