- This topic has 60 replies, 7 voices, and was last updated 16 years, 7 months ago by
HLS.
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January 18, 2008 at 6:03 AM #11551January 18, 2008 at 8:34 AM #137971
Anonymous
GuestHi Alex,
My strategy is pretty simple in times like this when the rates might go down for a little while (cf. recession): I keep doing no-cost refis as soon as I can get a .25% lower rate (I might even pounce for .125% but it is a bit time consuming so I usually don’t).
Note that the no-cost refis usually carry a .25% interest rate premium over the regular refis to cover the commissions and closing costs. That said, the strategy stills guarantees you a pretty close-to-the-bottom interest rate with no extra cost involved (besides the time spent).
Rene
January 18, 2008 at 8:34 AM #138276Anonymous
GuestHi Alex,
My strategy is pretty simple in times like this when the rates might go down for a little while (cf. recession): I keep doing no-cost refis as soon as I can get a .25% lower rate (I might even pounce for .125% but it is a bit time consuming so I usually don’t).
Note that the no-cost refis usually carry a .25% interest rate premium over the regular refis to cover the commissions and closing costs. That said, the strategy stills guarantees you a pretty close-to-the-bottom interest rate with no extra cost involved (besides the time spent).
Rene
January 18, 2008 at 8:34 AM #138179Anonymous
GuestHi Alex,
My strategy is pretty simple in times like this when the rates might go down for a little while (cf. recession): I keep doing no-cost refis as soon as I can get a .25% lower rate (I might even pounce for .125% but it is a bit time consuming so I usually don’t).
Note that the no-cost refis usually carry a .25% interest rate premium over the regular refis to cover the commissions and closing costs. That said, the strategy stills guarantees you a pretty close-to-the-bottom interest rate with no extra cost involved (besides the time spent).
Rene
January 18, 2008 at 8:34 AM #138233Anonymous
GuestHi Alex,
My strategy is pretty simple in times like this when the rates might go down for a little while (cf. recession): I keep doing no-cost refis as soon as I can get a .25% lower rate (I might even pounce for .125% but it is a bit time consuming so I usually don’t).
Note that the no-cost refis usually carry a .25% interest rate premium over the regular refis to cover the commissions and closing costs. That said, the strategy stills guarantees you a pretty close-to-the-bottom interest rate with no extra cost involved (besides the time spent).
Rene
January 18, 2008 at 8:34 AM #138206Anonymous
GuestHi Alex,
My strategy is pretty simple in times like this when the rates might go down for a little while (cf. recession): I keep doing no-cost refis as soon as I can get a .25% lower rate (I might even pounce for .125% but it is a bit time consuming so I usually don’t).
Note that the no-cost refis usually carry a .25% interest rate premium over the regular refis to cover the commissions and closing costs. That said, the strategy stills guarantees you a pretty close-to-the-bottom interest rate with no extra cost involved (besides the time spent).
Rene
January 18, 2008 at 8:36 AM #138211Raybyrnes
ParticipantSuggest that you are doing this that your are keeping the same number of months on the refi or else you potially are going to pay a larger amount in interest becaeu the amortization schedule is resetting.
January 18, 2008 at 8:36 AM #138282Raybyrnes
ParticipantSuggest that you are doing this that your are keeping the same number of months on the refi or else you potially are going to pay a larger amount in interest becaeu the amortization schedule is resetting.
January 18, 2008 at 8:36 AM #138238Raybyrnes
ParticipantSuggest that you are doing this that your are keeping the same number of months on the refi or else you potially are going to pay a larger amount in interest becaeu the amortization schedule is resetting.
January 18, 2008 at 8:36 AM #138184Raybyrnes
ParticipantSuggest that you are doing this that your are keeping the same number of months on the refi or else you potially are going to pay a larger amount in interest becaeu the amortization schedule is resetting.
January 18, 2008 at 8:36 AM #137976Raybyrnes
ParticipantSuggest that you are doing this that your are keeping the same number of months on the refi or else you potially are going to pay a larger amount in interest becaeu the amortization schedule is resetting.
January 18, 2008 at 9:25 AM #138327Anonymous
GuestThere is really no advantage not to refi. If you refi-ed at a lower rate, kept paying the same payment and did not take cash out, the new loan would be paid off earlier than the original would have been.
Now, I agree with Raybyrnes that when you realize the monthly savings by paying a lower monthly payment, you do extend your loan and increase the amount of interest due but you can control that variable.
Rene
January 18, 2008 at 9:25 AM #138229Anonymous
GuestThere is really no advantage not to refi. If you refi-ed at a lower rate, kept paying the same payment and did not take cash out, the new loan would be paid off earlier than the original would have been.
Now, I agree with Raybyrnes that when you realize the monthly savings by paying a lower monthly payment, you do extend your loan and increase the amount of interest due but you can control that variable.
Rene
January 18, 2008 at 9:25 AM #138257Anonymous
GuestThere is really no advantage not to refi. If you refi-ed at a lower rate, kept paying the same payment and did not take cash out, the new loan would be paid off earlier than the original would have been.
Now, I agree with Raybyrnes that when you realize the monthly savings by paying a lower monthly payment, you do extend your loan and increase the amount of interest due but you can control that variable.
Rene
January 18, 2008 at 9:25 AM #138021Anonymous
GuestThere is really no advantage not to refi. If you refi-ed at a lower rate, kept paying the same payment and did not take cash out, the new loan would be paid off earlier than the original would have been.
Now, I agree with Raybyrnes that when you realize the monthly savings by paying a lower monthly payment, you do extend your loan and increase the amount of interest due but you can control that variable.
Rene
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