Mortgage question - Page 2

151949 · ‎03-09-2010

@Carmie Banks don't refinance for free - there is ALWAYS a cost.

novamc1 · ‎07-02-2015

about your statement...

<< If rates drop, you can refinance usually with no additional fees.>>

This isn't something that can easily be predicted as a certainty. I wouldn't bank on it.

My very first real estate instructor portrayed himself as having special knowledge of banking and how it works. Will never forget his blanket statement that "interest rates will never go up to 9 percent, because the public wouldn't tolerate them that high."

The rest is history.

He should have seen the interest rate and closing costs that DH and I signed up for on our first home.

Carmie · ‎10-25-2010

@novamc1 wrote:
@Carmie

about your statement...
<< If rates drop, you can refinance usually with no additional fees.>>

This isn't something that can easily be predicted as a certainty. I wouldn't bank on it.

My very first real estate instructor portrayed himself as having special knowledge of banking and how it works. Will never forget his blanket statement that "interest rates will never go up to 9 percent, because the public wouldn't tolerate them that high."

The rest is history.

He should have seen the interest rate that DH and I signed up for on our first home.

I agree. My first home had an interest rate of 11.75% and it was the lowest we could find at the time. I remember when paying points was quite common too.

Interest rates fluctuate all of the time. As you know, they are now going upward. It seems they are a quarter percentage higher every few months. I don’t think it is a great time to procrastinate if you are looking for a mortgage.

The Federal Reserve Board has said they will increase the interest rates a few times this years...so it’s a given that theynprobably will.

I personally would find the lowest rate today and lock in. They are unlikely to be going down in the near future. The lowest I have seen is 4.5% for 30 years fixed.

True if they go down, you can refinance. If they go up, you will be happy to have the lower fixed rate.

Time to lock in ARM loans too if you have one and can.