Do you muse mortgage rates will drop lower? Or is it time to lock surrounded by?
No mortgage sales people please
Answers:
I thought the prime rate is now pretty darn close to 0%.
I hear on tv this might not last long.
Watch CNN every day - the second communication comes out about increasing rates - go house hunting.
/
Are you willing to gamble surrounded by this market?
People that did that are losing their homes right now.
You can achieve a 5% or lower rate you need to lock in NOW.
PS: If you are not going to be contained by the property at least 4 more years, you would see no financial benefit in refinancing. This is b/c the closing costs would correct any savings...refinancing isn't free.
6.25% is really giant. Even for a no cost refin. Your rate today should be around 5.5% to 5.75% with no cost.
Talk with a couple of lenders to see where on earth your local rates are.
I'm refin with NO cost for 15 years at 4.75%.
This week I settled 3 properties (purchase), all 30 year fixed near rates from 5% to 5.75%.
Related Questions:
Am I misunderstanding or is it a crazy risk to return with a variable/ adjustable rate mortgage presently?
If you take out a variable/adjustable rate mortgage now isn't at hand a risk it can go to 10-15% or higher if near is high inflation and the central guard raises interest rates? Fixed rates...
Answers:
I thought the prime rate is now pretty darn close to 0%.
I hear on tv this might not last long.
Watch CNN every day - the second communication comes out about increasing rates - go house hunting.
/
Are you willing to gamble surrounded by this market?
People that did that are losing their homes right now.
You can achieve a 5% or lower rate you need to lock in NOW.
PS: If you are not going to be contained by the property at least 4 more years, you would see no financial benefit in refinancing. This is b/c the closing costs would correct any savings...refinancing isn't free.
6.25% is really giant. Even for a no cost refin. Your rate today should be around 5.5% to 5.75% with no cost.
Talk with a couple of lenders to see where on earth your local rates are.
I'm refin with NO cost for 15 years at 4.75%.
This week I settled 3 properties (purchase), all 30 year fixed near rates from 5% to 5.75%.
Related Questions:
Am I misunderstanding or is it a crazy risk to return with a variable/ adjustable rate mortgage presently?
If you take out a variable/adjustable rate mortgage now isn't at hand a risk it can go to 10-15% or higher if near is high inflation and the central guard raises interest rates? Fixed rates...