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Old 06-12-2008, 10:37 AM
 
37 posts, read 131,094 times
Reputation: 32

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Hi Everyone,

I purchased a condo in October 2007 and I am not sure if I should be checking periodically to see if I can get a lower int. rate. Is refinancing going to cost me anything and should I wait until at least year before I try this.

Sorry if these are silly quesions but I just don't have a clue. Thanks in advance.
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Old 06-12-2008, 11:55 AM
 
297 posts, read 1,275,679 times
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Are you trying to refinance an adjustable or a fixed rate mortgage? We keep hoping to refinance a fixed-rate, but it just seems like the 30-year fixed mortgage rates keep going up instead of down!
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Old 06-12-2008, 12:49 PM
 
37 posts, read 131,094 times
Reputation: 32
It's a 30 yr. fixed rate. I keep hearing about interest rates being lowered but I never know if it pertains to the mortgage industry.
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Old 06-12-2008, 05:32 PM
 
137 posts, read 576,517 times
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First place you might want to go is the company who owns your own mortgage now and ask them what their interest rates are for a fixed rate mortgage and what the costs are to re finance. Then, compare by shopping around. If you are going to be in your house for a long time it makes sense. Interest rates are low. If you have good credit and a steady income, you should have no big problems.
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