Kudo to you for having the patience to write that post. I don’t that level of patience anymore…maybe a year or two ago I might have.
Your last paragraph is especially on target. Interest rates were at historic highs then and the probability of refinancing to a lower was much better…with a low principal value to boot. Now?? Record low interest rates, per the commercials I hear constantly from the NAR and MBAs, and….record price to income ratios. Why would would I jump at a moderately lower rate with a high principal value and low probability of refinancing significantly lower? The only way to ameliorate this is with a high down payment, once again, on a high or inflated principal value. It’s still a lose / lose proposition as far as I’m concerned.
