refinancing

[carmen]

Anyone have some words of wisdom about refinancing? With a current interest rate of 6.625, are the rates coming down enough to justify? Appreciate your thoughts.

[elgordoboy]

Yeah..wear orange. Shelly is hiding in the brush drawing a bead on this post as we speak.:wave:

[carmen]

that's what I was hoping

[elgordoboy]

Ahh..the old "Honey Trap"......
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RUN SHELL!! IT'S A SETUP!

(I'm home early and bored..if you can't tell)

[InletBchDweller]

:floor:

[dunelover]

It depends on how long you are planning staying in your house. And usually they say, don't consider unless it is at least a point difference, or maybe you are moving from a 30yr fixed, to a 15yr fixed.

[elgordoboy]

Go to http://bankrate.com/ go to mortgage calculator and run the different scenarios.

[spinDrAtl]

Just looking at your rate is not enough information. What kind of loan are you in now? How long is left on it? What type of loan would you want if you refinance? Is it your primary residence, a 2nd home, or an investment? How long do you plan to keep the property? How much do you owe vs. the appraised value? What would your cost be to refi (closing costs)?

[elgordoboy]

i.e fill in the appropriate blanks in the calculator. Read a bit to make an educated guess about the rate..remember to breathe with your mouth closed etc..

[carmen]

Yes, have run the various calculators, and was just curious if others were using the opportunity of the current lowering of interest rates to refinance. Don't know how long I will live here; haven't decided if it is a primary or secondary residence, and am only financing about 15% of its tax assessed value. Just looking to save a few bucks to contribute to the local economy at Borago or Bud and Alleys.

[elgordoboy]

Yes, have run the various calculators, and was just curious if others were using the opportunity of the current lowering of interest rates to refinance. Don't know how long I will live here; haven't decided if it is a primary or secondary residence, and am only financing about 15% of its tax assessed value. Just looking to save a few bucks to contribute to the local economy at Borago or Bud and Alleys.
Smart to sweeten the pot this way. I figured it surely would've drawn Shelly out. Hmm ..post something about how a bottom is surely in and nothing but sunny skies ahead in real estate. That may be a bit obvious though at this point and the Shellybear is the most crafty and sly of creatures.

[YoungFT]

Mortgage Bankers Association reported that refinancing activity last week reached its highest level since April 2004. With the yield on the 10-year note heading south in the past month, the refi surge will likely continue. The rate on the average conforming mortgage is 5.57%. The historic low was 5.21%, seen in in June of 2003.