You must first be logged in to post a new topic.
If you are not registered, please click "Create Account".
| Posted By |
Message |
pinkandblue
Our family is complete, maybe
Member since 9/05 32436 total posts
Name:
Stephanie
|
Opinions on refinacing
We are thinking of refinancing our home. We could get locked into a 5.5% interest rate FHA loan (our current rate is 6.875%)
We would wind up saving about 100 /month in mortgage payments and could free up about 8k for bills and home improvements
any cons that you can think of with this./
TIA
Message edited 12/7/2008 8:45:31 PM.
|
Posted 12/7/08 7:46 PM  |
| |
|
Long Island Weddings
Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
|
|
Re: Opinions on refinacing
The only con I can think of is closing costs. If they are low-then I would do it. 
|
| Posted 12/7/08 7:52 PM |
| |
|
Mommy2Boys
My Boys!!!!
Member since 6/06 14437 total posts
Name:
C
|
Re: Opinions on refinacing
There is a possibility the feds might drop the rate so you might be able to get even a better rate.
|
| Posted 12/7/08 7:52 PM |
| |
|
Jackie24
~We Did it~
Member since 7/06 6718 total posts
Name:
Jackie
|
Re: Opinions on refinacing
I think from where you are now 5.5 is great! I also think it may go lower too, how do the closing costs look? I would maybe hold out a few weeks.
|
| Posted 12/7/08 8:25 PM |
| |
|
ckone
LIF Adult
Member since 8/06 3014 total posts
Name:
|
Re: Opinions on refinacing
I have heard that rates may go even lower which I am waiting for. Definately find out about closing costs.
|
| Posted 12/7/08 8:28 PM |
| |
|
pinkandblue
Our family is complete, maybe
Member since 9/05 32436 total posts
Name:
Stephanie
|
Re: Opinions on refinacing
Thanks everyone....
based on the good faith estimate I have, closing costs are approximately $2,500
|
| Posted 12/7/08 8:38 PM |
| |
|
|
|
Re: Opinions on refinacing
We are tossing this around as well... We have the potential to save around $350 a month, which would be HUGE! 
Message edited 12/7/2008 9:09:56 PM.
|
| Posted 12/7/08 9:09 PM |
| |
|
want2beamom
Love my boys soooo much!!!
Member since 8/06 10164 total posts
Name:
True love doesn't end with happily ever after...
|
Re: Opinions on refinacing
Posted by Mikismom
Thanks everyone....
based on the good faith estimate I have, closing costs are approximately $2,500
that sounds great....i was told the title search would be $5000
|
| Posted 12/8/08 7:05 AM |
| |
|
pinkandblue
Our family is complete, maybe
Member since 9/05 32436 total posts
Name:
Stephanie
|
Re: Opinions on refinacing
thanks everyone who responded....
bumping for some more opinions
|
| Posted 12/8/08 3:49 PM |
| |
|
pinkandblue
Our family is complete, maybe
Member since 9/05 32436 total posts
Name:
Stephanie
|
Re: Opinions on refinacing
Posted by want2beamom
...i was told the title search would be $5000
That is CRAZY,,,$5k for a title search  
|
| Posted 12/8/08 3:50 PM |
| |
|
MST9106
My life:)
Member since 6/06 9589 total posts
Name:
|
Re: Opinions on refinacing
I think its a great idea and you should do it but not yet...I would wait just a tad longer...they're going to drop a little lower!
|
| Posted 12/8/08 4:01 PM |
| |
|
