Question on refinance

[MotoSook]

Figured I'd update....

...a while ago I was fretting about locking in and refinancing at 5.25% since my 4.875% balloon was up later this year. I figured I might never get 4.875% on a 30 yr, but was aiming for 5%.

We might see 4.5% or we might not...but I didn't want to gamble and see rates go higher after this current low. So today I locked in 4.875% with Countrywide on a 30 yr through an old college buddy who runs the group in Chicago.

[cgarr]

Everyone needs a "buddy who runs the group in Chicago"

[MotoSook]

I can hook you up Craig.

[Aurel]

Originally Posted by Souk

Figured I'd update....

...a while ago I was fretting about locking in and refinancing at 5.25% since my 4.875% balloon was up later this year. I figured I might never get 4.875% on a 30 yr, but was aiming for 5%.

We might see 4.5% or we might not...but I didn't want to gamble and see rates go higher after this current low. So today I locked in 4.875% with Countrywide on a 30 yr through an old college buddy who runs the group in Chicago.

Did countrywide offer you 4.875% with no points? They were my lender and have offered me that rate, but for 1.25 points. Their 0 points rate was 5.25%, so I went with Sovereign Bank who gave me 4.99% with no points for 30 yr fixed.

[MotoSook]

no points.

[Aurel]

Originally Posted by Souk

no points.

Your friend is a good one!

[MotoSook]

Their rate on the web site today is 5.0%...a few days ago it was 4.875%. I have been tracking rates for a while, and with the political arena about to settle out after next week, I figured folks will get back to business and things might start to improve slightly with a resultant rate climb...or at least staying level.

But, yes, he is a good friend.

[widebody911]

I locked in 5.00 with zero points a couple days ago. Another lender offered me 4.99, but when then send me the initial docs, they had snuck in 1.5% in points, upon which I promptly told them to stuff it.

My g/f is @ 8 1/2%, but refuses to refi because she doesn't know how long she'll be staying in here house

[Aurel]

Originally Posted by widebody911

My g/f is @ 8 1/2%, but refuses to refi because she doesn't know how long she'll be staying in here house

Tell her that going from 8.5% to 5% would save her $232/month per $100k of balance. At that rate, the time to break even is less than a year. The question is, do you want her to move into your house? If that is the case, do not tell her that .