Skip to main content

Tagged With "rates"

Reply

Re: The Fed just cut rates!

Moore Income ·
I just saw that! It's a bit disappointing! I just signed up for a mobile app because they were paying 2.25% interest. I just received an email informing me they are dropping it to 2% and I haven't even put any money in there yet. I probably won't be using their service as I already have other ones that are paying me 2%.
Topic

The Fed just cut rates!

Theodora ·
Anyone planning on changing their savings or borrowing strategies based on the change?
Topic

Fed cut rates again! Anyone taking advantage?

Theodora ·
Penny Hoarders, are any of you modifying your personal finance strategies to take advantage of this additional rate cut?
Reply

Re: Fed cut rates again! Anyone taking advantage?

Moore Income ·
I was not aware of this until I just read this but it is interesting to see them cutting it for a third time this year. I need to do some more research to understand it better but maybe you would have a little more insight. What are some areas of our personal finances that are directly impacted by federal interest cuts?
Reply

Re: Fed cut rates again! Anyone taking advantage?

Mexpensive ·
Well I thought that Savings accounts and other areas where you earn interest those rates are reduced. On the other hand I think that the interest rates on some loans would be lower, but not on credit cards. (sadly).
Reply

Re: Fed cut rates again! Anyone taking advantage?

D Varma ·
Yep
Reply

Re: Fed cut rates again! Anyone taking advantage?

Theodora ·
Good time to do home improvements with an HLOC!
Reply

Re: Fed cut rates again! Anyone taking advantage?

E Allen ·
Credit cards usually go down with prime. We are only talking .25%. Savings are mostly back under 2% now. So, for me I think its a time for me to save less and buy assets that dont depreciate as fast as the dollar.
Reply

Re: Fed cut rates again! Anyone taking advantage?

sthom ·
One thing I will be doing pronto is asking my credit cards to lower my interest rates in light of the latest interest cut. I read an article (maybe CNBC's website, not sure) yesterday that advised not to wait on the companies to automatically cut your rates, ask for it. So, that's on my list of things to do this week.
Reply

Re: Fed cut rates again! Anyone taking advantage?

Moore Income ·
@sthom That is smart! I hadn't thought about that but that could really help some people out. @E Allen I have been listing to some Rich Dad podcasts lately and he is constantly saying it is basically futile to save money with the current interest rates. Because while saving money and earning a small amount of interest, you are losing more than that to inflation. I am personally considering investing in some gold and silver.
Reply

Re: Fed cut rates again! Anyone taking advantage?

Stef Genius ·
The rate cut affects short term debt such as home equity lines of credit , credit cards , and auto loans. P.S. The rates are estimated to continue to lower throughout the next year.....
Comment

Re: Have you ever refinanced a mortgage?

ThriftyOver50 ·
I voted that I no longer have a mortgage, but we did refinance our then mortgage in 2013 when rates were much lower than the original. This made it possible to pay extra to the principle and we paid it in full December 2019.
Comment

Re: Have you ever refinanced a mortgage?

Brigat ·
Congrats on being mortgage-free @ThriftyOver50 ! I voted no because we refinanced in 2020 and have a good rate.
Comment

Re: Have you ever refinanced a mortgage?

redcatcec ·
Since we bought our home many years ago, we did a refi later for a lower % interest, our realtor stated if you are going to refi, be prepared for all the ancillary costs associated with it. Also, make the refi worthwhile, meaning dropping by at least 2%, otherwise it is not worth it.
Comment

Re: Have you ever refinanced a mortgage?

A.J. Young Jr ·
Oh yes! My wife and I looked into giving it a try on the advice of my good friend and barber. We'd only been in our home about 2 years, so I wasn't sure we had enough equity to do it. Man was I wrong! Not only were we able to refi at 3% and save tons in interest and $200 on our mortgage payment, but we were also able to kill our PMI from the previous loan!!! Woooo Hoooo!!! We consider ourselves very lucky to get it done.
Comment

Re: Have you ever refinanced a mortgage?

