LIFamilies.com - Long Island, NY


RSS
Articles Business Directory Blog Real Estate Community Forum Shop My Family Contests

Log In Chat Index Search Rules Lingo Create Account

Quick navigation:   

WWYD- home equity loan or wait for refi rates to improve?

Posted By Message

HelenZ
So worth the wait :)

Member since 10/07

2862 total posts

Name:
Helen

WWYD- home equity loan or wait for refi rates to improve?

So I’ve been watching the rates since we missed the boat on awesome refi rates back in October. We have a lock on a 3.99% home equity loan (10 yr fixed rate), but I noticed when I checked the lender’s site today that their refi rates came down a full percentage point from when I was shopping around a month ago (they now have 4.75% 30 yr fixed no points).

We refinanced 2 years ago and have a fixed rate of 4.25% so I’d only consider refinancing if the rates dip to 4% or less again…..anyone have any opinions on where they think rates will go? should I just stick with the 3.99% equity loan and be done with it?

By the way the lender we’re using if anyone is interested is Pentagon Federal, PenFed.org, they’re great!

Message edited 2/2/2011 1:58:33 PM.

Posted 2/2/11 11:53 AM
 
Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource
  |   Long Island Weddings

VickiC
Rocking the party

Member since 5/05

4937 total posts

Name:
Vicki

Re: WWYD- home equity loan or wait for refi rates to improve?

The rates won't be going down again IMO. They are predicted to stay the same or go up before the end of the year.

Posted 2/2/11 3:48 PM
 

ave1024
I Took The Wrong Road

Member since 12/07

6153 total posts

Name:
That Led To The Wrong Tendencies

Re: WWYD- home equity loan or wait for refi rates to improve?

Posted by VickiC

The rates won't be going down again IMO. They are predicted to stay the same or go up before the end of the year.




I agree.

And hme equity rates are as low as they are going to get because those are based on the prime rate and the prime rate I don't think can even go any lower than it already is.

Posted 2/2/11 6:33 PM
 

HelenZ
So worth the wait :)

Member since 10/07

2862 total posts

Name:
Helen

Re: WWYD- home equity loan or wait for refi rates to improve?

Posted by ave1024

Posted by VickiC

The rates won't be going down again IMO. They are predicted to stay the same or go up before the end of the year.




I agree.

And hme equity rates are as low as they are going to get because those are based on the prime rate and the prime rate I don't think can even go any lower than it already is.



thanks! I'm just bummed I missed out on a 3.75% 30 yr fixed refi rate w/ Pentagon Federal (that was in October)....the home equity loan would've paid for itself had I refinanced and took the extra cash then! oh well, if it's not going to get any better than a 4.75% refi rate that they have now it's better to act on the 3.99% rate and move on....thanks for your opinions!! Chat Icon

Posted 2/2/11 6:37 PM
 
 

Potentially Related Topics:

Topic Posted By Started Replies Forum
Can you refinance and pull out $$ AND take out a home equity loan?? Rycois 5/11/09 1 Home
How long do you need to be in a house to refinance/get a home equity loan? btrflygrl 10/13/06 22 Home
What is the difference between a Home Equity Loan and a Home Equity line of credit? BigB 4/27/07 2 Home
Has anyone ever done a Home Equity Loan? CaseyGirl 6/13/06 9 Home
HELOC vs Home Equity Loan BabyAvocado 5/9/06 9 Home
PMI/Home Equity Loan? nrthshgrl 4/10/06 9 Home
 
Quick navigation:   
Currently 999745 users on the LIFamilies.com Chat
New Businesses
1 More Rep
Carleton Hall of East Islip
J&A Building Services
LaraMae Health Coaching
Sonic Wellness
Julbaby Photography LLC
Ideal Uniforms
Teresa Geraghty Photography
Camelot Dream Homes
Long Island Wedding Boutique
MB Febus- Rodan & Fields
Camp Harbor
Market America-Shop.com
ACM Basement Waterproofing
Travel Tom

      Follow LIWeddings on Facebook

      Follow LIFamilies on Twitter
Long Island Bridal Shows