Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Refinancing is not totally dependent on interest rates, everyone is different, so you have to ask yourself many questions before refinancing. First, how long do you plan on living in your current home. With closing costs so high in most areas, unless you are saving 1.5% on rate, and staying in your home for more than 5 years, it is not going to pay off for most.
As to rates, I don't expect to see banks offer much less than they are now. I am evaluating same thing with my mortgage at 6.125%, and with current rate at 4.75% with zero points, so with closing costs, very high in my state, it is not worth it unless I know for sure I will stay in home for more than 5 years, and in this crazy collapsing ecomony, who can guarantee their employment for five years with millions being laid off over past couple months. No job is safe at this point in time, and in time, not even gov. jobs will be safe when the taxpayers discover how much waste their is in gov.
Success to all,
How much are your closing costs? It can't take you that long to recoup. We are in the process of refi from 5.75% to 4.25% and we will recoup the closing costs in 4 months.
Quote:
Originally Posted by bls8195
I am a first time home buyer, and trying to close on a house in less than 2 weeks now, and I got locked in at 5% and I am pretty happy since alot of people i know have rates of 6.5 or 6.75 from over a year ago so its a huge difference I think.
Never look at what other people have. Look at what the banks are offering. If 5% is a 30yr fix then you have a good deal.
How much are your closing costs? It can't take you that long to recoup. We are in the process of refi from 5.75% to 4.25% and we will recoup the closing costs in 4 months.
Never look at what other people have. Look at what the banks are offering. If 5% is a 30yr fix then you have a good deal.
I am not looking at what other people have persay I am just saying right now compared to to a year or two ago is a lot different. Yes its a 30 year fixed rate.
I am not looking at what other people have persay I am just saying right now compared to to a year or two ago is a lot different. Yes its a 30 year fixed rate.
Some lenders will try to get you excited about your rate because of what other people paid before. You want to make sure your getting the best rate for now.
Some lenders will try to get you excited about your rate because of what other people paid before. You want to make sure your getting the best rate for now.
I understand I was just saying I was comparing to what friends have, I know what current rates are and your right there is no way I am going to look at 6% or higher right now. LOL
Anyone concerned about their values not hitting 80% or less, should STOP RIGHT NOW. DU Refi Plus has a feature that will allow for prior loans w/out MI to be able to refinance up to 105%, WITHOUT MI on the new loan. Part of this program allows for Property Inspecion Waivers (PIW), which is an automated appraisal. This is not saying we are going to be plugging false estimated values in the system, but what it's saying is if the underwriting system thinks a "realistic" value was entered, you could be getting a free pass on the LTV w/ MI.
APPRAISALS ALREADY RECEIVED WILL NOT BE ABLE TO BE DISREGARDED.
The pricing for the higher LTV refi loans is quite reasonable.
If you have a great rate and have zero concerns on value, move ahead (and quickly, because the DU Refi Plus will increase rates most likely due to volume). But if you are in doubt, don't get the appraisal yet. Wait a couple of weeks.
Rates for the most part decreased a bit today - esp with points.. 5% 0 points, 4.875% 1 point was common today, If anyone is on the fence they should lock these asap..
You guys think 5% 30/fixed will still be a realistic goal come September or October?
it is a volatile market as is, the rates have been steady too long, most economists predict a gradual rise within 3-6 months and than a steady period again..
If you have 5% or lower now LOCK IN!
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
