Real estate / finance gurus: Is now the right time to refinance? I just ran my numbers with Country
02-20-2009, 11:45 AM
#1
AudiWorld Super User
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Real estate / finance gurus: Is now the right time to refinance? I just ran my numbers with Country
wide and I'd save a good amount per month, and it would take me 1 year 8 months to recoup all the refi closing costs (I don't intend to sell in that time), after which I would be reaping savings for the remainder of my 15-year fixed.
So I guess my only question is, are rates going to go lower? (If there are other questions I'm overlooking, please chime in.)
TIA.
So I guess my only question is, are rates going to go lower? (If there are other questions I'm overlooking, please chime in.)
TIA.
02-20-2009, 12:03 PM
#2
Will your appraisal be sufficient? You never know in this market.
If so, it sounds like the time to do it (especially if you're on an ARM now). I have a hard time seeing rates drop.
02-20-2009, 12:15 PM
#3
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The prime rate is about as low as it will ever be. Just make sure your lender is solvent...
who knows what's going to happen to the lending markets with our new Bolshevik overlords at the controls.
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02-20-2009, 12:28 PM
#9
You can expect a bank to finance up to a percentage of the value. So even if you're "above water"..
... you could end up with too little equity to refinance the whole balance.
Banks used to finance 90% of value, but it wouldn't surprise me if they were at 70% at this point. They're nervous as hell, and for good reason.
Banks used to finance 90% of value, but it wouldn't surprise me if they were at 70% at this point. They're nervous as hell, and for good reason.
02-20-2009, 12:30 PM
#10
AudiWorld Super User
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Haven't been paying attn. But even if BoA goes belly up, I'm still obligated to pay on the same term
s, no more and no less, right? It's just a new "overlord."