Refinance now??

[rts265]

I got 3.125 with no fees. Pay points under 3 was an option, but it’s expensive

 

[ringer]

There are a lot of opportunities out there now for folks with equity and good credit ratings. They are practically giving away money right now.

 

[tenover]

Locked in this morning.

 

[Subway]

Yeah refi'd the primary residence to a 20 year for a shade over 3%. About to close on a condo on the beach in Florida just a few minutes south of the inlet (I'll make sure to use sunscreen and have better grass than that poor bastard from the "bad surf trip thread") and i am getting low 3's on that one too (hell i might push for a flat 3 when it comes time to close next month), despite the stricter rules around condos, and I'm only putting 10% down, no PMI. time to make moves boys

 

[One-Off]

There's talk of the Fed cutting interest rates further. Is it better to wait? Will a Fed cut automatically result in lower mortgage rates ?

 

[bluemarlin04]

I locked in 3.0 % on my rental property in a refinance.
Going to wait until the fall on my house I live in to see how this plays out.

I ALMOST have enough equity in my house to do a cash out refinance and pay off the condo. Not sure I want to go that route just yet though.

make moves and get paid friends

 

[bluemarlin04]

There's talk of the Fed cutting interest rates further. Is it better to wait? Will a Fed cut automatically result in lower mortgage rates ?

Kind of impossible to tell what’s going to happen in the next 6 months. Especially since it is an election year

 

[rts265]

lender I’m going with has some guarantee to refi if it drops within six months. I believe you’re locked in six months before you can switch lenders for most loans

 

[JBerry]

lender I’m going with has some guarantee to refi if it drops within six months. I believe you’re locked in six months before you can switch lenders for most loans

Like I said, our lender in November said we had to wait 6 payments/months. However that doesn’t mean you couldn’t refi w another lender if the rates are favorable. The first lender will just have to pay a big penalty, in our case,$8k, if we did a refi before 6months is up.
If the rates are good enough, we will refi. It’s either us or them and we’d rather save money on another refi than wait 2-3 more months and not.

 

[JBerry]

She also said, since the rates are so low, there’s a huge influx of refi’s in the pipeline now. That actually slows down the banks ability to close because there is just too much paperwork to do. They don’t have enough people or time to do them all. So, because of that, it doesn’t necessarily mean the rates will drop even more, whether another rate cut or not, so it would be wise to get on the refi train soon, as there’s no guarantees it will go much lower. It’s all ties to the 10yr treasury which is at a historic low.

 

[One-Off]

Gdaddy to courtesy phone....

 

[grapedrink]

She also said, since the rates are so low, there’s a huge influx of refi’s in the pipeline now. That actually slows down the banks ability to close because there is just too much paperwork to do. They don’t have enough people or time to do them all. So, because of that, it doesn’t necessarily mean the rates will drop even more, whether another rate cut or not, so it would be wise to get on the refi train soon, as there’s no guarantees it will go much lower. It’s all ties to the 10yr treasury which is at a historic low.

I just made the call this morning. I could be looking at a savings of $150-175/month based on the rates on my lenders website. Will have to wait until Monday to see the actual rate.

If I can save that much without having to pay-to-play too much in terms of fees, I will for sure jump on it.

 

[rts265]

I signed everything uploaded all documents. Got an appraisal waiver. The guy said it can take a few weeks to close. Feels too good to be true right now.

 

[gbg]

Damn. I don't know what to do. I guess since I'm only 4 years into my loan and I've paid really no principle down, a $150-$200 a month savings reduces my interest so much its worth it?

 

[rts265]

I’m only 3.5 years into mine.

 

[Subway]

I knocked 6 years and the pmi off my primary mortgage for basically the same monthly nut. Saves me close to 200k over next many years

 

[Subway]

These 20 year loans are great, kinda recent phenomena I think

 

[Subway]

I’m only 3.5 years into mine.

Ref into a 3.25 for 20 years. Hell maybe 3

 

[Subway]

Free money if you have some cash to make down payments. Refi’s with no cash to close. Gotta have good credit and income though this isn’t the housing bubble wild west. Even with my solid income and decent credit the lender is still like “if you pay down that pesky master card balance I can get you a 3.25.”

I think I will get 3.25 now, when we go to close next month

she has a point though. I am taking on a second mortgage (despite the high season rental income we will make on it) and credit card debt is stupid

 

[Truth]

just refi'd w losmen owner and got it to 6.5 million rupiah a month - 2 ocean front rooms for me and my kid and 2 meals a days - lender wouldnt budge on throwing in beer ...oh well