Refinancing!

[Olaf]

Just a heads up. We're looking at refinancing our home and I just got off the phone with our loan officer. The 30 year fixed rate, is currently 5 3/4 with no points! It's hard to imagine it going much lower. Incredible!

If you were thinking about doing it, now's the time.

 

[elgerber]

This is true, these are great rates! I am a loan processor, and we never charge points, and we have done many loans at 5.75 and 5.875. We keep thinking they must go up soon, but so far they haven't. They could at any time though. The downside to this, of course, is the fact that my IRA is in horrible condition LOL.

Erika

 

[cinlee3]

We have 10 yrs left on a 15 yr loan at 6.5%. I am wondering if it would make sense for us to refinance if we could get below 5.5%??

 

[elgerber]

We have been getting as low as 5.125 on 15 years lately. There are several factors that figure in, to decide if it's right for you. You could possibly even get great rate on a 10 year, and not have to extend your term. My advice would be to contact a reputable loan officer near you, and see what they have to say.

Erika

 

[cinlee3]

I would love to get a 10 year. I didn't even know we could do that. Guess I will start looking into it since we don't plan on moving in the near future.

 

[olena]

We're in the process right now. 5.75% was too good to pass up.

 

[mum4jenn]

We are also in the process right now. We have only been in the house for two years but we can get a 5.5% and our current in 7.25%.

 

[one_cat]

I noticed this morning that ditech was advertising at 5.375%. The economy doesn't appear to be getting any better. Though I have no way of knowing, I am betting they are going to go lower, maybe to 5%.