Mortgage Rate Update 9/2/2009

[archery288]

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[fishcrazy]

Intresting. I need to think about a re-fi. I'm at 6.25 with my house. Wounder if it would help much?

Kris

[LongTatLaw]

if ur credit is good enough to drop even 1 pt its normally worth it

My monthly changed -275$ after I went front 6.625 to 5.5

expect to pay a grand or 2 for the refi

[jackelope]

i have re-fi'ed my house 2 times now...both times my payment went down and 1 of those 2 times we got some cash out to do some work to the house.

both times cost me nothing out of pocket...the closing costs got built into the new payments.

[JackOfAllTrades]

the closing costs got built into the new payments

But I assume you did pay points... And you did/or are paying those closing costs 'with interest'.

For some, this is totally acceptable. For some, just the fact that a refi from a 15 to a 30 or a 30yr at a lower rate saves enough on the monthly payment 'not to lose the house'. Just keep in mind that there are costs. Banks and mortgage companies are in this to make a profit. It's up to us to double check ourselves to make sure we're willing to give them that much profit. It comes at our expense.

I'd love to be in position to buy a rental home right now.. Mortgage rates will never be much if any lower. Now is the time to buy.

For my primary residence, I need to re-do the math but I think if I could find a 5yr plan @4% I'd be all over it.

It's not all about the monthly payment though.

Jo, could you post some numbers for how much a total mortgage costs over time?  End to end.. Say a $300,000 mortgage for 30yrs on a 5% rate vs a $300,000 mortgage on a 15yr loan at 4.5%.

To me, that total cost is more of an enticement for people to refinance.

-Steve

[BLKBEARKLR]

 


Was really looking at refinanceing mine, but the over all end result would have cost me about 50,000 more.

[JackOfAllTrades]

Typo Machias.. Corrected

[JackOfAllTrades]

And that's my problem Blkbearklr...

I've got a little more than 6 years left on a 15yr mortgage that's at 6.25% and I can't take advantage of the current lower rates.

-Steve

[robodad]

here is a senerio 30yr fixed VA Loan

Amount financed $153,000 @ 6.25% = $186,300 finance charges for a total of $339,300 Payment of $942.00

Amount financed $153,000 @ 5.25% = $151,000 finance charges for a total of $304,000 Payment of $844.00

[jackelope]

I did not buy points, Steve.
yes the closing costs cost me, but not immediately out of pocket, and my payment went down both times.
i've only been in my house for 6 years, so at my present financial status, refinancing to a 15 year is not an option for me.

[JackOfAllTrades]

I did not buy points

SWEET!

You don't hear that very often!

[Machias]

here is a senerio 30yr fixed VA Loan

Amount financed $153,000 @ 6.25% = $186,300 finance charges for a total of $339,300

Amount financed $153,000 @ 5.25% = $151,000 finance charges for a total of $304,000

What would a $153,000 @ 4.35% = on a 15 year loan be?

[robodad]

What would a $153,000 @ 4.35% = on a 15 year loan be?

Here ya go Fred:

Amount financed $153,000 @ 4.3% = $54,875.07 Finance Charges for a total of $207,875.07

Payment $1154.86

[JackOfAllTrades]

Cut the finance rate just a bit.. Save a lot.

Cut the length of contract... SAVE A CONSIDERABLE AMMOUNT.

[Machias]

What would a $153,000 @ 4.35% = on a 15 year loan be?

Here ya go Fred:

Amount financed $153,000 @ 4.3% = $54,875.07 Finance Charges for a total of $207,875.07

Now THAT is saving some money!!  Thanks for the figures!