Replies to post #109589 on Zeev's Turnips Patch-No Politics (ZEEV)

[Newly2b]

You know, if you take a higher rate, you pay less points, and there is a point where they begin paying YOU to take the higher rate. Doing so, you still get the immediate benefit of lowering your payment, or taking cash out for the same payment, paying no points or fees (the rebate covers these). This way, it costs nothing to refi as many times as you like, so if rates drop again, you just refi again for free.
Newly

[Train Guy]

Well if it's just a regular, and if your credit is good, and you can do a full doc loan, you should be able to get 5.25% right now. Cash out probably is just a little more. And of course the LTV factors in. With money as cheap as it is, I always go for as much as they'll give me. By the time you figure in a little inflation and then the deduction on your taxes, the effective rate is right now in the 3's or lower. If for every $100 you give me, I only have to give you back $3 or less a year, I'll take all you want to give me.

Depending on your situtation, and current rate, I would do a max cash out refi for 30 yrs. now just to lock in these once in 45 year rates. Then if they go even lower next year, do a rollover refi (rolling the closing costs in), no cash out when they get at least .5% lower. No sense taking a chance of missing getting the current rates. And then if they go lower, don't worry about the closing costs. You'll make then back in the first three years easy.

[mojo90291]

RE: refi

My home loan is with Chase. 7.25 fixed. I called their office
and told them I was going to refi and instead of going to
another company would they re-modify my current loan.
They gave me 5% fixed on the balance. Charged me $1500 via
credit card. A little paperwork, going to notary and in
3 weeks my payment was reduced $801 a month for the balance of
my loan.

Thats my experience and was worth waiting for rates to get this low. I dont think long term rates will get much lower.

I wish you all a profitable day.

Mojo