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VickiC
Rocking the party
Member since 5/05 4937 total posts
Name:
Vicki
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Watching the rates drop!
BFCU is sitting at 4.875% right now. . . oh the savings we will have when we refinance. We might wait a little longer to see if they go any lower, but I'm doing a happy dance!
Message edited 12/16/2008 8:35:38 AM.
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Posted 12/16/08 8:35 AM  |
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MeeshMosh
last month on leave!
Member since 6/08 4551 total posts
Name:
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Re: Watching the rates drop!
haha thats great for you Vicki!!! i'll do a happy dance for you guys
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| Posted 12/16/08 9:08 AM |
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luckysmom
Yes it is! Going as planned:)
Member since 6/07 5339 total posts
Name:
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Re: Watching the rates drop!
Oh THis is great. DH And i will lock in at such an awesome rate. am so excited
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| Posted 12/16/08 9:30 AM |
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Megs4
LIF Adult
Member since 11/08 1619 total posts
Name:
Megan
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Re: Watching the rates drop!
This is the silver lining to all the drama I have been through trying to buy our house - the rates have kept going down, so by the time we actually are ready to close again, we should be able to lock (or relock) at a much lower rate than where we started!
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| Posted 12/16/08 9:36 AM |
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spanishitalian
LIF Infant
Member since 2/08 132 total posts
Name:
TONI-ANN
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Re: Watching the rates drop!
THATS GREAT
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| Posted 12/16/08 9:46 AM |
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Pumpkin1
LIF Adult
Member since 12/05 3715 total posts
Name:
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Re: Watching the rates drop!
I have a question for those who bought recently. Do you think you'll be able to refinance with the drop in home values? I'd love to but I am concerned that I won't be able to.
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| Posted 12/16/08 9:47 AM |
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TreAnt427
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Member since 8/06 8652 total posts
Name:
Tracy
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Re: Watching the rates drop!
I noticed on my banks website that they have been 4.75 for the last few days.
We are probably going to refi soon too!!
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| Posted 12/16/08 9:48 AM |
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k-diggity
stay classy.......
Member since 6/08 1332 total posts
Name:
: )
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Re: Watching the rates drop!
Is there one website you can go to see the rates for all banks? or do you have to go to each bank's website?
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| Posted 12/16/08 10:31 AM |
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VickiC
Rocking the party
Member since 5/05 4937 total posts
Name:
Vicki
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Re: Watching the rates drop!
Posted by Pumpkin1
I have a question for those who bought recently. Do you think you'll be able to refinance with the drop in home values? I'd love to but I am concerned that I won't be able to.
For us, it shouldn't be a problem. The County is still assessing our home for more than it's worth for the 2009 - 2010 tax roll and that is what the bank is going by. If we waited for the 2010-2011 roll, then we might have a problem.
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| Posted 12/16/08 10:55 AM |
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VickiC
Rocking the party
Member since 5/05 4937 total posts
Name:
Vicki
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Re: Watching the rates drop!
Posted by k-diggity
Is there one website you can go to see the rates for all banks? or do you have to go to each bank's website?
you can try bankrate.com.
I've just been going to my bank's website that I have my mortgage with since we will refi through them. If you remain with the same lending institution you don't have to pay the NYS mortgage recording tax again.
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| Posted 12/16/08 10:56 AM |
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Pumpkin1
LIF Adult
Member since 12/05 3715 total posts
Name:
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Re: Watching the rates drop!
Posted by VickiC
For us, it shouldn't be a problem. The County is still assessing our home for more than it's worth for the 2009 - 2010 tax roll and that is what the bank is going by. If we waited for the 2010-2011 roll, then we might have a problem.
Do all banks do this?
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| Posted 12/16/08 11:19 AM |
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k-diggity
stay classy.......
Member since 6/08 1332 total posts
Name:
: )
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Re: Watching the rates drop!
Posted by VickiC
Posted by k-diggity
Is there one website you can go to see the rates for all banks? or do you have to go to each bank's website?
you can try bankrate.com.
