Related Posts
Hi there,
Question related to Tax..
Can I distribute Principal amount of home loan under 80C between two People..
For example.. I Have principal amount of 2Lac.. and want to distribute it in 1.5 Lac & 50k between me and my Dad.. (my dad is co-owner in loan)
Can't find answer online so asking here.. if you find it... Link will be helpful.
Thanks
Accenture Tata Consultancy Deloitte EY PwC KPMG ZS Associates
More Posts
Who’s the HOP @ W+K NYC?
Any 🐠s here from IMP consulting?
Looking for some book recommendations :)
What are you guys buying Prime day 2021?
Additional Posts in The Real Estate Bowl
New to Fishbowl?
unlock all discussions on Fishbowl.





Make sure you understand the payback period for the closing costs and origination fees you'll be charged to do the refi. You might save more interest by making a lump sum principal payment in the same amount.
Subject Expert
Run the numbers.
Doing a refi has costs associated with it. If you don’t pay those costs, they got rolled into your loan and/or fees. There’s a break even point where even if you lower your monthly payment now, you’re “behind” in paying the loan off. Know how all of those numbers work!
If you need a lower monthly payment now, that’s fine as long as you know that your principal and/or payoff calendar are changing with this decision.
As long as you’ve ran the numbers and they all make sense, then go ahead and sign the papers!
I refinanced my first property 3 times in 7 years. And in every situation, the numbers made sense. I’ve now owned 4 properties, and done 8 refinances on top of that. I’m almost immune to them. I can run the numbers in about 10 minutes and know if it makes sense for me.
Subject Expert
It’s a little complex to write out here, but basically look at your principal now, look at the costs it takes to refinance, then figure out when your principal will be back to the same level. Then project out how long you plan to stay there, and see how much you would save either in total payments or principal paydown by paying the costs up front.
Mentor
Wait until next spring. This is the first rate cut, with sentiment pointing toward further rates cuts during future fed meetings.
Mentor
In the rate decline from 2001 to 2020 I refinanced at least 3 times (maybe 4) and I never paid for a refi. Hit the bottom perfectly with a 2.125 rate.
Honestly, wait it out. IF rates do come down, that signals a trajectory. If this were me, I’d listen to fed meetings and wait till fed says they’re keeping rates the same
Eg, you don’t want to refinance in September, then they signal another rate cut in December. This stuff gets expensive!
Subject Expert
There’s a point where refinancing now (or after the expected rate cut in September) may be worth it compared to waiting to hear about the “bottom”. It may take 18 to 24 months to hit the bottom, and there’s nothing that says you can’t save some money now and even more money when the bottom comes.