All time low mortgage rates! Thinking about Refinancing

[AndyF]

If you have some equity in the home, another option to consider is a home equity line of credit. The line can be set up so that the first draw is paying off your current mortgage. You then pay off the line of credit as you would a mortgage. Potential advantages are a lower interest rate and much lower closing costs.

[Stoneheartfarm]

Hazmat,

The reason the published rates are not correct or do not match what the mortgage banker will tell you, is because rates are and have been in such a state of flux that they have changed by publication time. This is espically true of newspapers, which may be publishing yesterday's rates today. The numbers change so frequently, most of the bankers have been having a hard time keeping up.

SHF

[hazmat]

Well Looks like I missed my opportunity for now. After a couple days of research, the rates had climbed higher than my target. I did meet with a broker on friday & filled out an application. I will keep track of the rates now & if they dip again, I'm ready to go! The broker and I set a target of 5.625% with 2 points. This will cut $170 off per month. It will pay for itself in 3-4 years.

[Stoneheartfarm]

Hazmat,

Hang tight, the rates could dip again. I just found out today that they rose a little from last week. It all just depends on two things:the stock market and the news. As the economy goes, so go the rates.

SHF

[Dob]

Before I throw in my $.02, let me CONFESS that I did not read every post above. I have not had a great deal of time to visit tbn/cbn lately, and it's almost 1am now... [img]/forums/images/icons/frown.gif[/img]
Refi is all math:
Calculate the cost of the refi (with or without points depending on the quote)
Calculate your monthly savings.
Divide the cost by the savings equals the number of months you have to stay there to break even, then see real savings.
Points are not all evil. They are "prepaid" interest so at least you get a little tax break - but I'm not one to spend just to get a tax break - do the math, and more importantly - compare good faith estimates from 3 or more lenders. If the rate IS lower and you can justify the cost via the savings, why not?
GENERALLY SPEAKING the "no cost" refi's are "premium priced" which means you don't get the lowest rate - they do have to make a buck somewhere...
Don't laugh at the comment above about how long you'll have to stay there to break even, many, many, many times I have been told by a client that THIS is the last house thye'll ever own... only to have my sign in their yard 3 or 4 years later... I wonder sometimes if I won't be guilty of the same thing. [img]/forums/images/icons/grin.gif[/img]

[motorjock]

Do you know of a good website to check on up to the minute or day rates...Thanks

[hazmat]

motorjock

try

Boston Globe Monster Moving

or

bankrate

I will say that these advertised rates are usually a little lower than what you can really get [img]/forums/images/icons/mad.gif[/img] The boston globe site was a little more realistic.

Looks like the rates are dropping again. May hit my target today!

[motorjock]

Thanks Hazmat, I've been on the bankrate.com, I'll try the other one. We just locked in yesterday at 5.75 on a one time closing construction loan w/180 day lock in. If my life store continues the same direction, since we locked in it will go lower, but if we hadn't it would be going up today. No Win ...good luck with yours....

[billfires]

hazmat, Fleet is offering a no fee 20 year fixed rate home equity loan (paid off mortgage with equity loan). They do a computerized appraisal ( I think you need 20% equity) and there is no lawyer needed for the closing (10 minutes in bank office). We had a 5.99% and walked into the bank 3 weeks ago and manager had wife sign a paper that reduced it to 5.74% because the rates went down. Might be worth looking into, Bill C