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Mortgage Rates

my credit score is excellent...i have probably just over 20% equity in the house.
 
Have2luvthepack said:
Refinancing to a 15 yr loan @ 3.25% and your principle payment will equal $259 and the interest will be $126 and your payment would be about the same. Todays' rates showed the buyer receiving a credit of 1% for the selected rate and a 1.5% Origination Charge.
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Thanks Have2...seem's like a no brainer to refinance since I currently have about 21 years to pay with the current loan or refinance for 15 years.
 
dot com said:
We just refinanced like a year or two ago at 4.75, I've been tempted to jump down to a 15yr.
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I did this also, but I am also now looking at the rarely mentioned 20 year note. Right now the rate is 4%. If it goes to 3.75, I'll refinance. If not, I'll continue making at least 1 extra payment per year to pay it off in 22 years or less.
 
Has anyone considering a refinance had their house appraised to determine if they'd receive enough money to cover the outstanding balance on the loan?

If yes, do you have enough paid to the principle that you can get the financing, or are you living a housing market that hasn't lost any value?
 
It is certainly tempting for folks to switch to a 15 year mortgage. However, if you think inflation is likely to occur, there could be some advantage to going with a longer term.
 
I'm finishing an addition onto my house and need it to get the appraisal high enough to re-fi. I'm locked in right now to re-fi to a 15yr at 3.25 within 30 days. Going from my current rate on a 30 yr fixed, I'll be at a 15 and pay $47 more a month. I feel like hanging an autographed poster of myself in my foyer.

Older Baby Boomers may recall these kinds of rates, but not many.
 
I'm not sure whay you mean 94. By the time older baby boomers were buying their first home they were looking at 6% and higher. The spread to inflation and wage growth is perhaps more important than the actual rate.

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Wasn't clear. While there may be some Boomer parents alive, I meant that the last time rates were this low was when Boomers were old enough to be aware of what their parents were paying which was pretty low.
 
Gotcha, my parents are older boomers and I assume yours are too. In fact, I almost made it in on the tail end of the baby boomer generation.
 
Looked at one of my retail rate sheets this morning and we are offering an in-house 3/1 ARM at 2.34%. That is scary crazy!!!

I'm paying 3.25% on a 5/1 ARM that reset two months ago. Readjusted downward 200 basis points from 2006. We are selling the house next March so I'm not touching it.
 
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Re-fied to a 15 @ 4.75 in May of 2008. Rates will never get any lower, I told myself. Closed in December on a new 15 @ 3.875. Now I'm looking again, but it'll be a tough go to justify it.

15 years mortgages are awesome.
 
Looking to buy sometime soon, but having trouble getting the 20% down to avoid PMI. How unwise is it to buy and pay PMI if I'll be doing so for 1.5-2 years? I really don't want to rent anymore and know I'll be in the area for the long foreseeable future.
 
PMI is not a big deal. If the house is appreciating, you'll be out of it quickly enough, especially as you're making your mortgage payments. You'll be to 20% in a few years.
 
I remember when my parents bought a house in 1984... rate suuuuuuucked. And they were ecstatic to refi it down to like 9.5 later. This is why I'm practically jizzing myself over having anything under 5% for 30yr fixed.
 
I want to refi badly. We got a 30 yr back in 07 at just over 6% and I want to get much lower. We didn't put anything down, so we are paying PMI which blows. Since we bought the house, we now have $30k of student loans which I am afraid might affect our ability to refinance. Credit is not great. Chances?
 
Will your parents or in-laws co-sign? Even if not, it never hurts to look.

drew said:
I want to refi badly. We got a 30 yr back in 07 at just over 6% and I want to get much lower. We didn't put anything down, so we are paying PMI which blows. Since we bought the house, we now have $30k of student loans which I am afraid might affect our ability to refinance. Credit is not great. Chances?
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1. Has anyone heard of RoundPoint Mortgage in Charlotte? I'm seeing 3.99% for 30 yrs with 0 pts and 0 fees.

2. Please don't post your awesome rate unless you are also posting the loan type (30 yr fixed, 15 yr fixed, etc...).
 
drew said:
I want to refi badly. We got a 30 yr back in 07 at just over 6% and I want to get much lower. We didn't put anything down, so we are paying PMI which blows. Since we bought the house, we now have $30k of student loans which I am afraid might affect our ability to refinance. Credit is not great. Chances?
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What is the house gonna appraise for in relation to your mortgage balance? The more equity you have, the more likely you can refi. If you are still paying PMI it probably means not much equity yet right? Credit will factor in more then.
 
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