warp9732000 asked:
I recently bought a condo (July 2008, 180K mortgage). I selected a 30 year fixed rate plan, and i got a 6.625% rate.
I recently bought a condo (July 2008, 180K mortgage). I selected a 30 year fixed rate plan, and i got a 6.625% rate.
Obviously things have changed significantly over the past few months economically. I’ve read that refinancing isn’t worth it unless you gain 2 percentage points in a rate and i don’t think that has occurred (yet), but I’m having trouble finding a true interest rate that lenders could be offering me at this time.
For reference, my credit score is pretty good (740) so that shouldn’t affect things too negatively. I’m sure there is more information that may be needed, if so just respond back and i will try to provide it for a more complete answer.
Thanks!
RAFAEL
CLIFF
You won’t save anywhere near enough in interest to make this worthwhile. Current rates are still above 6%, with no signs of heading substantially lower. Hang onto the mortgage you have.
Comment by acermill — January 16, 2009 @ 10:50 pm
NORMAND
You will have to pay fees if you refinance so your best bet is to see what kind of a rate you would qualify and then do the math. See how long it would take to make up (in savings on your mortgage) the amount it would cost to have the refinance done. Remember you will be paying loan origination fees, etc. which could be a few thousand dollars. You also have to make sure your property is still worth what you paid for it so that it would appraise.
Good luck!
Comment by RealEstateGirl — January 17, 2009 @ 6:11 am
JERRY
rates are by section and state as well but mid 5% is a good range today. If you have an FHA note then you must have at least 4 payments under your belt to even get done.
I am a mortgage banker in TN & KY
Comment by golferwhoworks — January 18, 2009 @ 10:41 pm
RICHARD
I would sit tight becauses at this time I doubt if you will get a better deal 29 years is a long time and when the time is right you may choose to refinance. Now is not the time when you have a really low rate
Comment by Steve L — January 21, 2009 @ 9:34 pm
LYNN
you have to look at the payment vs the cost and decide if it’s worth it for you. I have clients locked in right now around 5.375 -5.5% on 30 year fixed. What is your current payment? Let me know if you need more info or help.
Comment by Jay S — January 23, 2009 @ 2:24 pm