I've just been going to my bank's website that I have my mortgage with since we will refi through them. If you remain with the same lending institution you don't have to pay the NYS mortgage recording tax again.
thanks for the info!
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| Posted 12/16/08 11:45 AM |
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VickiC
Rocking the party
Member since 5/05 4937 total posts
Name:
Vicki
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Re: Watching the rates drop!
Posted by Pumpkin1
Posted by VickiC
For us, it shouldn't be a problem. The County is still assessing our home for more than it's worth for the 2009 - 2010 tax roll and that is what the bank is going by. If we waited for the 2010-2011 roll, then we might have a problem.
Do all banks do this?
I don't know. All I know is they asked us how much the house is worth and we told them what the County was assessing it for.
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| Posted 12/16/08 12:41 PM |
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Dani00518
Gorgeous
Member since 5/05 2730 total posts
Name:
Danielle
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Re: Watching the rates drop!
Everytime I look for refinance rates they are in the high 5's......What does BFCU stand for?
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| Posted 12/16/08 1:47 PM |
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Teri
my girls!
Member since 2/06 1491 total posts
Name:
Teri
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Re: Watching the rates drop!
WOW! Good to know Vicki, thanks! I'm a member of BFCU but we don't do our typical banking there anymore.
We're anxiously awaiting to refinance too - we're ALMOST ready
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| Posted 12/16/08 3:03 PM |
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-Lisa-
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Member since 5/05 6530 total posts
Name:
Lisa
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Re: Watching the rates drop!
Posted by Dani00518
Everytime I look for refinance rates they are in the high 5's......What does BFCU stand for?
Bethpage Federal Credit Union
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| Posted 12/16/08 4:11 PM |
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-Lisa-
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Member since 5/05 6530 total posts
Name:
Lisa
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Re: Watching the rates drop!
Posted by VickiC
Posted by Pumpkin1
Posted by VickiC
For us, it shouldn't be a problem. The County is still assessing our home for more than it's worth for the 2009 - 2010 tax roll and that is what the bank is going by. If we waited for the 2010-2011 roll, then we might have a problem.
Do all banks do this?
I don't know. All I know is they asked us how much the house is worth and we told them what the County was assessing it for.
Are you sure they won't be doing an appraisal? It would be VERY unusual for a bank to use the county assessment value for a refi. The loan officer may be using that figure as an estimate for the loan numbers, but an appraisal may still be required. I would double check that, especially if you can't get the loan with your home's true market value.
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| Posted 12/16/08 4:14 PM |
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VickiC
Rocking the party
Member since 5/05 4937 total posts
Name:
Vicki
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Re: Watching the rates drop!
Posted by -Lisa-
Posted by VickiC
Posted by Pumpkin1
Posted by VickiC
For us, it shouldn't be a problem. The County is still assessing our home for more than it's worth for the 2009 - 2010 tax roll and that is what the bank is going by. If we waited for the 2010-2011 roll, then we might have a problem.
Do all banks do this?
I don't know. All I know is they asked us how much the house is worth and we told them what the County was assessing it for.
Are you sure they won't be doing an appraisal? It would be VERY unusual for a bank to use the county assessment value for a refi. The loan officer may be using that figure as an estimate for the loan numbers, but an appraisal may still be required. I would double check that, especially if you can't get the loan with your home's true market value.
Again, I'm not sure. We closed on our home only a little over a year ago so we have a "current" appraisal. The current appraisal and the County appraisal are close so I'm not too worried.
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| Posted 12/17/08 8:25 AM |
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cindy104
This is my "Baby"
Member since 6/08 1522 total posts
Name:
Cindy
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Re: Watching the rates drop!
DH and I just locked in at 4.5% today!
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| Posted 12/17/08 2:55 PM |
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MrsO
Big Brothers to Be
Member since 1/07 4521 total posts
Name:
Maureen
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Re: Watching the rates drop!
Posted by cindy104
DH and I just locked in at 4.5% today!
Awesome - which bank?
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| Posted 12/18/08 11:30 PM |
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