Are you refinancing now that rates are so low???

[aircooled]

Mortgage rates are low a hell right now. I've just started my paperwork to refinance and will be 1.5 (or more) points lower than my original mortgage. Not too shabby

 

[Viper GTS]

I only wish I was in a position to buy something right now.



Viper GTS

 

[StageLeft]

We locked in at 5.875 on a 30 year 100% which I'm happy about. Closing on a house late june assuming final financing goes through. Normally pre-approval is as good as a check but in our case we have to jump through some hoops given our recent move to US and lack of US history. Hopefully it will work out though *fingers crossed*.

 

[Viterix777]

I'm in the process right now... hoping to get atleast a good point from when I bought it a year ago.

 

[Electric Amish]

I'd like to, but we can't.

amish

 

[RossMAN]

Originally posted by: Viper GTS
I only wish I was in a position to buy something right now.



Viper GTS

Same.

If I were, I could easily get under 6%

 

[kt]

Just got back from signing the final papers for the refinance. Locked in about 2 weeks ago at 5.625%. Had I waited, I could've gotten the 5.5% rate.. but who cares, I am saving about $80/month. No need to be greedy.

 

[Furor]

Yup..changed to 5.375% from 6.785%
~$210 or savings a month

Of course, if we waited until now, we could have gotten 5.250 which would have been an extra $17 a month

 

[kt]

Originally posted by: Furor
Yup..changed to 5.375% from 6.785%
~$210 or savings a month

Of course, if we waited until now, we could have gotten 5.250 which would have been an extra $17 a month

Damn, that's a nice rate. Is that 15 or 30 years? Any points or fee involved with it? If you don't mind me asking what state are you in?

 

[Furor]

Originally posted by: kt

Originally posted by: Furor
Yup..changed to 5.375% from 6.785%
~$210 or savings a month

Of course, if we waited until now, we could have gotten 5.250 which would have been an extra $17 a month

Damn, that's a nice rate. Is that 15 or 30 years? Any points or fee involved with it? If you don't mind me asking what state are you in?

30 year, 0 points, $3000 closing costs in California.

 

[Amused]

This sounds like one of those annoying DiTech commercials.

 

[Vic]

Originally posted by: Amused
This sounds like one of those annoying DiTech commercials.

Heh.
To all those refinancing, I strongly suggest getting a shorter term instead of foolishly reamortizing to another 30 year term for the sake of saving a few dollars each month. If you're only a couple of years into a 30 year right now, ask your loan officer for a quote on a 20 year. You may be pleasantly surprised. And if your lender doesn't offer a 20 year, go someplace else.

 

[aircooled]

Originally posted by: Vic

Originally posted by: Amused
This sounds like one of those annoying DiTech commercials.

Heh.
To all those refinancing, I strongly suggest getting a shorter term instead of foolishly reamortizing to another 30 year term for the sake of saving a few dollars each month. If you're only a couple of years into a 30 year right now, ask your loan officer for a quote on a 20 year. You may be pleasantly surprised. And if your lender doesn't offer a 20 year, go someplace else.

You are so right. I can get into a 20 for less than my present 30. Equity baby!!

 

[mithrandir2001]

I refinanced in Sept 2002 and I'll probably do it again. The best deal I found so far is 5.95% 30yr 0 points 0 costs. The rate seems high but there are no closing costs with this product (not rolled into the loan amount either)...basically they charge you a higher interest rate in exchange for a no cost transaction. So as long as 5.95% is lower than your current rate (mine is 6.375%) you can't lose.

I compared it to a regular 5.5% 30yr loan with closing costs and it just takes too long to recover the costs...like 4.5 years. They recommend you recover your costs within 2 years.

I'll probably do a cash-out refi too and use the extra money to pay off my car loan. When I finally sell the car I'll use all the proceeds to pay down the mortgage balance so I don't end up taking a 30yr car loan. :Q

 

[Ornery]

Guess we got a hot deal on ours a couple months ago. 4.75% fixed for 15 years with no points. Fringe benefit of working at a bank I guess!

 

[Mookow]

Originally posted by: RossMAN

Originally posted by: Viper GTS
I only wish I was in a position to buy something right now.



Viper GTS

Same.

If I were, I could easily get under 6%

If you would just stay out of the HD and FS/FT forums...

 

[Michael]

I just locked a 30-Year 5.75% non-conforming with $1400 in closing costs (no points) (I'll pay those out of my pocket).

I'm 3 years into my existing loan and just had them calculate how much extra per month ro make the new loan a "27-year" loan.

I'll stil lsave a little bit each month.

Michael