Thread: refinance?

I would wait a few more months because rates are still going lower.

God Bless

I'm no expert, but long term rates may not come down any further like the short term adjustables have. In fact they may go up. After the rate cut this week, the long term rates actually went up just a little. I understand it is because the bond traders do not agree that the Fed needed to cut as much as they did.

Originally Posted by mailmanusa

I am looking to refinance a 30 year mtg. Is now the time or do you think it would be worth waiting to see if rates on the 30 year mtg's drop some more?

here's a cool website to not only educate yourself a little more but to "run the numbers" (awesome calculators) on pretty much any mortgage scenario you want.

www.mtgprofessor.com

Another item to think about, lender will probably need to get a re-assessment of the value of your house (unless you had one done recently? If so, check with your lender and see if they can use that one if it is to your advantage). Depending on your local housing market that may change your decision on refinancing sooner ... or later.