Is anyone thinking about refinancing?

WickedLou9 · 01-23-2008, 03:58 PM

So it looks like rates have gone down ALOT. When I got my mortgage like 2 years ago rates were about 6.25%. NOW the rate is 5.125%

Thats more than a full percentage point. I think it might be foolish of me if I don't take advantage of this.

Roonie · 01-23-2008, 04:21 PM

Same......... My rate is almost exactly the same and if it truly is that low I will be refinancing as well.

Edit.... just contacted my broker. I always love the 1 month free no mortgage payment when financing. Thanks for the heads up.

Ardentfrost · 01-23-2008, 05:34 PM

My broker-to-be keeps contacting me and telling me "FYI, rates lowered again, so here's the new numbers for your previous request." Just gotta find a dang house

WickedLou9 · 01-26-2008, 10:28 AM

I just got a quote and I am not sure how they are figuring the numbers.

When I use the rate they gave me and the fees I get 1075/month ( not including property taxes and insurance and all that crap )
The number they quoted me for monthly was 860.

numbers don't lie. How do they get another number given the same rate and same principle amount?

Scrum · 01-26-2008, 10:39 AM

Originally Posted by WickedLou9

I just got a quote and I am not sure how they are figuring the numbers.

When I use the rate they gave me and the fees I get 1075/month ( not including property taxes and insurance and all that crap )
The number they quoted me for monthly was 860.

numbers don't lie. How do they get another number given the same rate and same principle amount?

Are they both the same rate and terms?

WickedLou9 · 01-26-2008, 11:30 AM

Originally Posted by Scrum

Are they both the same rate and terms?

I mean I took the rate that they quoted me with the principle amount and when I did the math it came out to 1070. Thier math came out to 860. Thats a huge difference.