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Add powerwall to existing system

I guess it doesn't matter any more since interest rates shot up... but one of the problems with a cash out refi is that the interest rate of the refinanced principal is usually not as good as if the homeowner had simply refinanced. The effective cost of the portion cashed out ends up costing quite a bit assuming the homeowner doesn't finish their mortgage in like 10 years. Then again, if your lender didn't penalize a cash-out refi then by all means, take that equity lol.

I guess some people can do a refinance then couple with a HELOC, but those rates are pretty bad as well.

I wasn't able to time the bottom of the interest rate grab bag, but I got down to 3.375% on a 30 year fixed. If I tried to cash out refi the same lenders were quoting around 4.0%. Kind of killed the allure of a cash-out.

Hmm, my rate is 2.75% for 30 year fixed. Maybe that was near the bottom last year and I had to probably pay fees to get that rate (wasn't noticeable to me), but with ibonds paying 9%+ now and interest rates going up across the board, I suppose like the dumb home owner who looks at monthly payments, having a lower monthly extending the mortgage was a easy choice for us since it's hard for me/lots of people to amass tens of thousands of liquid cash instantly....(NEM3.0 was also a big concern for us to rush solar).

Helps that the home equity for I assume many of us is massive now compared to when most of us bought and mortages, even with cash out is so low compared to neighbors who rent.
 

holeydonut

Active Member
Supporting Member
Jun 27, 2020
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East Bay NorCal
Hmm, my rate is 2.75% for 30 year fixed. Maybe that was near the bottom last year and I had to probably pay fees to get that rate (wasn't noticeable to me), but with ibonds paying 9%+ now and interest rates going up across the board, I suppose like the dumb home owner who looks at monthly payments, having a lower monthly extending the mortgage was a easy choice for us since it's hard for me/lots of people to amass tens of thousands of liquid cash instantly....(NEM3.0 was also a big concern for us to rush solar).

Helps that the home equity for I assume many of us is massive now compared to when most of us bought and mortages, even with cash out is so low compared to neighbors who rent.


Sorry I have a Jumbo 30 Fixed... because houses are expensive.
 

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