Comments on: Mortgage Refinance Rates Continue to Fall http://www.fivecentnickel.com/2009/01/13/mortgage-refinance-rates-continue-to-fall/ personal finance tips, tricks, and commentary Tue, 14 Feb 2012 00:06:17 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Rebecca http://www.fivecentnickel.com/2009/01/13/mortgage-refinance-rates-continue-to-fall/comment-page-1/#comment-132438 Rebecca Mon, 15 Jun 2009 17:21:12 +0000 http://www.fivecentnickel.com/?p=2580#comment-132438 My fiancee and I are patiently waiting for mortgage rates to drop before we lock in. We are closing on our first home on July 15th. About a month ago our banker could've offered us 5% on a FHA loan. Last week it was closer to 6%. Today he offered us a 30 day lock at 5.5%. Do we lock in now, or wait for rates to hopefully fall a bit closer to that 5% mark? Need advice!! My fiancee and I are patiently waiting for mortgage rates to drop before we lock in. We are closing on our first home on July 15th. About a month ago our banker could’ve offered us 5% on a FHA loan. Last week it was closer to 6%. Today he offered us a 30 day lock at 5.5%. Do we lock in now, or wait for rates to hopefully fall a bit closer to that 5% mark? Need advice!!

]]> By: The Passive Dad http://www.fivecentnickel.com/2009/01/13/mortgage-refinance-rates-continue-to-fall/comment-page-1/#comment-127708 The Passive Dad Thu, 15 Jan 2009 23:11:41 +0000 http://www.fivecentnickel.com/?p=2580#comment-127708 Our mortgage is currently at 5% for two more years and I'm thinking about a refi soon as these current rates are tempting. I live in California so a 15 year mortgage would add thousands to my monthly payment, not a few hundred. I think we'll go with the 30 year fixed and make a 13th payment when possible. Our mortgage is currently at 5% for two more years and I’m thinking about a refi soon as these current rates are tempting. I live in California so a 15 year mortgage would add thousands to my monthly payment, not a few hundred. I think we’ll go with the 30 year fixed and make a 13th payment when possible.

]]> By: Pete http://www.fivecentnickel.com/2009/01/13/mortgage-refinance-rates-continue-to-fall/comment-page-1/#comment-127680 Pete Wed, 14 Jan 2009 16:12:07 +0000 http://www.fivecentnickel.com/?p=2580#comment-127680 We're in the middle of refinancing from a 6.5% rate to a 5% rate on our 30 year fixed. The payback period to pay back the closing costs? 13 months. I'll take it! We'll be saving a ton of money in the long run, and we'll be here for at least another 3-4 years, if not longer. Now we're just crossing our fingers on the appraisal. Time to say a prayer! We’re in the middle of refinancing from a 6.5% rate to a 5% rate on our 30 year fixed. The payback period to pay back the closing costs? 13 months. I’ll take it!

We’ll be saving a ton of money in the long run, and we’ll be here for at least another 3-4 years, if not longer.

Now we’re just crossing our fingers on the appraisal. Time to say a prayer!

]]> By: nickel http://www.fivecentnickel.com/2009/01/13/mortgage-refinance-rates-continue-to-fall/comment-page-1/#comment-127673 nickel Wed, 14 Jan 2009 05:34:54 +0000 http://www.fivecentnickel.com/?p=2580#comment-127673 thomas: Are you sure you did your math right? That works out to closing costs of $9000. Seems awfully high. thomas: Are you sure you did your math right? That works out to closing costs of $9000. Seems awfully high.

]]> By: thomas http://www.fivecentnickel.com/2009/01/13/mortgage-refinance-rates-continue-to-fall/comment-page-1/#comment-127672 thomas Wed, 14 Jan 2009 05:25:09 +0000 http://www.fivecentnickel.com/?p=2580#comment-127672 I got a 30 year quote at 5%, but ended up only saving around $150 a month. With closing costs I'd have to stay in the house for 5 years to break even. Just not in line with my life plans. For those that can knock of years and keep the same payment or just slightly higher are in great shape. I got a 30 year quote at 5%, but ended up only saving around $150 a month. With closing costs I’d have to stay in the house for 5 years to break even. Just not in line with my life plans. For those that can knock of years and keep the same payment or just slightly higher are in great shape.

]]> By: Ben C http://www.fivecentnickel.com/2009/01/13/mortgage-refinance-rates-continue-to-fall/comment-page-1/#comment-127664 Ben C Tue, 13 Jan 2009 20:39:00 +0000 http://www.fivecentnickel.com/?p=2580#comment-127664 I just locked in 4.5% for 15 years at a local credit union. No points and closing costs were only $2,100. Gotta love the good ole Credit Union!! Although I'm going from 7% for 30 years to 4.5% for 15 years, my principle and interest payment only goes up $42. But I don't have to pay PMI and I'm knocking 7 years off the loan (I've been in the house 8 years). Not too shabby of a deal. They also had 10 years at 4.5%, which is exactly $300 more a month for me. We decided for more flexibility, but will probably end up paying the extra $300 to pay off the house even sooner. I just locked in 4.5% for 15 years at a local credit union. No points and closing costs were only $2,100. Gotta love the good ole Credit Union!! Although I’m going from 7% for 30 years to 4.5% for 15 years, my principle and interest payment only goes up $42. But I don’t have to pay PMI and I’m knocking 7 years off the loan (I’ve been in the house 8 years). Not too shabby of a deal. They also had 10 years at 4.5%, which is exactly $300 more a month for me. We decided for more flexibility, but will probably end up paying the extra $300 to pay off the house even sooner.

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