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Refinancing?

dante

Unabomber
Feb 13, 2004
8,815
8
looking for classic NE singletrack
www.bankrate.com, although their displayed rates are usually lower than what you can actually get since they figure in points as well. I *think* refi costs are around $1200, but not sure... I'd always heard that as long as the rate dropped more than a point, you would be better off to refi. definitely want to keep an eye on the Fed, though, there's been talk of cutting interest rates over the next 4-6 months, so the mortgage rates could drop as well (no guarantee though).
 

Spero

ass rainbow
Jul 12, 2005
2,072
0
Tejas
www.bankrate.com, although their displayed rates are usually lower than what you can actually get since they figure in points as well. I *think* refi costs are around $1200, but not sure... I'd always heard that as long as the rate dropped more than a point, you would be better off to refi. definitely want to keep an eye on the Fed, though, there's been talk of cutting interest rates over the next 4-6 months, so the mortgage rates could drop as well (no guarantee though).
:lighten: Beat me to it
 

TreeSaw

Mama Monkey
Oct 30, 2003
16,668
435
Dancin' over rocks n' roots!
We refinanced from 6.25 for a 30 year to 4.75% for a 15 year a few years back and it was WELL worth it. Definitely check with your lender. As a clause in our purchase agreement, we could refinance without any fees or closing costs through our lender once and we took advantage of it. Also, keep an eye out, the fed is supposed to be drastically cutting interest rates and the end of the month.
 

kingbee

Monkey
Mar 29, 2004
902
0
Ohio
We locked in at 6% (30 year) about a month ago. I think it will be going down a little more in the next couple months.
 

Lex

Monkey
Dec 6, 2001
595
0
Massachusetts
OK. You have at least 20% equity but what will an appraisal of your property show? Have values gone down in your area enough that you could put yourself into the less than 20% equity area? If so, you'd end up with PMI.

I've refinanced a few time on various properties and have found it worthwhile as long as you have a 3/4 point drop.
 

dan-o

Turbo Monkey
Jun 30, 2004
5,144
1,207
My broker just called to offer no points/no close on a 0.9% drop. I think I'll hold on to see what the Fed does.
 

douglas

Chocolate Milk Doug
May 15, 2002
9,889
0
Shut up and Ride
OK. You have at least 20% equity but what will an appraisal of your property show? Have values gone down in your area enough that you could put yourself into the less than 20% equity area? If so, you'd end up with PMI.

I've refinanced a few time on various properties and have found it worthwhile as long as you have a 3/4 point drop.
good point, I havent noticed a drop in values around here - plus I am no where near 20%
 

douglas

Chocolate Milk Doug
May 15, 2002
9,889
0
Shut up and Ride
:D

WASHINGTON -- The Federal Reserve, confronted with a global stock sell-off fanned by increased fears of a recession, cut a key interest rate by three-quarters of a percentage point on Tuesday, the biggest one-day move by the central bank in recent memory.
 

3D.

Monkey
Feb 23, 2006
899
0
Chinafornia USA
I'd refi if I could... must have excellent "full doc" for the past two years, gone are the "stated" applications (my last two stink on paper)

They laughed at my $125,000 in equity on the loan to value. :disgust:
 

stosh

Darth Bailer
Jul 20, 2001
21,978
151
NY
My wife and I have been renting a house for the past year and a half. When we moved in in July 2006 the owners said they were subdividing the property (20 acres) and selling off the house with 9 acres. Back then they expected it to only take about 3 months. Since the grandmother who owned it took sick we said we would move in and rent it for a while with the understanding that we have first shot at purchasing it from them.

It's been a bit of a pain at times but with having the baby and getting married we never really had the money for the down payment but tonight is the final approval of the subdivision by the town so that means in the next month or so the house will finally be ours. We have the money we need finally and it seems like rates are good right now.

I just hope the entire world market doesn't fall apart and I'm left without a job.