Will the 3/4% rate halt affect the Fixed Rate Mortgages?
I am in the process of a refi at 5.25% should I withdraw my application and continue for the rate drop to hit, if at all?
"> If you have a fixed rate mortgage, it will other stay at that rate, even if the bank or mortgage company sells your mortgage to another lender. If you enjoy an adjustable rate, it will go down. If you're not in too much of a hurry, it couldn't hurt to skulk. I always went next to a fixed rate for the stability of knowing what my monthly payments would be. ARM's are too chancy, if the prime rate is low, that's great, but if interest rates soar, you're screwed.
Good question. 5.25 is a darn good rate. I would probably lock it surrounded by, but it depends on how badly you need another couple of tenths of a point. You could ask a mortage broker (not the one you are working near now) what they think the time frame is for the rate going down. If it is a long time, consider the difference in the lower rate and how much more you own paid out by not taking the 5.25.
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"> If you have a fixed rate mortgage, it will other stay at that rate, even if the bank or mortgage company sells your mortgage to another lender. If you enjoy an adjustable rate, it will go down. If you're not in too much of a hurry, it couldn't hurt to skulk. I always went next to a fixed rate for the stability of knowing what my monthly payments would be. ARM's are too chancy, if the prime rate is low, that's great, but if interest rates soar, you're screwed.
Good question. 5.25 is a darn good rate. I would probably lock it surrounded by, but it depends on how badly you need another couple of tenths of a point. You could ask a mortage broker (not the one you are working near now) what they think the time frame is for the rate going down. If it is a long time, consider the difference in the lower rate and how much more you own paid out by not taking the 5.25.
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