We just bought our house in October. With the interest rates falling, is it good to try to refinance now?

Apr 18, 2008 by SisterSue | Posted in Renting & Real Estate

Our APR is 6.75%. I keep getting letters in the mail every day about refinancing our house at no cost to us (no closing costs, etc.), and I am wondering if it would be worth it try.

A 1% decrease on $199K would be significant.

You won't find anyone who can reduce your rate 1% on a 30 year fixed with no closing costs. The required net yields are up almost 1/2 pt from what they were even last week. That means the rates available to consumers are up equally.

I saw

Dale H | Apr 18, 2008

oh yeah. I would. You could possibly get as low as 5.6.. You never know, and that would make a difference, even if it only lowers your payment a hundred think about how much interest you save! You would pay much more of your house off! Good luck!
BROOKE A | Apr 18, 2008

I need to refinance my house. Are rates going up or down??

Feb 17, 2008 by kasenj | Posted in Renting & Real Estate

I can see that rates have gone up a little. What are they suppose to do? Should I consider a 5/1 arm, whatever that is?

Rates are very low right now, but might come down a little. If you can afford a 30 year fixed, that's the best way to go. ARMs are SO risky.

Ms.MojoRisin | Feb 17, 2008

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Can You Refinance With Your Equity?

09.08.11

With mortgage rates once again near historic lows, you might be one of the many homeowners who would like to refinance their mortgage. The question is, do you have enough home equity to do it?

Your home equity is the #1 factor in determining whether or not you can refinance your mortgage. In the current market, lenders just aren't willing to offer you a new loan unless you have at least some equity in the property.

 

How much home equity is enough?

How much? Well, 20 percent is the standard required to get the best interest rates - anything less than that and you'll probably end up paying another one-eighth to one-quarter of a percentage point more in interest. You're still probably on good ground at 10 percent, though 5 percent may be a bit iffy, particularly if you're in a weak local housing market.

Source: NASDAQ

house refinance rates - Bookshelf


Everything Budgeting Book, Practical Advice for Spending Less, Increasing Savings, and Having More Money for the Things You Really Want
320 pages 		Everything Budgeting Book, Practical Advice for Spending Less, Increasing Savings, and Having More Money for the Things You Really Want

Creator: Tere Stouffer | Business & Economics - 2008-03-01
Refinancing Your House If interest rates are lower than they were when you bought your existing house, and if you plan to stay in your house for at least ...
Publisher: Adams Media Corp
Risk Frameworks and Applications - 2nd Edition Risk Frameworks and Applications - 2nd Edition

Creator: Jawwad Ahmed Farid |
Modelling this factor usually entails tracking how house prices appreciate for mortgages in the pool over time. Rate refinancing A borrower will avail rate ...
Home Buying for Dummies
408 pages 		Home Buying for Dummies

Creator: Eric Tyson, Ray Brown | Business & Economics - 2009-04-24
See Chapter 10 if you need a quick refresher on establishing property values. Refinance if Interest Rates Fall In Chapters 6 and 7, we explain how to select ...
Publisher: For Dummies

agoodlawyerin.com » Blog Archive » House Refinance Quote — Finding ...

by Ronald

Along with interest rates dropping, refinancing your house could be a very wise financial transfer. Although you liquefy a few of the collateral in your home, you may be able to decrease your monthly payment simultaneously. The money you’ll be able to get access to and also the cash it will save you every month could be spent thus making you much more cash. Obtaining a house refinance quotation may be the first step in determining...

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house refinance rates - News


Can You Refinance With Your Equity?
NASDAQ - Aug 09, 2011
In the current market, lenders just aren't willing to offer you a new loan unless you have at least some equity in the property. How much? Well, 20 percent is the standard required to get the best interest rates - anything less than that and you'll

Buying or selling? Mortgage rates low
WWLP 22News - Aug 10, 2011
Jeanne Gleason of Bourque Real Estate in West Springfield told 22News, that should keep rates steady and help homebuyers get a mortgage. Even before this announcement, it was a great time to refinance your mortgage or buy a house. The average rate on a

What Rock-Bottom Interest Rates Until 2013 Means for Consumers
Fox Business - Aug 10, 2011
Carter said if it makes sense for you to buy a car, consolidate student-loan debt, or refinance your mortgage, now is as good a time as any with these historic rates, but major spending decisions should be made based upon your current financial picture

Is it time to switch your home loan?
Moneycontrol.com - Aug 09, 2011
Is it time to switch your home loan? You do have the option to apply for a refinance with a new lender or even with your existing bank if they are open to shifting your loan to the new lower interest rate. To change the terms of your loan: Some clauses of your loan may not be acceptable

How to Think About Refinancing
The Atlantic - Aug 04, 2011
How to Think About Refinancing So let's look at one of the rare bright spots in this financial Twilight of the Gods: mortgage rates. They're really low. So low that my husband and I, who bought our house last October, have been seriously considering refinancing.

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