Who's refinancing their mortgage?

[Gunslinger08]

Apparently rates have dropped more than 25% from when I closed on my mortgage in July. Who else is going to refinance soon? I may even refi into a 15 year loan.

 

[radioouman]

Wow. 4.75% on a 30 year fixed right now. I just refinanced in the spring, but I could drop 0.5% by refinancing again.
* digs up mortgage calculator *

 

[Vette73]

Yea I am looking right now. We are at 6.5%. Like to get 5.5% or lower with no money out of pocket.

have over 20% equity, me and my wife have low 800 score, been in house over a year, etc...

 

[Capt Caveman]

Yes, I'm looking into it. Though I have heard rumors of the Government implementing a 4.5% 30 year fixed mortgage product in the near future.

 

[BlahBlahYouToo]

What's the typical cost to refi?

 

[BlahBlahYouToo]

Originally posted by: Capt Caveman
Yes, I'm looking into it. Though I have heard rumors of the Government implementing a 4.5% 30 year fixed mortgage product in the near future.

buyers only, does not apply to re-fi's.

 

[Capt Caveman]

Originally posted by: BlahBlahYouToo

Originally posted by: Capt Caveman
Yes, I'm looking into it. Though I have heard rumors of the Government implementing a 4.5% 30 year fixed mortgage product in the near future.

buyers only, does not apply to re-fi's.

It's unknown and open topic at the moment - http://www.foxnews.com/politic...-lower-mortgage-rates/

 

[MaxDepth]

Originally posted by: Marlin1975
Yea I am looking right now. We are at 6.5%. Like to get 5.5% or lower with no money out of pocket.

have over 20% equity, me and my wife have low 800 score, been in house over a year, etc...

Same here. Do we go directly to the bank that holds our mortgage or what?


Also, my congressman will get an ear full if they let that 4/5% fixed go through and the same for those f*#kers who bought a $300,000 with nothing down and now cannot pay their ARM.

 

[Descartes]

I just locked in at 4.875% last Friday. With the recent developments, I'm going to hold off for a few and see if I can get even lower. I'll end up saving upwards of $1000/mo if I can refinance at a lower rate.

 

[BlahBlahYouToo]

Originally posted by: Descartes
I just locked in at 4.875% last Friday. With the recent developments, I'm going to hold off for a few and see if I can get even lower. I'll end up saving upwards of $1000/mo if I can refinance at a lower rate.

trying to time the bottom is hard, if not impossible. you just get lucky.
i've been tracking mortgage rates and it is as unpredictable as the stock market.
aim for an acceptable rate and lock it in; don't get greedy.

earlier this year, i had a friend who kept waiting. it was at 5.25 in jan. and they shot back up within days and never came back down. guess what, he's trying to do the same thing this time around.

 

[Capt Caveman]

Originally posted by: Descartes
I just locked in at 4.875% last Friday. With the recent developments, I'm going to hold off for a few and see if I can get even lower. I'll end up saving upwards of $1000/mo if I can refinance at a lower rate.

Same here. Just locked in at 4.875% and can relock once prior to closing. It'll save me $300 a month.

 

[BillGates]

Just met with a mortgage broker this morning...tentatively we'll be at 5.250% (30 yr. fixed) - but he thinks rates may even drop a bit off of that...sweetness. As it stands now, we'll be knocking off approx $200/month and recover our refinancing costs in 8-10 months.

 

[spidey07]

Careful with refinancing guys. You reset your amortization tables when you do so that money you think you saved each month is actually costing you more money depending on how long you plan on staying in the house.

 

[K1052]

In the process of getting all my info over to my mortgage broker. It's creeping into the territory where it is going to be worthwhile.

 

[Capt Caveman]

Originally posted by: BillGates
Just met with a mortgage broker this morning...tentatively we'll be at 5.250% (30 yr. fixed) - but he thinks rates may even drop a bit off of that...sweetness. As it stands now, we'll be knocking off approx $200/month and recover our refinancing costs in 8-10 months.

That's high. Is this jumbo or conforming?

 

[amdskip]

Originally posted by: BlahBlahYouToo
What's the typical cost to refi?

I too would like to know. I'm at 6.25 right now and wouldn't mind getting something lower at all.

 

[Capt Caveman]

Originally posted by: amdskip

Originally posted by: BlahBlahYouToo
What's the typical cost to refi?

I too would like to know. I'm at 6.25 right now and wouldn't mind getting something lower at all.

It varies. It's going to cost me $1500 in total which I will recoup in 5 months. Some folks have their costs rolled into the mortgage, raising the interest rate.

 

[Descartes]

Originally posted by: spidey07
Careful with refinancing guys. You reset your amortization tables when you do so that money you think you saved each month is actually costing you more money depending on how long you plan on staying in the house.

Very true. In my case, I've only been in this house for a year so I'll still save bundles over the term of the loan.

 

[Descartes]

Originally posted by: BillGates
Just met with a mortgage broker this morning...tentatively we'll be at 5.250% (30 yr. fixed) - but he thinks rates may even drop a bit off of that...sweetness. As it stands now, we'll be knocking off approx $200/month and recover our refinancing costs in 8-10 months.

IMO, keep looking. I got 4.875% without even breaking a sweat.

I'd be happy to give you my broker's number if you're interested. Understand of course that I gain nothing from doing so, but an extra 0.5 points could save you a little extra cash.

 

[Vette73]

Originally posted by: Descartes

Originally posted by: spidey07
Careful with refinancing guys. You reset your amortization tables when you do so that money you think you saved each month is actually costing you more money depending on how long you plan on staying in the house.

Very true. In my case, I've only been in this house for a year so I'll still save bundles over the term of the loan.

Well me and my wife will keep making the same payments for the first year. So any saved money will be put back in to pay down faster the first year. After that we will look and see if that is still good or to put the money else where (rothIRA, 401ks, etc...)

Here is the mortgage thread at Fatwallet with % updates...

http://www.fatwallet.com/forums/finance/788032/

 

[KB]

Just got the house a year ago with a 6.25% and my bank just went to 4.875%. I have the application in and am starting to think I should lock in now.


Or maybe I should wait for them to start paying me to borrow money.

 

[JS80]

Is the 20% down payment pretty much a set thing? i.e. are there no more 5-10% down loans that exist anymore?

 

[Capt Caveman]

Originally posted by: JS80
Is the 20% down payment pretty much a set thing? i.e. are there no more 5-10% down loans that exist anymore?

Probably but at higher rates.

 

[dullard]

Has anyone found a no fee refinance? They have them available on occasion. Sure, you don't get as good of an interest rate. However, if I can lower my interest rate with no fee, it'll save me about $100 a month for the next 9-10 months that I own the house (more if I can't sell it).

 

[Capt Caveman]

Originally posted by: dullard
Has anyone found a no fee refinance? They have them available on occasion. Sure, you don't get as good of an interest rate. However, if I can lower my interest rate with no fee, it'll save me about $100 a month for the next 9-10 months that I own the house (more if I can't sell it).

In the FW thread/link, someone has mentioned that IndyMac does but no one has a link to it.

You could always refinance and take just enough extra out to cover the fees. That's what I'm doing.