Mortgage refinancing

[markvid]

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?

 

[OnTheRiver]

Re: Mortage refinancing

It's all gravy at this point. Lock it in.

 

[Write-brained]

Re: Mortage refinancing

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

 

[EStreetJoe]

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.

 

[markvid]

Re: Mortage refinancing

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

Probably $50 a month for us.

 

[markvid]

Re: Mortage refinancing

It's all gravy at this point. Lock it in.

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

 

[SoCalDude]

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.

 

[KYSportsWriter]

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.

 

[ArnoldBabar]

My portfolio is all tied up in pizza coupons.

 

[bagelchick]

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.

 

[KG]

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.

 

[User 1019]

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.

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.

 

[Simon_Cowbell]

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?

How much in closing costs are you paying for this second transaction?

 

[Simon_Cowbell]

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.

You don't say.

 

[Pancamo]

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.

Sorry, but nobody who obtained a mortgage in the last 40 years has a 1% mortgage.

 

[Football_Bat]

My trigger point is 4.5%. At that rate I can go to a 15-year mortgage and my monthly payment will be about the same. But the equity will accrue much faster with more going toward the principal every month.

 

[markvid]

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?

How much in closing costs are you paying for this second transaction?

$4k that is rolled into the loan with $750 up front.

 

[SoCalDude]

My trigger point is 4.5%. At that rate I can go to a 15-year mortgage and my monthly payment will be about the same. But the equity will accrue much faster with more going toward the principal every month.

You really think it could get to 4.5?? I probably would jump at that.

 

[Football_Bat]

My trigger point is 4.5%. At that rate I can go to a 15-year mortgage and my monthly payment will be about the same. But the equity will accrue much faster with more going toward the principal every month.

You really think it could get to 4.5?? I probably would jump at that.

I got an offer for 5.25% a month ago from my lender. I expect to get a lower one next time around.

 

[BTExpress]

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

37 months to go . . . ticktickticktick

Or about 34 months longer than I will be in my present job.