break ira for refinance

by Guest Tue Jan 29, 2013 11:21 pm

good idea or bad idea?

by Rishi Tue Jan 29, 2013 11:22 pm

Bad idea.

If I am correct, you have to pay 10% penalty. Is it not?

by Propagandhi711 Wed Jan 30, 2013 12:09 am

Vidya Bagchi wrote:good idea or bad idea?

outrageously stupid idea

by Guest Wed Jan 30, 2013 12:13 am

how about savings? use that instead?

by Propagandhi711 Wed Jan 30, 2013 12:15 am

yeah that's what savings are for - for expenses such as refinancing

by Guest Wed Jan 30, 2013 12:23 am

Propagandhi711 wrote:yeah that's what savings are for - for expenses such as refinancing

it's not just refi cost. it's to bring down the principal significantly.

by Kris Wed Jan 30, 2013 2:14 am

Vidya Bagchi wrote:
Propagandhi711 wrote:yeah that's what savings are for - for expenses such as refinancing

it's not just refi cost. it's to bring down the principal significantly.

>>>Just a principal pay down? Unless the loan is rewritten for the lower amount (i.e. a refi), is your payment not going to stay the same?

by Guest Wed Jan 30, 2013 7:16 am

Kris wrote:
Vidya Bagchi wrote:
Propagandhi711 wrote:yeah that's what savings are for - for expenses such as refinancing

it's not just refi cost. it's to bring down the principal significantly.

>>>Just a principal pay down? Unless the loan is rewritten for the lower amount (i.e. a refi), is your payment not going to stay the same?

This is refinance with a lower rate. Need to do principal pay down by 6% coz the appraisal came low. The monthly payment will go down by 500 dollars.

Dunno if it's worth it to put in any money in the house if its value is already going down. Reading up here and there but can't decide. Should I wait one year for market to go up. Or should I just do it, dip into savings and forget it for next 5 years. The only risk in this is that
I'm expecting certain payments (loan repay) from certain people that will make up for 50% of the cost. But they may back out. In that case I'll have zero savings left.

by Kris Wed Jan 30, 2013 11:09 am

Vidya Bagchi wrote:
Kris wrote:
Vidya Bagchi wrote:
Propagandhi711 wrote:yeah that's what savings are for - for expenses such as refinancing

it's not just refi cost. it's to bring down the principal significantly.

>>>Just a principal pay down? Unless the loan is rewritten for the lower amount (i.e. a refi), is your payment not going to stay the same?

This is refinance with a lower rate. Need to do principal pay down by 6% coz the appraisal came low. The monthly payment will go down by 500 dollars.

Dunno if it's worth it to put in any money in the house if its value is already going down. Reading up here and there but can't decide. Should I wait one year for market to go up. Or should I just do it, dip into savings and forget it for next 5 years. The only risk in this is that
I'm expecting certain payments (loan repay) from certain people that will make up for 50% of the cost. But they may back out. In that case I'll have zero savings left.

>>>>Zero savings is not a good position to be in. Do some research on the market trends. RE prices have been on the rebound in parts of the country. See how your RE appraisal compares to what it may have been 6 months and 12 months ago. If it looks like it is gradually on the upswing, it may be worth the wait. I just did an appraisal on our home. For the first time, the prices are back, even slightly higher than what I bought it for 5 years ago.

by Guest Wed Jan 30, 2013 11:30 am

It went down further than what it was in November. I think I know what I'll do. Hate to say it but it's more of an emotional decision, but that's how I roll sometimes. Will finalize today. Thanks!

by truthbetold Wed Jan 30, 2013 1:05 pm

vb,
most refi involves a new 30 year term. monthly payments will go down because of term extension. when rates are so low principal reduction is not a preferred option.
use'net present value' calculation. check on net if you need to know more about it.
give it another thought before you jump.

by Guest Wed Jan 30, 2013 2:16 pm

Ya. Not making sense to do the refi. In other words, it SUCKS to be me right now. #losersRus

PS: No idea what that hash-tagging means. Who cares.

by Hellsangel Wed Jan 30, 2013 2:28 pm

Vidya Bagchi wrote:Ya. Not making sense to do the refi. In other words, it SUCKS to be me right now. #losersRus

PS: No idea what that hash-tagging means. Who cares.

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