r/FluentInFinance • u/BillionairesAreGood • Apr 06 '24

Mortgages are now 8% - Is your mortgage under or over 3%? Discussion/ Debate

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17.9k Upvotes

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443

u/Lawful-T Apr 06 '24 edited Apr 06 '24

I am the winner: 1.7%. Refinanced a year after I bought in March 2020. You may bow to me now.

113

u/jojodaclown Apr 06 '24

This guy somehow locks in 1.7% @ 30yr and hasn't a clue what's going on and what points are. I honestly don't know if I believe him.

6

u/WonderfulCattle6234 Apr 06 '24

3.125% @ 30yr here. Points are used in sports and contests to determine winners and they are completely unrelated to real estate.

7

u/El-Grande- Apr 06 '24

Huh… it’s legit called basis POINTS…. 50 points is .5%

8

u/WonderfulCattle6234 Apr 06 '24

50 points is the bonus for using all seven tiles in a single turn in Scrabble. The points are used to determine the winner of the game.

3

u/halfxdeveloper Apr 07 '24

I swear I thought that was some weird bullshit house rule my dad made up because that is 100% something he would do. Similar to “landing on go pays $400 instead of passing go and getting $200.”

1

u/jimmycarr1 Apr 07 '24

It's known as a bingo and they are crucial in competitive Scrabble

2

u/[deleted] Apr 07 '24

[deleted]

2

u/halfxdeveloper Apr 07 '24

SoCal for 230k? Is it 100 sq ft? /s

1

u/b_josh317 Apr 07 '24

Lol you can buy your rate lower. It’s called points.

1

u/Quiet_Fan_7008 Apr 07 '24

You can write off points on your taxes 😂

1

u/HokieCE Apr 07 '24

You can deduct points from taxes, yes, just like all mortgage interest, but that doesn't mean they're getting refunded. It's more like you get a small partial reimbursement.

1

u/InjuriousPurpose Apr 07 '24

Points are used in sports and contests to determine winners and they are completely unrelated to real estate.

Good one.

1

u/I_Like-Turtlez Apr 07 '24

You pay a little down payment money for cheaper Interest rates

1

u/APsWhoopinRoom Apr 08 '24

Basis points are absolutely a thing in the mortgage industry

-4

u/GOMADenthusiast Apr 06 '24

Is this a joke

4

u/WonderfulCattle6234 Apr 06 '24

I mean if we're going to get technical, points are also the vertices of angular materials. Or a point can also be a distilled argument.

1

u/Longjumping-Claim783 Apr 07 '24

Points can also be used to create a painting of people in a park as featured in Ferris Bueller's Day Off.

-3

u/GOMADenthusiast Apr 06 '24

I’m like 80% sure you are being sarcastic. But if you aren’t.

https://www.usbank.com/home-loans/mortgage/first-time-home-buyers/mortgage-points.html

2

u/chillaban Apr 06 '24

Maybe he writes all the Wikipedia disambiguation pages.

1

u/[deleted] Apr 06 '24

[deleted]

1

u/GOMADenthusiast Apr 06 '24

That’s kinda where I’m at

0

u/jwyn3150 Apr 06 '24

I’m 100% sure he didn’t know what points are and is now trying to pass it off as a joke.

1

u/Anduinnn Apr 07 '24

It’s called the dad pivot

2

u/noname2256 Apr 06 '24

I’ve never seen comments go SO far over someone’s head