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Discussion in 'The Lounge' started by douglas, Jan 18, 2008.
Any ideas on the costs involved?
My loans at 6.75, and I see rates of 5.0 - 5.5 around.
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Where are you seeing rates that low? The costs can vary depending on the points to be paid and other fees. You would need to check with the lender.
I dont do points!
I'm at 6.5, I went to my credit union and asked them if I should refinance, they said it wouldn't be worth it.
A rate cut from 6.75 to 5.5 seems like a no brainer to me. The other thing to consider is how your house will appraise if you go through a refinance. Are you paying PMI now?
We are looking at buying a new house and we were quoted a rate of 5.75 as of wednesday.
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).
<--- Locked @ 5.375% (15 yr.)
me too...for a 30 year.
if you are looking to refi, ive been told to only do it if it's more than a 1.5-2% difference from what you currently have
Beat me to it
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.
no - PMI
<----- Locked @ 4.785% ( 20 Year with 14 left )
see what you can find in the way of a No - No
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.
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.
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.
good point, I havent noticed a drop in values around here - plus I am no where near 20%
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.
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.
That's freakin' awesome, man!!! Deal of the century.
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.
I actually could have gotten 4.625% , but it had a couple of Stipulations I didn't like ( I couldn't re-fi for 5 years or sell for 2 with out a 2 Pt penalty )