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4.5% mortgages

Discussion in 'Anything goes' started by markvid, Dec 4, 2008.

  1. markvid

    markvid Guest

    Saw on CNN in an airport this morning that to spur home sales, the gov't is seriously thinking of taking the rate to 4.5%.
    First off, I freely state up front that I know nothing about any of this.
    That said, would any of you refinance? Is it worth doing?
  2. Simon_Cowbell

    Simon_Cowbell Active Member

    Would not apply to refinance.

    Which would get people selling their homes so they could buy another at a 2 percent lesser rate.
  3. OTD

    OTD Active Member

    It would be worth it to refi, but the problem is still going to be that a) banks will be much stricter about qualifying (no more getting a loan with a 600 FICO) and b) few have the equity to refi. You're going to need 20% equity (or down payment), which most who'd like to refi don't have.
  4. Highway 101

    Highway 101 Active Member

    :D :D :D

    As a fella looking to buy without needing to buy... where's the jerk-me-off-smilie?
  5. PeteyPirate

    PeteyPirate Guest

    As has been stated, the lower rates would not be available for refinances.
  6. Joe Williams

    Joe Williams Well-Known Member

    I've been sitting on our 4.875%, refusing to budge because of what we'd have to pay with a new rate. Now not so much. But moving is such a pain in the ass -- gotta actually go through my stuff and box it up, which feels too much like getting laid off from a newspaper job, except no security guy escorts you out of your own home (unless you got foreclosed on, I suppose).

    This also assumes that we could find a place we liked that hasn't had water damage or something and isn't next to "Deliverance" style neighbors and isn't a contingency deal where the sellers' own miserable balance sheet torpedos their other deal.

    Damn, it's always something in Joe's world.
  7. markvid

    markvid Guest

    See that's where I'm confused - the woman on CNN specifically stated it would apply to existing mortgages as well.
  8. My mom is pissed that she's already locked into her rate on her new house -- 6 or 6.5%, not sure which one. The other day she could have gotten 5.5%.
  9. Sheri

    Sheri Member

    But at least you got a pretty mouth. :)
  10. slappy4428

    slappy4428 Active Member

    Ours is 6.5 but we're only 2.5 years into it... not sure if we should refinance or not. Both of us are making less money than we were then.
  11. Football_Bat

    Football_Bat Well-Known Member

    Wouldn't hurt to try. The worst that can happen is the bank says no.

    My rate right now is 6 1/4 %, I'm pretty sure I've got more than 25% equity, and I've really worked hard to get my credit rating up. And I'm only 4 1/2 years in on a 30-year note. If these things come available, I'm all over it.
  12. Shaggy

    Shaggy Guest

    I got 5.7 percent in a declining market and only 10 percent down a couple of months ago. I was pretty pleased.
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