Good time to refinance?

[cpals]

With all the talk about refinancing and low interest rates, I was wondering if my particular situation is good for a refinance or if it's even possible with my neg. equity.

Info:
Mortgage - $161,000
Interest Rate - 6.5%
Years - 30 Fixed
Years Left - 28
County Value - $130,000
State - FL
Credit Score - Probably high 700s

It's a FHA loan with Countrywide, currently paying $1,032 for P&I and $275 for escrow.

Also, I have no extra money for down payment or closing costs, etc... I could probably swing $1,000, but that's pushing it.

Thank you for any insight and help!

 

[OCGuy]

Today is absolutely nuts. 4.5% as a par rate. I even got my dad in on it, and he and old conservative fart.

All that money that the Fed created out of thin air caused rates to tank by .5% yesterday.

 

[vi edit]

I don't think you'll get approved with negative equity. Even under the most lax of LTV programs.

 

[BlahBlahYouToo]

Originally posted by: Ocguy31
Today is absolutely nuts. 4.5% as a par rate. I even got my dad in on it, and he and old conservative fart.

All that money that the Fed created out of thin air caused rates to tank by .5% yesterday.

i imagine this is just the beginning. i'm expecting rates to drop even lower in the upcoming weeks.

 

[Queasy]

Originally posted by: vi edit
I don't think you'll get approved with negative equity. Even under the most lax of LTV programs.

This.

The OP lists the county value though. He needs to find the market value of his house.

 

[dougp]

Originally posted by: vi edit
I don't think you'll get approved with negative equity. Even under the most lax of LTV programs.

County appraisal isn't the same as your bank appraisal.

 

[vi edit]

Originally posted by: dougp

Originally posted by: vi edit
I don't think you'll get approved with negative equity. Even under the most lax of LTV programs.

County appraisal isn't the same as your bank appraisal.

He's still in Forida and bought two years ago. I wouldn't want to be in his situation. Who knows if the assessor even caught up to the declines.

 

[cpals]

Originally posted by: vi edit

Originally posted by: dougp

Originally posted by: vi edit
I don't think you'll get approved with negative equity. Even under the most lax of LTV programs.

County appraisal isn't the same as your bank appraisal.

He's still in Forida and bought two years ago. I wouldn't want to be in his situation. Who knows if the assessor even caught up to the declines.

What does this mean?

 

[Descartes]

I've been waiting to refi for a while. I've since locked in at 4.675% with 0.25% origination. I almost signed on a deal a while back but my broker kept telling me it would get better. It did, but only by about 0.20%.

 

[Aharami]

Chase is at 4.625%. Lowest I've seen in a while. Tough call, should I wait to see if it gets lower, or jump now
and is it possible to lump the refi fees into principal?

 

[OCGuy]

Originally posted by: Aharami
Chase is at 4.625%. Lowest I've seen in a while. Tough call, should I wait to see if it gets lower, or jump now
and is it possible to lump the refi fees into principal?

Yep. As far as rates, anyone who claims they know for sure is probably full of it. But 4.625 is a sweet rate.

 

[Aharami]

this is the rate Im seeing - http://mortgage.chase.com/page...days_rates_assumps.jsp
it says 30 yr fixed is at 4.625 with 1.125 points. So the rate would be higher with 0 points, right?
I dont understand why most lenders dont show rates with 0 points

 

[Descartes]

Originally posted by: Aharami
this is the rate Im seeing - http://mortgage.chase.com/page...days_rates_assumps.jsp
it says 30 yr fixed is at 4.625 with 1.125 points. So the rate would be higher with 0 points, right?
I dont understand why most lenders dont show rates with 0 points

I don't know why they don't show rates with 0 points, but I'm seeing at least a 4.625% with 1 point.

But really, we're talking small amounts of money at this point unless you really plan on keeping your home for the full 30 years. I'm opting for the 4.875% and no points because the negligible difference in savings won't pay for itself unless I keep the house forever.

 

[Aharami]

BoA is at 4.625 with 1 point. So far ive emailed my contacts at Chase and Metlife, but havent heard anything back yet. They usually get back to me fast. I guess they are getting a lot of calls today