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UCGal
ParticipantFor the local guy (coworker) with the 3.75
Not a jumbo. I think he said it was through Wells Fargo – it could have been SDCCU.
He’s got great credit, good income (he’s a couple pay grades above me) and a big down payment – enough that it was conventional (not even conforming jumbo).
My other friend is in Missouri – it’s definitely not a jumbo since they owe well under $100k on their 5 acres. They’re in farm country and prices are a lot less. I have no idea who they financed with. She’s been grappling with whether to refi for 2 years, and whether to pull cash out to do some badly needed updating, or to sell and get a bigger house. The rates were low enough they pulled 20k out, kept the same payoff date (refi’ing their 15 year loan to a 10 year… since they’re 5 years in). So they’ll have the money to do repairs/updating and keep their payments the same.
ParticipantFor the local guy (coworker) with the 3.75
Not a jumbo. I think he said it was through Wells Fargo – it could have been SDCCU.
He’s got great credit, good income (he’s a couple pay grades above me) and a big down payment – enough that it was conventional (not even conforming jumbo).
My other friend is in Missouri – it’s definitely not a jumbo since they owe well under $100k on their 5 acres. They’re in farm country and prices are a lot less. I have no idea who they financed with. She’s been grappling with whether to refi for 2 years, and whether to pull cash out to do some badly needed updating, or to sell and get a bigger house. The rates were low enough they pulled 20k out, kept the same payoff date (refi’ing their 15 year loan to a 10 year… since they’re 5 years in). So they’ll have the money to do repairs/updating and keep their payments the same.
ParticipantI’ve been shocked by how low rates are. A friend in the midwest just refied their house from a 15 year loan (5 years in) to a 10 year… 3.875%. A coworker who relocated here a year ago and has been renting is in escrow… his rate for a 15 year loan is 3.75%.
Makes me feel like a sucker for refi’ing into 4.25% a year ago.
Not sure how much it will affect purchases – but it will definitely cause a surge in refi’s.
ParticipantI’ve been shocked by how low rates are. A friend in the midwest just refied their house from a 15 year loan (5 years in) to a 10 year… 3.875%. A coworker who relocated here a year ago and has been renting is in escrow… his rate for a 15 year loan is 3.75%.
Makes me feel like a sucker for refi’ing into 4.25% a year ago.
Not sure how much it will affect purchases – but it will definitely cause a surge in refi’s.
ParticipantI’ve been shocked by how low rates are. A friend in the midwest just refied their house from a 15 year loan (5 years in) to a 10 year… 3.875%. A coworker who relocated here a year ago and has been renting is in escrow… his rate for a 15 year loan is 3.75%.
Makes me feel like a sucker for refi’ing into 4.25% a year ago.
Not sure how much it will affect purchases – but it will definitely cause a surge in refi’s.
ParticipantI’ve been shocked by how low rates are. A friend in the midwest just refied their house from a 15 year loan (5 years in) to a 10 year… 3.875%. A coworker who relocated here a year ago and has been renting is in escrow… his rate for a 15 year loan is 3.75%.
Makes me feel like a sucker for refi’ing into 4.25% a year ago.
Not sure how much it will affect purchases – but it will definitely cause a surge in refi’s.
ParticipantI’ve been shocked by how low rates are. A friend in the midwest just refied their house from a 15 year loan (5 years in) to a 10 year… 3.875%. A coworker who relocated here a year ago and has been renting is in escrow… his rate for a 15 year loan is 3.75%.
Makes me feel like a sucker for refi’ing into 4.25% a year ago.
Not sure how much it will affect purchases – but it will definitely cause a surge in refi’s.
ParticipantI’m kind of with your agent on this. My house in PA had a heater put in in 1957 (before I was born) – it still worked. It was an oil heater so I bought a maintenance contract for it from my oil supplier. They replaced the blower, burner, and some other thing in the 8 years I owned the place. It was still running when I sold it.
Our current house had the original heater until 2008. The house was built in 1964.
