Mortgage rates

[HardnThick]

I want to refinance but don’t know when to do it. Have the rates taken a turn up? Likely to continue further up?

 

I know there are no crystal balls but some of you guys have well-educated and well-experienced guesses.

 

Thank you.

[Kevin Slater]

My understanding is that rates are near all-time lows, but that very few actually qualify for the rates advertised. Have you chatted with a mortgage broker yet?

 

Kevin Slater

[NYTomcat]

Ok yes they have turned a bit but most experts say not permanently. Though they do think we have well seen the bottom. They also believe holiday projections are bleaker than reality will prove to be and that by 2011 we will see the permanent rise. So start shopping rates now.

 

Yeah I'm a real estate attorney my biggest clients. Chase... boa.....Wells....key.... you get the idea

[Guest Zack]

Ok yes they have turned a bit but most experts say not permanently.

Yeah I'm a real estate attorney my biggest clients. Chase... boa.....Wells....key.... you get the idea

 

Actually, they have turned a WHOLE LOT in just the past 6 months esp for a 30 year fix. And if you refinanced just 4 months ago you'd like to slit your wrists right about now.

 

A bit?

 

I'm not sure what "idea" you're speaking of here - but I'm sure you'll chime in with your expertise.

[+ deej]

Actually, they have turned a WHOLE LOT in just the past 6 months esp for a 30 year fix. And if you refinanced just 4 months ago you'd like to slit your wrists right about now.

 

Not sure what you're talking about. A quick Google search (and following the daily news) tells me rates are just about where they were when I got a mortgage almost two years ago.

 

If I fiddle with variables like an absurdly high credit score and paying multiple points I can get it down under what I got on a 30yr fixed, but only by a half point or less.

 

Now is indeed a good time to refi for those in a higher interest loan typical of just a few years ago, which is in good standing, and who have good credit and otherwise qualify. I'd recommend hooking up with a reputable mortgage broker (not to be confused with realtor or banker) to work through all the variables.

 

The problem with waiting for the absolute bottom is that it will already be on the way up, which is the only way to know it hit bottom.

[nycguy]

I just somewhat recently refinanced my co-op at 4.5%. Rates might have ticked down somewhat since and rates for co-ops are always higher than condos/homes. You should have no problem refinancing with your current mortgage lender if your credit score is good and you have been paying your existing mortgage on time. You will incur fees most of which will be added to the amount financed. My advice is to not be tempted into refinancing for more years than you currently have left to pay but use the reduction in monthly costs to offset a shorter payback period - if you have 20 years left on your current mortgage, refinance over 15 years. Use the opportunity to increase your equity faster.

[Kevin Slater]

You should have no problem refinancing with your current mortgage lender if your credit score is good and you have been paying your existing mortgage on time.

 

As long as you're not self-employed or outside of their cookie cutter norm in some other way.

 

Kevin Slater

[+ glutes]

Product Interest Rate

Conforming 1and FHA Loans

30-Year Fixed 4.500% 4.686% APR from Wells Fargo

 

 

Whatever you do, don't touch a ARM!!!!!!!!!!!

[+ deej]

30-Year Fixed 4.500% 4.686% APR from Wells Fargo

 

4.5 is actually a little high, which just means WF isn't particularly anxious to lend right now. A few weeks from now, they may be more anxious to lend and will then lower their rate. Meanwhile, other banks are lower because they're positioned to lend right now. Once they've filled their coffers, their rates will go up until they're ready to go again. It's a constantly churning pool.

 

A good mortgage broker will keep track of them and know exactly who has the lowest rates on the day your rate should be locked.

[Guest greatness]

Please talk to several mortgage broker.. I hope it works out. Kisses and hugs..

 

I want to refinance but don’t know when to do it. Have the rates taken a turn up? Likely to continue further up?

 

I know there are no crystal balls but some of you guys have well-educated and well-experienced guesses.

 

Thank you.