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These days everybody says take advantage of the low-interest rate, but is it really an advantage if I want to pay off my mortgage in 10-15 years? in my situation, I have to take 100-150k more in mortgage to compete in the current housing market...

Also, the home prices have increased almost 20% ...  ... low-interest-rate increased buying capacity but in most cases not giving you an option to buy the house you like. So you will be paying a premium for average properties...

Please share your thoughts ...

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Hello @Viralkumar

I think it all depends on your current rate and what you are trying to accomplish for now or in the future. In my case, I refinanced 2 of my rental homes. 1 was 4.125 and the other was at 4.25. I was able to get them down to a rate of 2.875, dropping my payment down ~200 per home. Pretty much giving myself a raise of 400 monthly. I mainly did this to reduce my Debt to Income Ratio for when I plan on buying another home, I will be able to and not limited. However, I am still making the full payment even though, I can be saving the ~200 per home. I did not pull any money out when I refinanced to keep the payment low.

Personally, I would not buy at the moment with how people are paying up to an extra 40K above asking price. I rather wait some more and see if interest rates go up and people back out of buying. Also, with how a lot of people are getting free money, I would rather wait when that is all done and see if even more people back out of buying. If and when this happens and home prices take a dive, I would rather pay down the rate and get a house at a reasonable price.

I think there is a lot to this subject depending on your goals. I feel I did the right thing for now.


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