Mortgage rates dropped!! (sales, home, neighborhood) - The Triangle Area - Page 4 - City-Data Forum

jmflu · 12-19-2008, 03:16 PM

Quote:

Originally Posted by Charlton Dude

It really depends on many factors. My current rate is 6%. I will be saving so much after my refi that my break even point is less than 2 years. Much depends on the amount of the mortgage, how much time you have left on it and the costs to refi. In my case, it is a 100% no brainer.

She just bought the house in April, so that probably makes a difference.

Waterboy526 · 01-13-2009, 12:19 PM

Just got locked in today for a rate of 5.375% for a no cost refi with my current lender. My current rate is 6.5%, so I'll be saving about $140-$145 a month for NOTHING out of pocket. Plus if the rates dip again before closing (which will be at least 60 days away) then I can lock in at that lower rate. I don't mind saving $1,700 a year for free.

dansdrive · 01-13-2009, 01:18 PM

Quote:

Originally Posted by Waterboy526

Just got locked in today for a rate of 5.375% for a no cost refi with my current lender. My current rate is 6.5%, so I'll be saving about $140-$145 a month for NOTHING out of pocket. Plus if the rates dip again before closing (which will be at least 60 days away) then I can lock in at that lower rate. I don't mind saving $1,700 a year for free.

Waterboy excellent move! Good for you! See not everything is doom and gloom, there is positive signs in this economy too!

I'm waiting for the 4.5% Hinnie June. or Sammy.... or is that Fannie May or Freedy... I get them confused!

Waterboy526 · 01-13-2009, 01:32 PM

Quote:

Originally Posted by dansdrive

Waterboy excellent move! Good for you! See not everything is doom and gloom, there is positive signs in this economy too!

I'm waiting for the 4.5% Hinnie June. or Sammy.... or is that Fannie May or Freedy... I get them confused!

I mean think about it. Instead of insisting that the government cut me a check to stimulate the economy, I just did it myself in one easy move. It'll be nice saving close to $2,000 a year in mortgage interest.

North_Raleigh_Guy · 01-13-2009, 01:43 PM

I got a GFE from a broker today. Rate of 4.9% (30 year fixed). However the closing costs seem a bit on the high side to me. The new rate would save me about $100 a month so it would take three years for me to break even as it stands now. Hmmmmmm. I have some thinking to do.......

gobirdz27 · 01-13-2009, 01:58 PM

FYI....we just got our house reappraised for a refi. We bought new construction in West Cary in August 2007 and according to the appraiser it's now worth 3.4% more than what we paid. So either he's wrong or in bed with our mortgage company, or our area is actually holding up extremely well (checking comps on wakegov.com I would agree with his appraisal).

geoff2v · 01-13-2009, 02:32 PM

Quote:

Originally Posted by gobirdz27

FYI....we just got our house reappraised for a refi. We bought new construction in West Cary in August 2007 and according to the appraiser it's now worth 3.4% more than what we paid. So either he's wrong or in bed with our mortgage company, or our area is actually holding up extremely well (checking comps on wakegov.com I would agree with his appraisal).

I generally trust appraisers as far as I can throw them -- and I'm not strong, let me tell you! But that doesn't sound outrageously implausible, and would depend on the specific area, etc.

lottamoxie · 01-13-2009, 03:12 PM

I just closed yesterday on a refi of 4.875% 30 yr fixed. Down from 6.25%. Will save about $150/month.

Of interest: my "appraisal" was apparently just a drive-by appraisal to make sure the lender was covered, according to what my broker told me. The broker put an estimated value on my house that is only $6K more than what I purchased it for in 2006, even though the Wake County tax records put my house at an additional $20K, and I'm paying taxes on that increased amount.

geoff2v · 01-13-2009, 03:24 PM

Quote:

Originally Posted by lottamoxie

I just closed yesterday on a refi of 4.875% 30 yr fixed. Down from 6.25%. Will save about $150/month.

Of interest: my "appraisal" was apparently just a drive-by appraisal to make sure the lender was covered, according to what my broker told me. The broker put an estimated value on my house that is only $6K more than what I purchased it for in 2006, even though the Wake County tax records put my house at an additional $20K, and I'm paying taxes on that increased amount.

The Wake County tax appraisal is the value of the home as of 1/1/08, while your appraisal is its current market value. The state of the housing market probably explains the difference. (That, and the fact that the appraiser doesn't need to get it *right*, just above the loan amount.)

MikeJaquish · 01-13-2009, 03:33 PM

An appraiser takes on liability for the value opinion offered. Many are gun shy about setting the value too high.
They have little reason to raise the price beyond the amount necessary for the bank to believe there is adequate security for the desired loan. That is all the bank needs, and what they are hired to provide in that instance.

If you want an opinion of the market value of your home, hire an appraiser to do an independent appraisal for YOU.
Then they will work to that goal.