I just refinanced my home mortgage today--4% for 15 years. Closing costs around $1,900. This is the lowest interest rate in 50 or so years.
That is great news. I hope more people are able to take advantage of these low interest rates. Unfortunately I think most are stuck because of appraisal values.
Wow, nice pull. Assuming it's a fixed rate with no points that's an awesome deal.
I considered refinancing a 15year at 4.3% last year but the house was on the market and thought it would sell.
one needs to consider whether they can pay more per month by going to a 15year,if they already are paying for the remainder of a 30 year mortgage
it would have increased my payments by $50 a month but i think this helps the bank more than me.
I guess it depends on each ones situation.
the other day I knocked 10 years off the mortgage and saved myself $$140,000$$, then I danced a jig.
glad to hear that. Because more people will attempt to do the same, save some on their monthly payment and spend more in our economy.
It appears that I jumped the gun on refinancing my mortgage at 4% last month. Looks like rates are going lower thanks to Federal Reserve actions announced yesterday.
http://www.nytimes.com/2010/10/16/busin … ed.html?hp
"For most Americans, additional Fed activity is likely to mean that already low 30-year mortgage rates will fall even further. The moves would not help savers, as yields on certificates of deposit and savings bonds would probably also fall."
That is exactly what I would LOVE to do.
But... although not as underwater as some in our region, our appraisal value is not a heck of a lot higher than what we owe on the mortgage.
I have tried talking to our lender and here is what they tell me:
You don't have enough INCOME to refinance.
So, are you telling me that I have enough INCOME to continue to pay the mortgage I took out in 2007 but not enough to pay oh, say $500 to $1000 LESS per MONTH?
Does this make any sense?
Unforunately we have not missed or been late on a single payment. So we're not in trouble. Just screwed by a monthly payment that was doable in 2007 but almost 4 years later is a stretch.
Anyone had any luck going through HUD?
Thanks for giving a nice suggestion. A fixed rate mortgage (FRM) is a mortgage loan first developed by the Federal Housing Administration (FHA) where the interest rate on the note remains the same through the term of the loan, as opposed to loans where the interest rate may adjust or "float." Other forms of mortgage loan include interest only mortgage, graduated payment mortgage, variable rate (including adjustable rate mortgages and tracker mortgages) , negative amortization mortgage, and balloon payment mortgage. Please note that each of the loan types above except for a straight adjustable rate mortgage can have a period of the loan for which a fixed rate may apply. A Balloon Payment mortgage, for example, can have a fixed rate for the term of the loan followed by the ending balloon payment. Terminology may differ from country to country: loans for which the rate is fixed for less than the life of the loan may be called hybrid adjustable rate mortgages (in the United States).
This payment amount is independent of the additional costs on a home sometimes handled in escrow, such as property taxes and property insurance. Consequently, payments made by the borrower may change over time with the changing escrow amount, but the payments handling the principal and interest on the loan will remain the same.
Fixed rate mortgages are characterized by their interest rate (including compounding frequency, amount of loan, and term of the mortgage). With these three values, the calculation of the monthly payment can then be done.
Fixed Rate Mortgages
My bank is offering a 4.5% 15 year re-finance I'm considering. They say (I haven't seen any paperwork) the bank pays all closing costs. With only 6 years left on the current 5.875% mortgage this might be the best option for me. I would intend to continue paying my current payment although the new mortgage would lower the minimum payment considerably (might be advantageous in I suffer another layoff).
I could probably get a lower interest, but with closing costs. I doubt that any lower interest would result in much, if any, savings over the few years I have left.
once economy gets better the rates will rise. track stock market for hints. There are a few companies doing no closing costs loans with rates being similar to what you'd get at banks.
by Shepherd's Lamb 23 months ago
I just want to discuss what's going on in my little head right now and hope to hear from those of you more educated on the subject.I qualified to buy a condo in 2004 (six years ago). I paid $6,000 cash for closing. Two years later I refinanced to get into a fixed interest rate of 5.5%...
by PhoenixV 6 years ago
What Is The Best Advice For First Time Home-Buyers?What is the best advice you have for first time home-buyers?
by shirleycarter 5 years ago
can i get out of this car loan with 19% interst rate
by Jack Lee 3 weeks ago
When the Federal Reserve raise the interest rate from 2% to 2.25% target recently, the banks have been very quiet. In fact, most banks are still paying savings interest rate to the tune of 0.1% or less. How come?Remmeber the days when the bank rate is on par with inflation rate and even slightly...
by remobush 9 years ago
My self remo I have started new small business in Hartsville, SC, USA My job is transporting type job I need a car but right know I unable to pay cash amount that’s why I decided to take a car loan but I don’t know nothing about car loan I need help about car loans, interest rate and down...
by cknlgs2950 7 years ago
I owe $408,000.00 on a 6% interest only mortgage. My monthly payments are $2125.00 per month. ...If I pay the loan down to $143,999.00, what would my monthly payments be?
Copyright © 2018 HubPages Inc. and respective owners. Other product and company names shown may be trademarks of their respective owners. HubPages® is a registered Service Mark of HubPages, Inc. HubPages and Hubbers (authors) may earn revenue on this page based on affiliate relationships and advertisements with partners including Amazon, Google, and others.
|HubPages Device ID||This is used to identify particular browsers or devices when the access the service, and is used for security reasons.|
|Login||This is necessary to sign in to the HubPages Service.|
|HubPages Traffic Pixel||This is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.|
|Remarketing Pixels||We may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.|
|Conversion Tracking Pixels||We may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.|