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andreat
LIF Infant
Member since 10/06 155 total posts
Name:
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Re: Thoughts on the Treasury's Proposal to cut Morgage Rates?
So does anyone know when we can expect to see the 4.5% rates?
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Posted 12/5/08 8:51 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
MrsFlatbread
Skinny jeans are in my future
Member since 6/06 10258 total posts
Name:
Baby Momma
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Re: Thoughts on the Treasury's Proposal to cut Morgage Rates?
Posted by JennasMom
Posted by SweetTooth
If the rates do go that low, we will seriously look into refinancing. That would make a huge difference in our payments.
Same here
diito for us and we have a fixed rate at 6.0% now...that would be awesome!!!!
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| Posted 12/6/08 1:42 PM |
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gforce
My other love!
Member since 5/08 1744 total posts
Name:
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Re: Thoughts on the Treasury's Proposal to cut Morgage Rates?
it would be greast, our interest rate is not high, but it will help people feel more confident buying in this market.
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| Posted 12/6/08 1:50 PM |
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luckyinlove
I love my baby girls!
Member since 12/06 2441 total posts
Name:
Lauren
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Re: Thoughts on the Treasury's Proposal to cut Morgage Rates?
Posted by MrsFlatbread
Posted by JennasMom
Posted by SweetTooth
If the rates do go that low, we will seriously look into refinancing. That would make a huge difference in our payments.
Same here
diito for us and we have a fixed rate at 6.0% now...that would be awesome!!!!
We are waiting for this too!
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| Posted 12/6/08 2:53 PM |
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MrsD06
LIF Toddler
Member since 9/07 478 total posts
Name:
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Re: Thoughts on the Treasury's Proposal to cut Morgage Rates?
Posted by GoldenRod
I don't see it making a huge difference. I just ran some quick numbers.
It's been around 6% for a while now.
At 6%, with a $250,000 30 year mortgage, the payments are roughly $1500/month. At 4.5%, the same mortgage is roughly $1,250.
A $250/month saving is great, but most people can't either get approved, or even afford the $1250 payment. If people lost their job, or fear about losing their job, they still can't get a mortgage.
I think it could make a difference in places like Long Island where people often have mortgages in amounts much higher than $250,000. Even $250/month could push some people over the edge that are on the border of being able to afford a home, IMO, if they think this market might be their only opportunity to buy a home
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| Posted 12/6/08 7:13 PM |
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suvenR
designer mutt
Member since 5/05 4239 total posts
Name:
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Re: Thoughts on the Treasury's Proposal to cut Morgage Rates?
I'd love it. ReFI, here I come. 4.5 would save me approx $150 per month from what we're paying now!
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| Posted 12/7/08 12:05 PM |
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banda61007
LIF Infant
Member since 7/07 296 total posts
Name:
Bonnie
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Re: Thoughts on the Treasury's Proposal to cut Morgage Rates?
how are you determining how much you will save? I am tryign to figure out what the effect would be for us. Thanks!
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| Posted 12/8/08 10:36 AM |
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browneyedgirl
family is all that matters
Member since 6/06 6513 total posts
Name:
browneyes
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Re: Thoughts on the Treasury's Proposal to cut Morgage Rates?
Posted by luckyinlove
Posted by MrsFlatbread
Posted by JennasMom
Posted by SweetTooth
If the rates do go that low, we will seriously look into refinancing. That would make a huge difference in our payments.
Same here
diito for us and we have a fixed rate at 6.0% now...that would be awesome!!!!
We are waiting for this too!
i heard the 4.5% rate will only be for new purchases, not refinances. not 100% sure about that, but i heard it on tv the other day
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| Posted 12/8/08 10:40 AM |
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VickiC
Rocking the party
Member since 5/05 4937 total posts
Name:
Vicki
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Re: Thoughts on the Treasury's Proposal to cut Morgage Rates?
Posted by banda61007
how are you determining how much you will save? I am tryign to figure out what the effect would be for us. Thanks!
I just go to the bank's website, put on their calculator how much of a mortgage I would need and roll in the closing costs. (I'm estimating the closing costs at $6,000). I added our taxes into the final payment and then subtracted from what we pay now. We'd save around $200 a month.
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| Posted 12/8/08 1:06 PM |
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