U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 12-15-2008, 10:00 PM
 
29 posts, read 131,443 times
Reputation: 28

Advertisements

I refinanced recently at 5.625% from 6.375% for a 268k loan over a 30 yr period and closed it on 30th oct , which i thought was a great deal.
Now i see the rates are at 4.75%.

Is there any way i can refinance again with the same bank and relock it again at 4.75% or do i have to go thru the whole process of loan app-appraisal-closing costs - closing ( start from scratch) and others to get the new rate.

Is there any 60 day or 90 day policy where i can relock this new rate.

my credit scores are like 800+.
Thanks
Reply With Quote Quick reply to this message

 
Old 12-16-2008, 07:32 AM
 
34 posts, read 201,742 times
Reputation: 32
I heard that the rule of thumb is to refinance only then when you are cutting at least 1% of your current rate. Where did you find the 4.75 rate at? That almost sounds too good to be true?
Reply With Quote Quick reply to this message
 
Old 12-16-2008, 01:37 PM
 
Location: Vermont
5,439 posts, read 14,774,922 times
Reputation: 2630
I saw 4.75 with 1 pt, last week....
Reply With Quote Quick reply to this message
 
Old 12-16-2008, 02:12 PM
 
Location: Casa Grande, AZ (May 08)
1,529 posts, read 3,495,019 times
Reputation: 1219
REN will be able to confirm, but with the move/statements by the federal reserve today, mortgage rates could be AVERAGING under 5% now...and for awhile...
Reply With Quote Quick reply to this message
 
Old 12-16-2008, 09:20 PM
 
242 posts, read 663,311 times
Reputation: 192
Quote:
Originally Posted by kmurali70 View Post
I refinanced recently at 5.625% from 6.375% for a 268k loan over a 30 yr period and closed it on 30th oct , which i thought was a great deal.
Now i see the rates are at 4.75%.

Is there any way i can refinance again with the same bank and relock it again at 4.75% or do i have to go thru the whole process of loan app-appraisal-closing costs - closing ( start from scratch) and others to get the new rate.

Is there any 60 day or 90 day policy where i can relock this new rate.

my credit scores are like 800+.
Thanks
save you about 160 a month....but...

how much more time have you already added on to that original loan period (that will cost you in interest in the long term, a heck of a lot of debt)
How much did it cost for the first refinance, total cost to you either out of pocket or on top of loan, how much will new one cost?

Now, at about 160 a month you are looking at 1,920 a year in savings. So if you paid a few grand for each refi, lets say both cost you a total of 4 grand, you are not gonna break even on the debt to payment for about 2 years....plus all the extra interest/debt your home is costing.

I would approach lender and say 'lower it' as is or I go somewhere else and get a new one, see what they say. I mean, go in to their office and do that.

You would be surprised at what they may do.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top