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Is now a good time to refinance?

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Jessee
LIF Adult

Member since 3/06

1260 total posts

Name:
Jessee

Is now a good time to refinance?

And if so, what does it cost? We bought Oct 06 with a rate of 6.375%, so it was already good. Any point it looking into making it lower?

Message edited 1/23/2008 3:12:53 PM.

Posted 1/23/08 3:07 PM
 
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melbalalala
Little Lady

Member since 5/07

5014 total posts

Name:
Melissa

Re: Is now a good time to refinance?

Bump. I was wondering the same thing. We got 6.25% back in June and can clearly go lower.

How do you find out the costs?

Can you work with your currnet mortgage company without incurring the costs of setting up a new mortgage with a new company?

Posted 1/24/08 9:57 AM
 

leese
Sarge!

Member since 5/05

1965 total posts

Name:
Leese

Re: Is now a good time to refinance?

It sounds like its about 5.25% right now but I believe it will dip under 5% at some point by the summer. They may cut again and a program that I use fixes their rates in March for a fixed 30 year. The grapevine is that it'll be 4.75 (we got 5.75 in the summer when everything else was around 6.25).

There are varying costs with closing - but it will run you around 8K or so...

They say that there may be a refi boom in 2008 and I wouldn't be surprised to see some companies that are hurting offer low closing costs options (though there are always hidden fees).

I'd wait it out a bit.

Posted 1/24/08 10:55 AM
 

NYGirl
LIF Infant

Member since 11/05

274 total posts

Name:

Re: Is now a good time to refinance?

Thanks for the response. I was thinking about this too as we are currently in a 10year fixed arm and feel like it would be good time toget into a 30yr. fixed. I did not realize it would be that much to refinance.

Posted 1/24/08 1:17 PM
 

jandt2006
LIF Adult

Member since 8/05

1338 total posts

Name:
Teresa

Re: Is now a good time to refinance?

Posted by leese

It sounds like its about 5.25% right now but I believe it will dip under 5% at some point by the summer. They may cut again and a program that I use fixes their rates in March for a fixed 30 year. The grapevine is that it'll be 4.75 (we got 5.75 in the summer when everything else was around 6.25).

There are varying costs with closing - but it will run you around 8K or so...

They say that there may be a refi boom in 2008 and I wouldn't be surprised to see some companies that are hurting offer low closing costs options (though there are always hidden fees).

I'd wait it out a bit.



what do you mean by a program u use?

Posted 1/24/08 3:25 PM
 

luckyinlove
I love my baby girls!

Member since 12/06

2441 total posts

Name:
Lauren

Re: Is now a good time to refinance?

I am also interested in this. I don't think it will be 8k in closing costs though. There is no title search or title insurance, and you don't have to pay many of the costs upfront like you do with a traditional mortgage. I think this is the case, but then again, I am not sure...

Posted 1/24/08 3:26 PM
 

Blu-ize
Plan B is Now Plan A

Member since 7/05

32475 total posts

Name:
Susan

Re: Is now a good time to refinance?

Posted by luckyinlove

I am also interested in this. I don't think it will be 8k in closing costs though. There is no title search or title insurance, and you don't have to pay many of the costs upfront like you do with a traditional mortgage. I think this is the case, but then again, I am not sure...



well, since our closing costs were about that. Originally, our closing costs were about 12K.
It is a traditional mortgage. It won't be as much as your original, but that get's included in your new amount. If you go with the same bank or mortgage company you won't pay a mortgage tax.

Posted 1/24/08 3:59 PM
 

Kara
Now Zagat Rated!

Member since 3/07

13217 total posts

Name:
They call me "Tater Salad"

Re: Is now a good time to refinance?

Posted by luckyinlove

I am also interested in this. I don't think it will be 8k in closing costs though. There is no title search or title insurance, and you don't have to pay many of the costs upfront like you do with a traditional mortgage. I think this is the case, but then again, I am not sure...



Why wouldn't there be a title search?

Any number of liens could have attached to the title in the time you've owned the place. Why would a new lender not want a title search?

Posted 1/24/08 4:07 PM
 

classylayd
LIF Infant

Member since 7/07

288 total posts

Name:
Jennifer

Re: Is now a good time to refinance?

Posted by luckyinlove

I am also interested in this. I don't think it will be 8k in closing costs though. There is no title search or title insurance, and you don't have to pay many of the costs upfront like you do with a traditional mortgage. I think this is the case, but then again, I am not sure...



A title search must be done. Rates I believe are as low as 5.275%. There are closing cost involved sometimes just as much as when you first purchased the home so in fact in can be 8K.

Posted 1/24/08 6:10 PM
 

Beth
The Key to your new home....

Member since 2/06

24849 total posts

Name:
Beth

Re: Is now a good time to refinance?

and make sure you have no pre-payment penalty!

Posted 1/24/08 6:45 PM
 
 

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