Comments on: Are You Considering a Refinance?

By: moonimus

moonimus — Mon, 31 Mar 2008 18:06:40 +0000

I’m looking to refinance but certain things about our apartment building have triggered us to be a non-conforming loan even if we’re way below the $417k. Otherwise, I would have refinanced our 10 year ARM of 6.375% to a 5.625% 30 year fixed.

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Mon, 31 Mar 2008 12:55:13 +0000

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By: Friday Finance Findings For March 28th : Generation X Finance

Friday Finance Findings For March 28th : Generation X Finance — Fri, 28 Mar 2008 16:21:41 +0000

[...] Are You Considering a Refinance? – A lot of people have been discussing refinancing lately, and in many cases it could be a wise decision. Here are some things you may want to consider before taking the plunge. [...]

By: Madison

Madison — Thu, 27 Mar 2008 11:12:02 +0000

@ Investing & Passive Income: Yes, I should have clarified that refinancing to a shorter mortgage often results in a lower interest rate. Without that benefit, you could as you pointed out, just make additional payments.

By: Investing & Passive Income

Investing & Passive Income — Wed, 26 Mar 2008 16:13:47 +0000

you can pay off any loan earlier or make more the required monthly payments. no need to refinance just to do that!

By: WealthBoy

WealthBoy — Wed, 26 Mar 2008 11:47:12 +0000

I’m in a similar situation, with my 5-year interest-only mortgage at @6.625%. I recently paid the mortgage down by around $30k, in preparation for the refinance. This way I would have plenty of equity, considering the problems with the Florida real estate market. I was fortunate that I left South Florida when I did to make the move to Jacksonville, because things are even worse down there than they are here.

I know a lot of folks say you are better off investing extra money rather than putting it in your house, but I had little confidence in my ability to earn over 6.625% anywhere (in the relatively short term) and was feeling bearish as well. In retrospect, with the way the markets have been acting, I think it was a relatively good move. I think there’s still a good chance we’ll dip into a recession, and the markets aren’t going to like it. This year will definitely be a good year to refinance into a fixed rate.

By: Madison

Madison — Wed, 26 Mar 2008 10:26:54 +0000

@ Four Pillars: Our costs would probably be between $500 and $1,000 for closing costs. It isn’t really based on the size of the mortgage where I live, but rather fixed costs for an appraisal, credit report, title insurance, etc.

By: Ron@TheWisdomJournal

Ron@TheWisdomJournal — Tue, 25 Mar 2008 03:03:36 +0000

I’m at 5% for 3 more years, THEN I’ll be looking around! The way I figure it, I should be completely debt free (excluding the mortgage) and I should be able to get some primo rates….I hope.

By: Four Pillars

Four Pillars — Mon, 24 Mar 2008 13:13:09 +0000

What kind of costs are involved in a refi? ie how much $$ per $100k of mortgage?