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Mortgage refinancing

Discussion in 'Anything goes' started by markvid, Mar 19, 2009.

  1. markvid

    markvid Guest

    Ok, short version of this, but here goes...

    We bought in March 2007, got 6%. Thought it wasn't bad at the time.
    Refinanced but not closed yet - at 4.875%. We were VERY happy.
    We are also entitled to one free rate adjustment before closing.
    Today, I saw 4.625%. Wife and I wanted to call right then, but then I started reading other stories about how it is believed that rates will sink the next 2 weeks or so.

    Soooooooooooo........do we pull the trigger on the 4.625 now or roll the dice and hope for lower next few days? What would you do?
  2. OnTheRiver

    OnTheRiver Active Member

    Re: Mortage refinancing

    It's all gravy at this point. Lock it in.
  3. Re: Mortage refinancing

    Never owned a house. How much of a difference in real dollars is .25 percent?
  4. EStreetJoe

    EStreetJoe Well-Known Member

    Re: Mortage refinancing

    Roll the dice. It's only a 1/4 percent which comes out to roughly 15 cents per thousand borrowed (or about $30 a month on a 200k mortgage).

    Tried refinancing and got shot down. Twice because the loan-to-value ratio was roughly 90% instead of the under 80% we were looking for. Found a broker who could break it down into two loans for us (roughly 80% of the current balance at 4.875 and the remaining 20% at prime plus 2% - which right now comes to 5.5%) and got disqualified on that one because I'm unemployed.

    So be thankful you were able to refi successfully.
  5. markvid

    markvid Guest

    Re: Mortage refinancing

    Probably $50 a month for us.
  6. markvid

    markvid Guest

    Re: Mortage refinancing

    That was my attitude as well with my wife - we both said, to get at least 1.1% off, we're very lucky.
  7. SoCalDude

    SoCalDude Active Member

    I got a call today from a company I blew off several months ago. That time, he asked what would it take me to refi? I said I was at 6, if it gets under 5, I might consider. Today, he had the 4.85 rate, but I wasn't in the mood (his call woke me up), so I blew him off again.
    Just a question: How much was the loan gonna cost you? The last time I checked on a possible refi with the company that has my loan now, they said it was going to cost about $7,000 in fees, etc.
  8. KYSportsWriter

    KYSportsWriter Well-Known Member

    My mom's mortgage is locked in at 1 percent or something crazy low like that. She said she will never refi, no matter what.
  9. ArnoldBabar

    ArnoldBabar Active Member

    My portfolio is all tied up in pizza coupons.
  10. bagelchick

    bagelchick Active Member

    The last time I refinanced I locked into 5.75% but did a 15 year, instead of a 30.

    I live for the day when I won't have a mortgage payment.
  11. KG

    KG Active Member

    I just wish I had a mortgage. I'm stuck in the renting cycle because of less than favorable credit from mistakes we made years ago.
  12. three_bags_full

    three_bags_full Well-Known Member

    We rent because we move quite often, given my choice of career. One thing that makes me feel better, though, is we invest a couple hundred each month in a fund that'll be used for a home down the road.
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