I am editing this, now that I know a little bit more about the fed's lowering the rates and how that has nothing to do with interest rates for a home mortgage. I ran into this, and decided to update this topic: http://www.mortgagenewsdaily.com/2282008_Mortgage_Rates_Fed.asp
I think the best investment,with overall $$cha-ching is Real Estate. Now is the time to buy b/c the interest rates are still at a historic low. Make sure,however,you lock in when the goings good.
This message has been edited. Last edited by: Tonys_hag,
Could not agree more, just refinanced,locked in a fixed 4.8% 15 yr mortgage. I am very Happy! Haven't even tried to kick the dog lately since I did this.
Chapwood, I know about 15 yr mortgages (mine is 30), but I am wondering if you can refinance for odd year mortgages, say 20 or 22 year mortgages. I wonder if you would get the same 4.8%? If so, I will be heading down to refinance mine too!
I've been telling clients who own and plan to live in their house to refinance while they can....we'll all be reading about the refi wave a month from now and the demand will drive rates up.
Originally posted by Badge3157: Chapwood, I know about 15 yr mortgages (mine is 30), but I am wondering if you can refinance for odd year mortgages, say 20 or 22 year mortgages. I wonder if you would get the same 4.8%? If so, I will be heading down to refinance mine too!
You may get under 5% on a 20 year if you pay points. Could be expensive, but you would recoup your investment rather quickly. Besides the fees can be rolled back into the new loan. Also recommend only paying points if plan to "keep" the home for a long time. Good Luck!
Originally posted by Badge3157: Chapwood, I know about 15 yr mortgages (mine is 30), but I am wondering if you can refinance for odd year mortgages, say 20 or 22 year mortgages. I wonder if you would get the same 4.8%? If so, I will be heading down to refinance mine too!
Just a quick follow up. Closed on refinancing this passed monday. We are saving over $374,400 just in payments we will no longer need to make on the second half of previous mortgage. Those are real numbers. Saving money is a great thing! This doesnt include the savings we are going to enjoy on the new lower interest rate our new mortgage. Which comes out to $55,800. As Jed Clampett used to say, "Yeeeee doggggie"! As you can see, it PAYS to do this, especially if you are keeping the propery for awhile. Good luck out there on refinancing.
Chapwood............
This message has been edited. Last edited by: chapwood,
This doesnt include the savings we are going to enjoy on the new lower interest rate our new mortgage. Which comes out to $55,800. As Jed Clampett used to say, "Yeeeee doggggie"! As you can see, it PAYS to do this, especially if you are keeping the propery for awhile. Good luck out there on refinancing.
