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Title: Refinancing Post by: dystopia on December 14, 2008, 02:43:44 PM Anyone refinance their mortgage recently or thinking about it?
I called my mortgage provider last week to get things rolling, but changed my mind after reading reports of rates heading to 4.5%. If you're thinking about it, is there a target rate you're waiting for? Title: Re: Refinancing Post by: gleek on December 14, 2008, 02:55:42 PM Anyone refinance their mortgage recently or thinking about it? I called my mortgage provider last week to get things rolling, but changed my mind after reading reports of rates heading to 4.5%. If you're thinking about it, is there a target rate you're waiting for? It's moving UP to 4.5%? Crap, I have a 15-year conventional at 4.65% and thought that was a good rate. Title: Re: Refinancing Post by: dystopia on December 14, 2008, 02:59:34 PM Anyone refinance their mortgage recently or thinking about it? I called my mortgage provider last week to get things rolling, but changed my mind after reading reports of rates heading to 4.5%. If you're thinking about it, is there a target rate you're waiting for? It's moving UP to 4.5%? Crap, I have a 15-year conventional at 4.65% and thought that was a good rate. <---- 30 year :sad3: Some back off buying, waiting for rates to fall http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/12/14/REHL14K54Q.DTL Title: Re: Refinancing Post by: gleek on December 14, 2008, 03:19:50 PM Oh, moving down to 4.5%. People are waiting in order to lock in a better rate.
Title: Re: Refinancing Post by: Fuzzy on December 14, 2008, 10:19:33 PM I'd have to run the numbers but 4.5 gets my attention.
We refinanced 5 years into our 30 year and moved into a 20 year at 5.375. Knocked ~5 years off the loan and dropped the monthly by about $40. 8) Title: Re: Refinancing Post by: stegerman on December 15, 2008, 12:42:46 PM Waiting
Title: Re: Refinancing Post by: stroh on December 15, 2008, 12:58:05 PM Me: Hello, I'd like to refinance.
Mortgage dude: :lolspit: [sm_laughing] [sm_rolling] Me: :punchballs: Title: Re: Refinancing Post by: dystopia on February 23, 2009, 02:29:17 PM I finally broke down and pulled the trigger today. 30 year fixed 5.053% apr.
No real reason for picking today except that I've got too many distractions right now and don't have time to follow interest rate trends. Title: Re: Refinancing Post by: hobbit on February 23, 2009, 03:53:43 PM I'd have to run the numbers but 4.5 gets my attention. We refinanced 5 years into our 30 year and moved into a 20 year at 5.375. Knocked ~5 years off the loan and dropped the monthly by about $40. 8) Ditto (same rate and all), 'cept I went to a 15 year. I haven't ran any math yet, but wouldn't it have to get below 4.5% at our current rate to really be worth it? Title: Re: Refinancing Post by: Spartan on February 23, 2009, 04:46:01 PM What kind of closing costs are involved w/ refinancing now?
Title: Re: Refinancing Post by: dystopia on February 23, 2009, 05:28:11 PM What kind of closing costs are involved w/ refinancing now? I have no idea what they typically are, but my closings costs were around $3300. (no escrow, non-conforming, alt-doc loan) Title: Re: Refinancing Post by: Fuzzy on February 23, 2009, 07:57:11 PM I'd have to run the numbers but 4.5 gets my attention. We refinanced 5 years into our 30 year and moved into a 20 year at 5.375. Knocked ~5 years off the loan and dropped the monthly by about $40. 8) Ditto (same rate and all), 'cept I went to a 15 year. I haven't ran any math yet, but wouldn't it have to get below 4.5% at our current rate to really be worth it? Yeah, of course depending on closing costs, points, etc. Title: Re: Refinancing Post by: Walfredo on February 24, 2009, 07:38:22 AM I'm keeping my eye on them and will seriously look into in the coming months. My mortgage is from 2005 so it is 5.75% fixed right now. If I could get 4.5% along with consolidating the equity loan into that, I'll do it.
Title: Re: Refinancing Post by: gleek on February 24, 2009, 11:22:31 AM From about 1997 to 2002, we refinanced any time the rate dropped .375 percent or more from the current rate of our mortgage. We refinanced 4 times and never paid a dime for points or closing costs.
Title: Re: Refinancing Post by: dystopia on February 24, 2009, 12:03:58 PM From about 1997 to 2002, we refinanced any time the rate dropped .375 percent or more from the current rate of our mortgage. We refinanced 4 times and never paid a dime for points or closing costs. How do you refinance without closing costs? Title: Re: Refinancing Post by: Spartan on February 24, 2009, 01:15:50 PM How do you refinance without closing costs? We did, back in '03. Wells Fargo sent us a solicitation to refinance by mail with no closing costs. It's possible we paid a slightly higher interest rate because of that, but we still ended up at 4.875% (15 years) and a lower payment. It was a no brainer. I doubt anything like that is available today. Title: Re: Refinancing Post by: stroh on February 24, 2009, 02:55:34 PM From about 1997 to 2002, we refinanced any time the rate dropped .375 percent or more from the current rate of our mortgage. We refinanced 4 times and never paid a dime for points or closing costs. How do you refinance without closing costs? Quote ".....I'm Wesley Hoaglund, President of Lenox financial. If you're paying a dime at closing, it's too much. At Lenox Financial we pay the closing costs for you. We don't roll them into the loan, we pay them for you. If you walk in with a $200,000 loan, you walk out with a $200,000 loan. It's that simple. Look, we're making thousands of dollars in interest over the life of the loans, we don't need to stick it to you in the closing costs. Whether it's a new loan or a refinance call Lenox Financial now, it's the biggest no-brainer in the history of mankind." Title: Re: Refinancing Post by: dystopia on February 24, 2009, 03:05:59 PM From about 1997 to 2002, we refinanced any time the rate dropped .375 percent or more from the current rate of our mortgage. We refinanced 4 times and never paid a dime for points or closing costs. How do you refinance without closing costs? Quote ".....I'm Wesley Hoaglund, President of Lenox financial. If you're paying a dime at closing, it's too much. At Lenox Financial we pay the closing costs for you. We don't roll them into the loan, we pay them for you. If you walk in with a $200,000 loan, you walk out with a $200,000 loan. It's that simple. Look, we're making thousands of dollars in interest over the life of the loans, we don't need to stick it to you in the closing costs. Whether it's a new loan or a refinance call Lenox Financial now, it's the biggest no-brainer in the history of mankind." LOL, I always picture that guy taking a baseball bat to someone's kneecaps just after he finishes recording the commercial. Title: Re: Refinancing Post by: spacey on February 26, 2009, 08:29:47 PM We got 4.375% fixed over 20 years (the title agent tells us we must have talked to the loan officer during the right 20 minutes of the last decade, she's never seen such a rate). Long story short- saves us $100s per month, and pays it off 7 years faster than we were on track for, assuming we only make the scheduled payments. I think we're happy with that arrangement.
Title: Re: Refinancing Post by: gleek on February 26, 2009, 08:39:08 PM We got 4.375% fixed over 20 years (the title agent tells us we must have talked to the loan officer during the right 20 minutes of the last decade, she's never seen such a rate). Long story short- saves us $100s per month, and pays it off 7 years faster than we were on track for, assuming we only make the scheduled payments. I think we're happy with that arrangement. Lucky bastage. That's a quarter point better than our 15 year fixed. |