I love credit cards so much! v3.0 (see first page for add'l details)

[elgerber]

So I’m speaking to the Prime rate here (which is tied to the benchmark rate - which is what the Fed decreased today). That primarily affects variable rate debt (e.g. CCs, HELOC, and most importantly to me: SBA loans - since I’m a commercial lender that specializes in that arena!).

Mortgage rates are tied to the 10 year treasury or other longer term rates. This is not an area of expertise for me, but I’d imagine those rates will not see an immediate reduction or the reduction was already built into those rates since they move regularly and are tied to market conditions.

I process mortgage loans, I can tell you mortgage rates have taken a major tumble, maybe even record lows at this point. If they will go any lower though, is anyones guess.

 

[alryan]

So I’m speaking to the Prime rate here (which is tied to the benchmark rate - which is what the Fed decreased today). That primarily affects variable rate debt (e.g. CCs, HELOC, and most importantly to me: SBA loans - since I’m a commercial lender that specializes in that arena!).

Mortgage rates are tied to the 10 year treasury or other longer term rates. This is not an area of expertise for me, but I’d imagine those rates will not see an immediate reduction or the reduction was already built into those rates since they move regularly and are tied to market conditions.

Thanks for explanation I know I've heard that all before, but to be honest it goes in one ear and out the other. All I care about is what mortgage rates and savings rates are. So I'll apologize in advance when this subject comes up in a few years and you have to tell me the same thing again

 

[punkin]

I process mortgage loans, I can tell you mortgage rates have taken a major tumble, maybe even record lows at this point. If they will go any lower though, is anyones guess.

There is a floor. We are seriously considering refinancing, but mortgage brokers and banks are swamped. No one is calling us back.

 

[smallsy]

All this mortgage rate talk has me wondering if we should look into refinancing. We're currently 8.5 years into a 30yr at 3.5% so not bad. But I'd love to roll in our HELOC and refinance all of it to a 15yr. We have a lot of equity thanks to buying in a desirable area. Hmm...

 

[first*toright]

Its March, and Marriott elite status runs out at the end of February. Checked my account, and I'm still Titanium, even though I only had enough nights to be Platinum based on last year's activity. Anyone else check their status lately? I know some of our night counts looked strange back in January.

 

[MickeyMouseCD524]

Question for those of you that sell on eBay. When do you usually nudge your buyers? First time I've had a buyer not pay immediately and it's been 2 days.

 

[wendow]

I process mortgage loans, I can tell you mortgage rates have taken a major tumble, maybe even record lows at this point. If they will go any lower though, is anyones guess.

We have 3.5% on a 30yr. We refi'ed a few years ago. I checked briefly on bankrate.com and didn't see anything as low as what we have now. Are rates lower and do you know of a good tool for checking our area rates?

 

[wendow]

@Haley R Your pics are beautiful and you very much look pregnant! Can't believe someone didn't see that!

 

[Calfan]

Question for those of you that sell on eBay. When do you usually nudge your buyers? First time I've had a buyer not pay immediately and it's been 2 days.

I'd give them a nudge by now. You can generate an invoice through eBay and send it to them with a note to please pay for their item. That's what I usually do if a couple of days have gone by without payment.

 

[MickeyMouseCD524]

I'd give them a nudge by now. You can generate an invoice through eBay and send it to them with a note to please pay for their item. That's what I usually do if a couple of days have gone by without payment.

Got it! Thanks!

 

[becauseimnew]

I process mortgage loans, I can tell you mortgage rates have taken a major tumble, maybe even record lows at this point. If they will go any lower though, is anyones guess.

Our loan is at 3.625%, just checked and Navy Fed has rates listed at 2.5%, we'd refinance the loan to 15 years, we have 22 years left. How do you know if it's worth it? It estimated $5K in closing.

 

[smallsy]

@Haley R your pics are great! I love the lighthouse one!

 

[smallsy]

Our loan is at 3.625%, just checked and Navy Fed has rates listed at 2.5%, we'd refinance the loan to 15 years, we have 22 years left. How do you know if it's worth it? It estimated $5K in closing.

I'm certainly no expert but I just texted DH about it and said let's have a family meeting to look at our goals and such. For us, a lot of it comes down to is this likely our forever house and/or is it more important to us to be debt free sooner or have more cash now to invest.

 

[becauseimnew]

I'm certainly no expert but I just texted DH about it and said let's have a family meeting to look at our goals and such. For us, a lot of it comes down to is this likely our forever house and/or is it more important to us to be debt free sooner or have more cash now to invest.

Good point, I guess I should have added that this is not our forever home, we will likely move in 2 years when DD2 is done with elementary school.

So it's probably best if we don't refinance.

Also, how does churning play a role in refinancing, do we need to slow down for 6 months?

 

[gottalovepluto]

Strange moment for me today... when r/churning informs you that the fed cut rates and you look like a “super informed” banker in your weekly meeting.

4.25% prime rate coming soon!! Maybe this will get some of my SBA deals in motion.

I am disturbed that in an entire room of bankers no one has cnbc/bloomberg news alerts...

 

[gottalovepluto]

I forget if this has been addressed recently BUT.... we have a long-term savings account with Discover. I've noticed over the past few months, the interest rate keeps dropping and dropping, now down to 1.59%. We're looking to jump ship to another bank, but just not sure who. We chose Discover at the time (2 years ago) because they seemed to have the highest interest rate. It was around 2.10% then. I recently got an offer from Citi for 1.85%. Anyone have any recommendations? Again, not looking to churn bank bonuses, just looking for a good bank to have a long term savings account with and actually earn some interest.

Is it still 1.85 after today?

 

[gottalovepluto]

So I’m speaking to the Prime rate here (which is tied to the benchmark rate - which is what the Fed decreased today). That primarily affects variable rate debt (e.g. CCs, HELOC, and most importantly to me: SBA loans - since I’m a commercial lender that specializes in that arena!).

Mortgage rates are tied to the 10 year treasury or other longer term rates. This is not an area of expertise for me, but I’d imagine those rates will not see an immediate reduction or the reduction was already built into those rates since they move regularly and are tied to market conditions.

10 year treasury took it in the teeth today

 

[gottalovepluto]

Question for those of you that sell on eBay. When do you usually nudge your buyers? First time I've had a buyer not pay immediately and it's been 2 days.

I send a note as soon as I hit the mark where they needed to have paid me by. There is nothing to gain waiting.

 

[GZanta77]

Is it still 1.85 after today?

Doubt it will be for long - it was 2.36% when we opened ours about a year ago.

 

[first*toright]

Good point, I guess I should have added that this is not our forever home, we will likely move in 2 years when DD2 is done with elementary school.

So it's probably best if we don't refinance.

Also, how does churning play a role in refinancing, do we need to slow down for 6 months?

When we refinanced, the payback on the cost of refinancing was about a year (as in, the reduction in our payment per month was about 1/12th of the cost of the refi). If you're planning to move in 2 years, it seems unlikely that refinancing would be much of a benefit.