No. of Recommendations: 9
that mortgage rate could not be duplicated now in the US, and perhaps not for a long time.
The 2nd time I refinanced this house, I told the loan officer than if rates ever got down to 5% I'd refinance again. We both had a laugh, at the absurd idea that we would ever see 5% in this lifetime. So never say never.
The great thing about 30 year fixed rate mortgages is that it works like a ratchet in your favor. When rates go down, you refinance. When rates go up you stand pat. Much better for us than the way mortgages work in other countries where the rate can readjust every 5 years.
Paying 4% interest on a non-callable, fixed payment, 30 year maturity loan is about the cheapest money you will ever see. It is financially not smart to pay it off any faster than required.
