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Interest rates at all-time low

Interest rates at all-time low

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  • Dopey406 Dopey406's Avatar 01-09-09 | 11:55 AM
  • With mortgage rates hitting a new low, will you be refinancing? We have contacted the person we used to refinance our last home so were hoping to see her next week about a refi.

    We hope to refi into a 15-year loan. It was always our plan to do that once we sold the other house last year but the rates were never favorable enough to make it worth it. But with the new rates, we might be able to sqeak by into the 15-year, especially if we can remove the $1400/year flood insurance we have to pay.
     


    So are you planning anything now that the rates are so low?


     

     

    Last edited by Dopey406; 01-09-09 at 11:57 AM..
  • tarziesgirl tarziesgirl's Avatar 01-09-09 | 12:30 PM
  • Well, once I get through the rest of this PG we might think about something. The only thing is we used assistance from our county for down payment and got a really good rate when we bought our house. So, rates haven't been low enough for us to consider a refi. Maybe we'll check again because we don't have to repay the county unless we refi and pull out equity.
  • MrsS1stbaby MrsS1stbaby's Avatar 01-09-09 | 12:57 PM
  • hhmmm, it may be something to talk to a loan officer about. We need to do that to get money to make improvements, however I think we may need to get a loan to do the improvements first, then refi and pay back the loan. Not sure what our house would be worth now. When we refinanced last time, we were eligible for cash out but we didn't want to make the higher payment, so we didn't do it.
  • teddybear1082 teddybear1082's Avatar 01-09-09 | 03:23 PM
  • Our home value went way down so our debt/value ratio is too low to refi. (We also have a small 2nd mortgage out until I go back to work). Plus, we actually bought our home when the rates were fairly low-a refi to 15 yr would be too expensive per month and we have already paid for 5 years so a new 30 yr loan makes no sense at all!
  • Dopey406 Dopey406's Avatar 01-09-09 | 03:45 PM
  • Andy just called and said that the refi lady called him back. He locked in our new rate at 4.5% for a 15-year loan. Because we're currently at 6.75%, our payment will only go up about $180/month.
     


    If we can figure out a way to get FEMA to remove the flood insurance (that was never required on this property before Hurricane Katrina when they rezoned the whole country), our payment will be lower than it is now!
     

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