{ "media_type": "text", "post_content": "47 years old. Thinking about refinancing my 15 yr 2.45% home loan which has 8 years left. Want to take cash equity of 300K. Current 15 yr conforming loans available at 2.5% APR. It will help me with my down payment for my new 1.2 M home. It will reduce my jumbo loan by 300k. Currently jumbo 30 yr loan at 3.89 %. What do you guys think? Does this make mathematical sense? In addition even if it makes mathematical sense does it make practical sense as my current home will be paid off in 8 yrs?", "post_id": "5f1256704106f50020c703bd", "reply_count": 11, "vote_count": 2, "bowl_id": "552d1d24dc1c586b09d2d051", "bowl_name": "Consulting", "feed_type": "crowd" }

47 years old. Thinking about refinancing my 15 yr 2.45% home loan which has 8 years left. Want to take cash equity of 300K. Current 15 yr conforming loans available at 2.5% APR. It will help me with my down payment for my new 1.2 M home. It will reduce my jumbo loan by 300k. Currently jumbo 30 yr loan at 3.89 %. What do you guys think? Does this make mathematical sense? In addition even if it makes mathematical sense does it make practical sense as my current home will be paid off in 8 yrs?

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You need to plot out your monthly payments in excel for two scenarios. One with refi and one without. And decide if you will survive for another 30 years lol.

likefunny

Taking out “equity” from a still-mortgaged house to take out a huge mortgage on another property.

What could possibly go wrong?? 🙃🙃🙃

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Better question is what is the difference in monthly payments if you were to refi. Usually is a bad idea to refi if you are going to be locked for another 30 years if you only had 8 years left. Are you really going to let the bank eat 30 years of interest on your money or plan to prepay within 8 years as well?

smart

Closing costs to re-fi vs how long you plan to stay before moving to new home. Find the timing to break even. I re-fi’d and only need to stay in my place 6 more months before it becomes moot

Rich people be riching.

Probability of you holding a 30 year loan= 0%.

If you are getting a Jumbo loan for anything above 3% you are doing it wrong

I did a cash out refinance couple of years back, the rate for cash-out refi tends to be higher than regular refinance loans. If the additional cost justifies the benefit sure thing, in my case it was an investment property

Why do you need 2 houses? Will the older home be under water? If yes, then I wouldn't do it. Gotta plan for the worst even moreso in this scenario.

The first home is now a rental property. Did not know the cash out refi is more expensive than normal refi

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