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Old 02-19-2009, 11:53 AM
 
105 posts, read 297,574 times
Reputation: 51

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I am not sure if Obama's plan would help you immediately. I think this will take some time.
I try to help re fi but more people needs to go with Loan Mod since they have upside down mortgage.
Rates are great but it is not for majority of the poeple.
I am doing re fi now and hopefully it will stay around 5.375 so I can do more re fi when it drops more.
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Old 02-19-2009, 02:07 PM
 
555 posts, read 2,433,117 times
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Quote:
Originally Posted by becwells View Post


This thread kind of makes me want to .

We bought our townhouse in South Riding in November 2007, when prices in the area were slowing starting to drop. We thought we were getting a good deal - the price was dropped by 20k overnight, so we swooped in on it, ending up with a 6.75% 30-year fixed mortgage. Of course, we had no idea the market would take such a big plunge. Now we're underwater and stuck with a much higher interest rate than what's available now. We'd love to take advantage of the slump and buy a bigger, SFH closer to DC, but it looks like we're just going to have to ride it out until our home value is more than what we owe.

Oh well. Such is life, I guess.
We are in the same boat.

BTW, I contacted Snorkey on PM and he gave me some good advice. He seems like a stand-up guy. If I get the chance to re-fi, you got my business Snorkey!!
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Old 02-19-2009, 06:45 PM
 
281 posts, read 894,654 times
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Originally Posted by nitrovic View Post
We are in the same boat.

BTW, I contacted Snorkey on PM and he gave me some good advice. He seems like a stand-up guy. If I get the chance to re-fi, you got my business Snorkey!!
Thanks for the tip!

We're fine - it's not like we're struggling or anything. But it would be nice to save a few bucks, or buy another place while the market is low. Oh well. If we could have seen into the future back in Nov 07, we definitely would have waited.
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Old 02-19-2009, 08:44 PM
 
Location: -
488 posts, read 1,582,922 times
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So 1.5 - 2 years ago rates were around 6 - 6.5%
Right now people are getting 5.35 or around that.

So, maybe in a year we will see 4.5...4.75?
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Old 02-20-2009, 01:01 PM
 
105 posts, read 297,574 times
Reputation: 51
I will give you a tip. This might work for you or it might not.

When I do re fi, I almost always do re fi with no closing costs. When I say 5.375, I meant that with no closing costs. If you have 5.5 or higher, you can re fi and re fi again later when it drops more. 5.375 is for people with great credits with enough equity on the house.

Last edited by snorkey; 02-20-2009 at 01:14 PM..
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Old 02-20-2009, 01:02 PM
 
Location: -
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Snorkey,

are you seeing rates go down again, say do you expect them to drop to 5.0?
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Old 02-20-2009, 01:23 PM
 
105 posts, read 297,574 times
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Quote:
Originally Posted by becwells View Post
Thanks for the tip!

We're fine - it's not like we're struggling or anything. But it would be nice to save a few bucks, or buy another place while the market is low. Oh well. If we could have seen into the future back in Nov 07, we definitely would have waited.
When my friend bought his house, he paid no closing costs. This means he didn't add onto the loan or pay with my credit card/cash/check. he bought it at a price and minus the down payment. when he got his first statement, it was exactly the price minus down payment. Taxes were paid by someone else, not you.
(sorry to mention but you might not be able to do this anymore)

He re financed after 3 months later without any penalty. It lowered by 1%. He saw the statement and the principal amount was exactly the same but his rate was lower and my monthly payment was $350 lower every month.
I love saving and I love to help people save....

Last edited by snorkey; 02-20-2009 at 01:41 PM..
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Old 02-20-2009, 01:33 PM
 
105 posts, read 297,574 times
Reputation: 51
Quote:
Originally Posted by VEIK View Post
Snorkey,

are you seeing rates go down again, say do you expect them to drop to 5.0?
Yes, I do see it coming down but I am not worried because I am re financing right now.
Unless you are purchasing new house, I re fi as long as rates are lower than your current.
In order to get the best rate, you have to apply and get approved by the lender and you have to lock in within certain period of time.
Everybody has to follow the rules unless you want to get into trouble by gambling with rates and I have seen this happen to many people before. I am sure you know what I am talking about if you got different amount than Good faith estimate at the closing.

Last edited by snorkey; 02-20-2009 at 01:51 PM..
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Old 02-20-2009, 01:39 PM
 
Location: -
488 posts, read 1,582,922 times
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No gambling here, yet
Just waiting for better rates )
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Old 02-20-2009, 01:49 PM
 
Location: Censorshipville...
2,672 posts, read 6,237,402 times
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Quote:
Originally Posted by VEIK View Post
Snorkey,

are you seeing rates go down again, say do you expect them to drop to 5.0?
I locked in last week at 5% with .250 points on a 30yr fixed. This is for a home purchase not a refi.
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