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Housing question for the BBBC
With Interest rates so low should my wife and I refinance our current 4% rate, take a 2.87% IR and save on our mortgage $215mo. or should we refinance to 3.15% and take $40,000 in equity, keep our payment around where it currently is and wait for the housing market to take a shit. We currently save between $500 and $1500 a month and as I have put a pause on my home renovation projects recently I have been able to grow our savings back up to around $20,000. With the home equity loan we would be sitting on enough to buy another, nicer home when the housing market dips back down in a half year? A year? Two years? Having cash in hand mobility for market changes and a mortgage that is still very manageable seems like a good idea but so does having an even lower monthly payment. The $215 would come in handy when my wife drops shifts to teach school this fall (thanks teachers unions). What is the play here? In situations like these I always choose the wrong fork in the road. What say my money guysms?