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mosh913
baby boy coming spring '11
Member since 5/05 3133 total posts
Name:
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refinancing question...
Hey everybody..
We closed a month ago when interests rates were 6.6% at our bank. I was just reading online about the Fed coming to Fannie and Freddie's rescue and interest rates have dropped. We bought down to 6.375%. How long before you can refinance to get a lower rate? For some reason I was thinking a year? TIA!
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Posted 9/8/08 8:28 PM  |
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Karen
Just chillin'!!
Member since 1/06 9690 total posts
Name:
Karen
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Re: refinancing question...
Our mortgage documents indicated a year, not sure if that is standard.
I believe the general rule is that the rates need to drop a full point over what you are paying to really make it worthwhile, since you are going to incur certain closing costs with a refi.
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| Posted 9/8/08 8:44 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: refinancing question...
Do not refinance unless you can get at least a point off your interest rate. It's simply not worth it otherwise because the refi costs will outweigh your interest rate savings.
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| Posted 9/8/08 9:07 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: refinancing question...
Posted by ave1024
Do not refinance unless you can get at least a point off your interest rate. It's simply not worth it otherwise because the refi costs will outweigh your interest rate savings.
agreed
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| Posted 9/8/08 9:29 PM |
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csorisi
My 2 LOVES
Member since 11/05 1984 total posts
Name:
Corinne
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Re: refinancing question...
Posted by Beth1210
Posted by ave1024
Do not refinance unless you can get at least a point off your interest rate. It's simply not worth it otherwise because the refi costs will outweigh your interest rate savings.
agreed
I agree as well and especially since you bought down the rate I would wait until they really drop.
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| Posted 9/8/08 11:07 PM |
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