Refinance now if you can......

[chappy]

I refinanced my home today. 30 year fixed, interest rate went from 6.25% to 4.875%. No out of pocket expense. No points. Basically, my mortgage payment went down $150.00/month, for doing nothing more than signing a piece of paper. My broker told me the rates could go down more next week, but I didn't have the stones to say no to 4.875. Good luck.

[fasttrucker]

I refinanced my home today. 30 year fixed, interest rate went from 6.25% to 4.875%. No out of pocket expense. No points. Basically, my mortgage payment went down $150.00/month, for doing nothing more than signing a piece of paper. My broker told me the rates could go down more next week, but I didn't have the stones to say no to 4.875. Good luck.Iam waiting till jan. to refinance my condo.Wish me luck:crossfing:

[Ranman]

Would be ideal. To bad the house I have $425K wrapped up in is estimated at $290K. Oh and since I owe in the low $300K's they yanked my HELOC as of December 15th. Zero equity. zero safety cushion. Zero ability to provide 20% to refinance. Now I'm walking on a tight rope with a stiff wind and no net below.

[gcarter]

Just did mine last month. My house value is down about $100K, but I needed liquidity.
My 14 year old mortgage payment was only $300/month less than the new one which is $80K more than the original. I was happy.
We'll get out of this and I'll still pay it off in 10 years or so.

[McGary911]

Unfortunately, I just bought my house, and don't have the equity that a bank wants to see in order to refinance. I'm going to watch the numbers, and see if I can swing something through my company though.

[Tony]

My home's been paid off for 5 years, but I'm thinking about buying another one on the cheap...and setting up my daughter in it with some kind of "rent to own" agreement.


:beer:

[Ghost]

My home's been paid off for 5 years, but I'm thinking about buying another one on the cheap...and setting up my daughter in it with some kind of "rent to own" agreement.

What do I know, but from my perspective, your timing on this could be impeccable. Obviously anything is a roll of the dice to some extent, but we know that home prices have dropped a lot already. Interest rates may be about as good as you ever could ask for.

I'm paranoid but I think a goal of the bank bailouts may be to get real-estate prices to keep from dropping, and whether they openly intend it or not, they're going to get there by dropping the dollar to meet the prices the houses have already sold for. (Then all the banks won't be upside down in their outstanding loan portfolios, and the books will look a lot better.)

So, it feels to me like there may be a window where the interest rates and values are down, but the inevitable devaluation of the dollar hasn't kicked in yet. Plus I gotta think that if the economy gets much worse, interest rates could shoot way up, as we saw in late 70s...no one will lend his own scratch if he really thinks he won't get it paid back. That could, I suppose, try to push home prices down further.