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My neighbor told me to wait for a better rate before pulling equity out last fall.
He said the 7.5% I was looking at in October was too high and to hold off, which was tough because I wanted to start a kitchen remodel. I just locked in at 6.2% this week, so his advice saved me a decent chunk on the monthly payment. Has anyone else had a friend or family member give you timing advice that actually paid off?
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gavin_reed3mo ago
Tell paige_ellis59 the wait was worth it for that rate drop.
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paige_ellis593mo ago
That kitchen remodel wait must have been brutal lol.
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the_karen1mo ago
Did you end up eating cereal for a month straight waiting for the cabinets? I got stuck in that exact same hold pattern when my rate was dropping. My advice is to pick out your finishes early and buy them ahead of time. That way when the rate finally locks, you can start the work right away instead of waiting another month for countertop templates. Also, have a backup plan for meals like slow cooker recipes or a hot plate. Saved me from ordering pizza every single night.
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