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bthahir · Joined: 05 Sep 2007 Posts: 36 13.34 Dollars($)

as the rates are down, is it right time to refinance?

ckalvesmaki · Posted: Thu Jan 24, 2008 6:57 am Post subject:

What is your current rate? What do you owe on the house? How much is the house worth? And how long are you planning on being in the house? There are a lot of variables other than just rate.

banker0679 · Posted: Thu Jan 24, 2008 12:37 pm Post subject:

there are a lot of questions to be answered before considering refinancing...

Posted: Thu Jan 24, 2008 1:09 pm Post subject:

Hope you're not talking yesterday morning rates. That was three rate changes ago -- one late yesterday and two today for most wholesale outlets

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.12 Dollars($)

Rates went down substantially on Tuesday but yesterday afternoon they went back up. Rates are still down from a month ago. A 30 year fixed rate mortgage with zero points as of today is right around 5.75% which is still very good by historical standards. Just last month they were in the 6's where they had remained for some time. So yes, rates are down. If you have a fixed rate over 6.50%, PMI, or an adjustable rate then yes, I think you would most likely benefit from a refinance. Of course it is difficult to confirm that until more information is provided.

Guest

Right now I am into 30 year fixed rate (8.5%) and My score is around 730,
my outstanding loan amount is $156117 and my home worths around $300000. I need to refinance(debt consolidation) it for $200000.Will I be able to get a mortgage with better rates if I go for a full doc?

bthahir · Joined: 05 Sep 2007 Posts: 36 13.34 Dollars($)

Right now I am into 30 year fixed rate (8.5%) and My score is around 730,
my outstanding loan amount is $156117 and my home worths around $300000. I need to refinance(debt consolidation) it for $200000.Will I be able to get a mortgage with better rates if I go for a full doc?

gmakerley · Posted: Fri Jan 25, 2008 9:44 am Post subject:

a fully-documented loan will always get you the best rates.

i suggest you look at fha products as well as conforming products. pricing is often better with them.

you ought to have no difficulty in refinancing.

what a luxury it would be to have customers like you walking in the door asking for loans on a regular basis!

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.12 Dollars($)

Hi HarryT,

You CAN get the same rate with a stated income loan as you would with a full income verification loan since your credit score high enough for this. A stated income loan does not require you to document your income. A 30 year fixed rate as of Friday was at 5.50% with no points so you will see a huge savings in payments. I wouldn't be surprised if you could consolidate your bills and your payment still be lower than what you are paying on your current mortgage.

gmakerley · Posted: Mon Jan 28, 2008 7:44 am Post subject:

lisa, i thought we were going to discontinue quoting rates such as "5 with no points."

most of our regulars didn't like that methodology; i would submit we ought to leave that alone.

evolovik26 · Posted: Tue Jan 29, 2008 7:55 am Post subject:

to the above poster it is definately worth a look into refinance for you if your mortgage rate is over 6.5%. Whether or not it whould benefit you is for you to decide since its a matter of opinion as to what benefits an individual.
Having a rate of 8.5 whould definately net some monthly savings if you bring it down to 5.5-6.5% range or perhaps you can reduce your mortgage term down to a 15yr saving as much as 200k in a long term interest payments.

greg1 · Posted: Tue Jan 29, 2008 8:56 pm Post subject:

Did you recover from a less than perfect credit situation? If so I applaud you on your new credit rating and the great news you may have already found out about how much money you are going to save.

Let us know how this goes for you.

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