Stephanie C ·
We've actually refinanced twice since buying in 2019. The second time was when the interest rates dropped dramatically thanks to COVID. Ironically, we actually ended up with a higher payment since we flipped from a 30 year to a 20 year lol.
Comment

Re: Have you ever refinanced a mortgage?

A.J. Young Jr ·
@Stephanie C that is what I would have like to do in terms of a 20 year mortgage. But I figure if we send in some extra towards the principal. We can at least pay it off a little quicker. Good for you guys!
Comment

Re: Have you ever refinanced a mortgage?

sthom ·
I did about 20 years ago, but have not during the recent years' low rates.
Comment

Re: Have you ever refinanced a mortgage?

Mad ·
I did it recently and reduced my loan by ten years plus got a super low interest rate. My monthly payment went up minimally to account for the loan term reduction.
Comment

Re: Have you ever refinanced a mortgage?

Shirley ·
The information I know now about mortgages wish I knew 5, 10, 15 years ago. My husband is on his 4th and last mortgage on our new place. Yes, he refinanced 4 times. Each time was for a lower rate. However he took out money 3 times. The last time he didn't for he finally knew better. Plus adding all the fees to the mortgage. We now owe more than the first mortgage he took out on our place. Just think we would also only have 9 years left of the mortgage instead back to 30 years. I will say our...
Comment

Re: Have you ever refinanced a mortgage?

shelia Wright ·
In the early 1990's I took an ad sent directly to me and my husband from a local bank that was not where our loan originated, I took the whole ad, envelope and all. It included a letter addressed to me and my husband by name, to the loan officer at our bank. His jaw dropped. He could see that his bank could loose our loan. He asked to take our mail to his loan officer meeting the next day. They would need to approve our refinancing our loan w/ the teaser loan. His fellow officers were wowed...
Comment

Re: Have you ever refinanced a mortgage?

PiNaY ·
I refinanced in 2008 after receiving multiple ads in the mail from a company (I forgot the name). At first, I thought it was a scam, but I called and it was legit. My interest rate was lower, and my monthly payment decreased by $200. I was thankful because I bought my first home during an inflated housing market in 2006. My parents refinanced a few times, but I don’t understand why they currently still owe the same amount for which they bought their home.
Comment

Re: Have you ever refinanced a mortgage?

MountainFan ·
I'm planning on refinancing when I can... COVID kind of killed my credit so I don't think I even have the option right now.
Comment

Re: Have you ever refinanced a mortgage?

lem ·
I just refinanced and paid off my car and equity loan, and saved about $400/mo.
Comment

Re: Have you ever refinanced a mortgage?

Will S. ·
I locked in a pretty low mortgage rate in early 2020 when I purchased my current home. No need to refinance at the moment!
Survey

Have you ever refinanced a mortgage?

The Penny Hoarder ·
Thanks to historically low interest rates, the number of people who refinanced their mortgages skyrocketed in recent years. By doing so, homeowners are saving many thousands of dollars over the course of a mortgage. But early indicators suggest these low interest rates won't last much longer. Have you been able to take advantage of the current low interest rates and refinance your mortgage? Or perhaps you were able to finally buy a new home and lock in a low rate for the long term? Let us...
Comment

Re: Have you ever refinanced a mortgage?

Chrissy Goff ·
I have never done that but I should.
Comment

Re: Fed Hikes Interest Rates by 0.75% To Fight Inflation

Will S. ·
Thankfully our mortgage rate is locked in and is manageable. However, I'd love it if the rate hikes help the housing market cool. We are looking to upgrade to a bigger place in a couple-few years.
Comment

Re: Fed Hikes Interest Rates by 0.75% To Fight Inflation

irishnanny ·
wow its getting tougher and tougher to make ends meet
×
×
×
×