Just cause it’s old doesn’t mean it’s going to fail in the next couple of years. It could, but it’s not necessarily going to.
ParticipantI’m kind of with your agent on this. My house in PA had a heater put in in 1957 (before I was born) – it still worked. It was an oil heater so I bought a maintenance contract for it from my oil supplier. They replaced the blower, burner, and some other thing in the 8 years I owned the place. It was still running when I sold it.
Our current house had the original heater until 2008. The house was built in 1964.
Just cause it’s old doesn’t mean it’s going to fail in the next couple of years. It could, but it’s not necessarily going to.
ParticipantI’m kind of with your agent on this. My house in PA had a heater put in in 1957 (before I was born) – it still worked. It was an oil heater so I bought a maintenance contract for it from my oil supplier. They replaced the blower, burner, and some other thing in the 8 years I owned the place. It was still running when I sold it.
Our current house had the original heater until 2008. The house was built in 1964.
Just cause it’s old doesn’t mean it’s going to fail in the next couple of years. It could, but it’s not necessarily going to.
ParticipantI’m kind of with your agent on this. My house in PA had a heater put in in 1957 (before I was born) – it still worked. It was an oil heater so I bought a maintenance contract for it from my oil supplier. They replaced the blower, burner, and some other thing in the 8 years I owned the place. It was still running when I sold it.
Our current house had the original heater until 2008. The house was built in 1964.
Just cause it’s old doesn’t mean it’s going to fail in the next couple of years. It could, but it’s not necessarily going to.
ParticipantI’m kind of with your agent on this. My house in PA had a heater put in in 1957 (before I was born) – it still worked. It was an oil heater so I bought a maintenance contract for it from my oil supplier. They replaced the blower, burner, and some other thing in the 8 years I owned the place. It was still running when I sold it.
Our current house had the original heater until 2008. The house was built in 1964.
Just cause it’s old doesn’t mean it’s going to fail in the next couple of years. It could, but it’s not necessarily going to.
ParticipantThe point about medical bills is well taken. As someone who’s had 3 family members face 5 different cancers, I know how medical bills can come out of nowhere and impact finances.
The point that scaredy made about arbitrary scores being everywhere in our lives is also valid. SAT scores and GPAs to get into college. Heck my company does background checks and checks GPAs and verifies degrees issued – and has for more than a decade… so screwing up your first year of college CAN follow you for a long time. It’s as arbitrary and “in the past” as credit scores demolished by past medical bills.
I’m not defending the system. I’m not in the job market (at the moment) so I hope none of these arbitrary numbers work against me. But circumstances could change and I could be a victim of bad credit score, less than 4.0 gpa in college, etc.
As for the earlier responses to me… All I said was that I am frugal. I also mentioned that I hope (and save) towards a goal of having a good retirement. Somehow that made me beholden to treasure and a slave to my credit score. That’s a pretty big leap since neither are true. I also have goals of raising my sons to be decent humans, being a good wife, a good employee, being a good neighbor. I don’t care if you believe me.
ParticipantThe point about medical bills is well taken. As someone who’s had 3 family members face 5 different cancers, I know how medical bills can come out of nowhere and impact finances.
The point that scaredy made about arbitrary scores being everywhere in our lives is also valid. SAT scores and GPAs to get into college. Heck my company does background checks and checks GPAs and verifies degrees issued – and has for more than a decade… so screwing up your first year of college CAN follow you for a long time. It’s as arbitrary and “in the past” as credit scores demolished by past medical bills.
I’m not defending the system. I’m not in the job market (at the moment) so I hope none of these arbitrary numbers work against me. But circumstances could change and I could be a victim of bad credit score, less than 4.0 gpa in college, etc.
As for the earlier responses to me… All I said was that I am frugal. I also mentioned that I hope (and save) towards a goal of having a good retirement. Somehow that made me beholden to treasure and a slave to my credit score. That’s a pretty big leap since neither are true. I also have goals of raising my sons to be decent humans, being a good wife, a good employee, being a good neighbor. I don’t care if you believe me.
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