Posted 7/30/2020 08:48 (#8404487 - in reply to #8404479) Subject: RE: Interest rates
thunderhut - 7/30/2020 08:43
It’s a 30 year loan. Rate fixed first 7. Then after 7 fixes for last 23. Loan is thru farm credit. I could redo it but if rates aren’t going to go crazy I’ll wait till next summer and let the loan lower it’s own rate.
Ask them for a variable quote. Should be at least 25% less than the fixed rate, then keep making the same payments as before. As soon as rates move up a 1/4%, fix it. I enjoyed a variable rate at 1 1/4 under prime for 7 years the rate never wiggled. My net rate was 2%. Paid down a lot of principle in that timeframe.