Home Mortgage refinance

[S8MS-01904]

Since the market is a death spiral, could it be a "good time" to refinance????

Looking for a 15 year under 3.5%. Any Refi guys out here??

 

[IndySSD]

Since the market is a death spiral, could it be a "good time" to refinance????

Looking for a 15 year under 3.5%. Any Refi guys out here??

I'd say give it another month or two and you'll be able to find something in the 2.5% range pretty easily if you've got the credit rating......

 

[IndyPrepper]

You guys really think the mortgage rates will go lower? Notice that is not in purple.

I ask because I started looking into a refi about a week or 2 back. I was quoted low to mid 4's.

 

[88GT]

It's always a good time to refinance if the costs of getting the new loan are realized in savings on your monthly payment during a time period that is acceptable to you. IOW, if it costs you $1500 for the new loan and you save $25 a month on your payment, it will take you 60 years to realize any net benefit of the refi.

The other reason to refi is if you save money on your monthly payment by removing any mortgage insurance due to a change in LTV since the loan was originated.

And possibly if you want to change the company with whom you deal in the servicing of your debt.

 

[IndyPrepper]

I'm all about the refi as soon as possible ;-) I know some company will also offer free refi if rates drop within some amount of time but that is not common from what I understand.

With the downgrade I am concerned that the rates will go back up.

My current is 8.7 so 4.5 or less is going to be a HUGE help :-D

 

[IndySSD]

I'm all about the refi as soon as possible ;-) I know some company will also offer free refi if rates drop within some amount of time but that is not common from what I understand.

With the downgrade I am concerned that the rates will go back up.

My current is 8.7 so 4.5 or less is going to be a HUGE help :-D

Wow... yeah if you can get closed for 1k$ (which they will sometimes roll into the mortgage) it sounds like you'll be saving a TRUCKLOAD if you refi now.... assuming you have a "qualified" rating.

88GT would be more expert on this than I am, what say you GT?

 

[88GT]

88GT would be more expert on this than I am, what say you GT?

Asked and answered, but not before the info about current rate. I think you'd actually have to work at losing money if you refi now.


Just be sure to use a reputable lender. Preferably NOT one that specializes in refi's. Their customer service tends to be near the bottom once they think they've got you reeled in. And sadly, they tend not to be completely upfront with the information. It's hard to withhold pertinent information on these kinds of transactions with all the disclosure requirements, but somehow they figure out a way to do it.