Posted on 02/02/2012 11:59:04 AM PST by NormsRevenge
that 15 year is awful tempting (again)
not sure which is a better investment
gold or real estate?
Gold closed at
1,757.10
+10.00
+0.57%
When they drop the rate to 1% for a 10 yr fixed, I’ll bite.
Try refinancing when you own a small business. It’s almost impossible.
Maybe it is time to give up my 2.875% adjustable rate...
Hmm... I plan on becoming a first-time homeowner in the next few months. Looks like a good time (I hope).
depends how soon it leaps or your length of grace before increase, which is not likely to be much at the rate things are going..
The Fed may not touch a rate increase until 2014 at the earliest so an abundance of ‘cheap money’ will be available ,, for a price.
It pays to shop around and do the research.
For example, I have two separate mortgages with Wells Fargo on two different properties. You think they'd like to work with me on some refinancing? Not a chance. So I will have one place paid off in five years, after which they get nothing, rather than add another 25 years' worth of interest to their ledgers.
It's nutty.
The rate could be -100%; good luck securing a loan with a normal credit rating.
I’m in the process of getting my first home now, just got approved for the loan last week at 3.75% with no points (Virginia).
I’m moving to the same neighborhood as a friend who bought a short sale in Dec 2008. His house was a little cheaper and he had a bigger down payment than me, but my monthly payments are less because of how much farther the rates have dropped since then.
No, it's predictable. If you had the cash, would you offer to loan it as a mortgage at that rate? Especially with the C.R.A. still in effect that would force you to balance every "good" loan with a looser?
I wouldn't
What do you call a normal credit rating?
One of the lenders I've spoken with says 740 is the "new" normal.
We’re about to close on a re-fi from a 30 at 5.125% to a 15 at 3.125%. For a couple hundred more a month, we’re knocking years off the loan and getting rid of the balance on the HELOC (all spent on the house) to boot.
That sounds about right.
Experian reports the national average credit score is 692 (January 2011).
However in some States the average is lower, For example in Texas it is 670.
Understand that the Credit Rating isn’t a numerical representation signifying your likelihood of paying a loan off. It is a rating used to signify how likely a bank is to make money off loaning you money.
Frequently people who are very good at managing money have poor credit scores. For example did you know paying off your car or home loan in full will result in LOWERING of your score? Yep True.
We have no car loans. My truck is long paid-off and my wife’s car is a lease. We have no credit card debt—we have several cards but never use them—haven’t for a couple of years. We put everything on American Express and pay it off every month. Our credit scores range (between the two of us and the three reporting agencies) from 750 to 790.
sounds like a good deal. mortgage and lending institutions and title companies and their families have to eat too.. here’s to the closing. (Drink!)
I tried to refi - except my home value has dropped below the current loan amount and they would only finance what they thought the house was ‘worth’ and I’d have to pull the extra $$ out of my fourth point of contact to close out the loan.
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