"100% of people who do not save money do not have any!"--Dave Ramsey

[redpoint5]

I would think it to be difficult or expensive to refi $37k. The plan to pay it off seems wise... so long as all the higher interest debts are already paid off.

[Fat Charlie]

Refi more, make sure early payments don't carry penalties, and dump everything you have to take out right back in as part of your first payment.

[JSH]

Originally Posted by Fat Charlie

Refi more, make sure early payments don't carry penalties, and dump everything you have to take out right back in as part of your first payment.

That is what our lender told us to do. We had to refi $250K to get the best rate.

That said, I can't see how Xist could recoup the closing cost if he is only going to keep the loan for 2 years.

[hayden55]

Originally Posted by JSH

I couldn't find a place that would refinance $90,000 at even a close to market rate. The place I ended up with had a $120,000 minimum.

Wow. From an Arkansas boy I would say its time to move somewhere with more reasonable housing prices. My 2003 1500sqft house was only just barely above 100k financed with 20% down in 2016

[Xist]

Refinance $120,000 ($15,000 more than the original loan) immediately pay back the excess, and have an extra $12,000 in fees!

This just hit the market: https://www.zillow.com/homedetails/1.../8410123_zpid/

It is older, but I do not see see any way in which it is significantly worse than the neighbor's house. I think that it looks nice.

He is asking $179,000.

[JSH]

Originally Posted by hayden55

Wow. From an Arkansas boy I would say its time to move somewhere with more reasonable housing prices. My 2003 1500sqft house was only just barely above 100k financed with 20% down in 2016

We've been heading the opposite direction for 20 years following work. Michigan to Virginia to Tennessee to Alabama to Oregon.

We sold our house in Alabama for $150,000. ( 1500 sq ft house, 3 bed, 2 bath, 2 car garage, attached 300 sq ft workshop w/ HVAC with everything updated) We replaced it with a 1000 sq ft 3 bed / 1 bath that needed some work for $250,000. However, our house in Oregon is worth $365,000 today 5 years later while the Alabama house is worth $175,000.

Yes, housing is cheaper in other places but high paying jobs are lacking as are other opportunities. Just the breadth and depth of dining options here in the Portland area is amazing. As are the recreational opportunities with the mountains and ocean about an hour each way. Portland is the best place we have lived so far and we can afford to live here.

We are looking to retire in 2 years to travel full time. We will likely sell the house in Oregon and invest that money in rentals in less expensive markets. (Assuming our rental test case goes well - we close in 24 hours)

[JSH]

Originally Posted by Xist

Refinance $120,000 ($15,000 more than the original Liam) immediately pay back the excess, and have an extra $12,000 in fees!

This just hit the market: https://www.zillow.com/homedetails/1.../8410123_zpid/

It is older, but I do not see see any way in which it is significantly worse than the neighbor's house. I think that it looks nice.

He is asking $179,000.

Your fees shouldn't changed based on the loan value. The only thing that would increase fees is if you are buying points.

[hayden55]

Originally Posted by JSH

We've been heading the opposite direction for 20 years following work. Michigan to Virginia to Tennessee to Alabama to Oregon.

We sold our house in Alabama for $150,000. ( 1500 sq ft house, 3 bed, 2 bath, 2 car garage, attached 300 sq ft workshop w/ HVAC with everything updated) We replaced it with a 1000 sq ft 3 bed / 1 bath that needed some work for $250,000. However, our house in Oregon is worth $365,000 today 5 years later while the Alabama house is worth $175,000.

Yes, housing is cheaper in other places but high paying jobs are lacking as are other opportunities. Just the breadth and depth of dining options here in the Portland area is amazing. As are the recreational opportunities with the mountains and ocean about an hour each way. Portland is the best place we have lived so far and we can afford to live here.

We are looking to retire in 2 years to travel full time. We will likely sell the house in Oregon and invest that money in rentals in less expensive markets. (Assuming our rental test case goes well - we close in 24 hours)

True from a real estate investing perspective its always a great idea to work with the expensive and growing markets during your working life and retire back to the cheaper more relaxed areas. Makes a lot of sense as long as you can afford entry which it looks like you followed a good path.

For me as a manufacturing engineer it seems my job follows the cheap labor market lol (the further south you go the cheaper the labor lol)

[JSH]

Originally Posted by hayden55

True from a real estate investing perspective its always a great idea to work with the expensive and growing markets during your working life and retire back to the cheaper more relaxed areas. Makes a lot of sense as long as you can afford entry which it looks like you followed a good path.

For me as a manufacturing engineer it seems my job follows the cheap labor market lol (the further south you go the cheaper the labor lol)

We spent our first 15 years in the South in states with very regressive tax policies and cheap real estate. As high-wage workers it was great to build net worth and pay off debt (It isn't so great if you are a low wage worker being nickeled and dimed with fees and paying 9.5% sales tax on food.)

I'm also a manufacturing engineer but at the corporate level not plant level. (I would never take a plant position again). The plants are in the South and Mexico but the Corporate Office is in Portland. (We are UAW so labor isn't cheap even in the South)

I see no reason to retire in an expensive city like Portland but the equity from living in an expensive metro like Portland means you can go most places and pay cash for a house and have a lot left over.

[Fat Charlie]

What kind of Nazi charges sales tax on food?