Have you refinanced your mortgage yet?
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  1. #1
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    Have you refinanced your mortgage yet?

    I'll have to admit, when I refinanced our mortgage back in Dec 2008 at 5%, I figured I'd never see a lower interest rate while we owned our current house...or maybe in my lifetime. Because of that, I really didn't pay any attention to current rates.

    Well, something got me thinking about this a month ago, so I figured I'd at least see what rates were doing. Boy, I'm glad I did. I knew they were lower, I just didn't realize how much.

    If you haven't looked at rates lately, I recommend you do so. We'll be dropping down from 5% for a 30 yr, to a 3.125% for a 15yr. (note: staying with a 30yr, could have still gotten an int rate just below 4%). Never thought I'd see the day.

    Note: I'm not in the biz, so I'm not pushing any bank. I just simply refinanced with the mortgage company that holds our current note.


    Last edited by capitalcityguy; 03-20-2012 at 05:56 PM.
    CCG

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    Re: Have you refinanced your mortgage yet?

    My fiancee and I are buying a house right now. I think the interest rate will be around 3.875%



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    Re: Have you refinanced your mortgage yet?

    My fiancé and I just purchased a house. Locked in at 3.75% for 30 yr



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    Re: Have you refinanced your mortgage yet?

    We went from 30 year 5% to 15 year 4% last year....already have paid 1/4 of our house down in 3 years.


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    Re: Have you refinanced your mortgage yet?

    Probably couldn't if I tried. Underwater.



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    Re: Have you refinanced your mortgage yet?

    Any thoughts on how long rates will be this low? I'm going to be buying/upgrading soon.



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    Re: Have you refinanced your mortgage yet?

    Quote Originally Posted by 2ndCyCE View Post
    Probably couldn't if I tried. Underwater.
    I hear ya. I guess that is what I get for buying within a year of the crash.


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    Re: Have you refinanced your mortgage yet?

    Quote Originally Posted by 2ndCyCE View Post
    Probably couldn't if I tried. Underwater.

    i work for wells fargo as a mortgage consultant....who is your investor? There are a lot of options out there with the HARP 2.0 Program and the new AG settlement. Also who is your bank?



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    Re: Have you refinanced your mortgage yet?

    Quote Originally Posted by Cydkar View Post
    Any thoughts on how long rates will be this low? I'm going to be buying/upgrading soon.

    Rates are pretty much gauranteed to stay in this vacinity until end of 2014 according to the Fed info that we are getting



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    Re: Have you refinanced your mortgage yet?

    Quote Originally Posted by Cydkar View Post
    Any thoughts on how long rates will be this low? I'm going to be buying/upgrading soon.
    Bernanke has stated publicly that they will keep short term rates near zero through 2014, though there are many other factors.

    But the fact is, housing still stinks, so until it shows some signs of life, I wouldn't expect much upward movement.

    Considering the Fed now backstops 85%+ of all mortgages written in the US, they will want to see a housing recovery before rates go up.



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    Re: Have you refinanced your mortgage yet?

    Quote Originally Posted by 2ndCyCE View Post
    Probably couldn't if I tried. Underwater.

    Home Affordable Refinance Program (HARP)



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    Re: Have you refinanced your mortgage yet?

    Quote Originally Posted by DurangoCy View Post
    Freddie Mac or Fannie Mae mortgages only.


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    Re: Have you refinanced your mortgage yet?

    Quote Originally Posted by VeloClone View Post
    Freddie Mac or Fannie Mae mortgages only.
    That info is in the link.



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    Re: Have you refinanced your mortgage yet?

    Quote Originally Posted by DurangoCy View Post
    That info is in the link.
    Yes, I just didn't want to many desperate readers to get their hopes up.


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    Re: Have you refinanced your mortgage yet?

    Quote Originally Posted by acgclone View Post
    Bernanke has stated publicly that they will keep short term rates near zero through 2014, though there are many other factors.

    But the fact is, housing still stinks, so until it shows some signs of life, I wouldn't expect much upward movement.

    Considering the Fed now backstops 85%+ of all mortgages written in the US, they will want to see a housing recovery before rates go up.
    After everyone gets their 4% mortgage, how many people would then get a 7% mortgage to get a different house in 2015. Exactly. Times are golden now, but everyone will have too good of a mortgage to justify another move...


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