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The Lounge>Refi Home Mortgage to drop 1%
Holladay 03:25 PM 06-03-2020
I have refinanced our home a few times. I thought the school of thought is that it is worth doing if you can drop the interest by 1 point.

Currrently, ours is at %3.75. I see ads for %2.6. Is that enough to justify a refi. We have ~14 yrs left and the %2.6 is for 15 yrs.

Thoughts?
[Reply]
Third Eye 01:55 PM 06-05-2020
Originally Posted by Bearcat:
Paying taxes is putting the money directly into the salaries, equipment, etc; for that service, which is of course very much needed. And I assume a fire department doesn't make $10 billion per year (what the government actually does with your money and how much they make from it is a whole other discussion that yeah, most people take exception to).

The analogy would only work if I was paying into the salaries of doctors and the costs to run hospitals... many of which are not-for-profit, which makes insurance companies that much more laughable.

Take that $14 billion profit last year... then take $10 billion of that and divide it among everyone who didn't use their insurance for that year. Let's say 50% of their 50 million customers (I'm hoping to low-ball that?).... that would be $400 per person for the year. Yeah, not gobs of money considering how much you pay into it, going back to the thin margins, but at lease something back, while they still profit four billion dollars.
I mean, the biggest problem with that is that most people have insurance through their employer right? I mean, I can’t speak for everybody, but my portion of the costs is a pretty small fraction of the total cost of insurance. Of that $400, I’m seeing less than $70.

Edit - actually it would be closer to $100. I used last year’s W-2 and I forgot that I qualified for a special program.
[Reply]
Third Eye 02:09 PM 06-05-2020
Regardless, we are very much hijacking this thread about refinancing to talk about health insurance. So Iíll let it die and just say that we can agree to disagree. I obviously have a bias since Iím intimately involved in one side of the argument, but I also think I have a better than average understanding of the mechanics.
[Reply]
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