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Running Bear.
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February 17, 2008 at 8:59 AM #11842February 17, 2008 at 10:48 AM #154497
HLS
ParticipantRolyPoly,
You and millions of others just crack me up.
Mortgage rates are near HISTORICAL lows; within the last 30 days they WERE at the lowest rates EVER, and you want rates to drop (hopefully) this summer ?What do you want ? a 2% mortgage ? I guess it’s possible.
Since the FED cut rates 1.25% a few weeks ago, long term mortgage rates have gone up.
I’m in the mortgage biz, take it for what it’s worth.
Your option #1 would be dumb.
It could go up again in Feb ’10 and again after that.. why risk it when you could get another “no cost” 5 YR ARM for around 5.25% today, and buy yourself an additional 4 years of a fixed rate, and pay it off over the next 5 years if you wish.
(A 5 YR ARM with costs are in the mid 4’s today)#2 I think that a 15 YR mortgage is a huge mistake for most people. It obligates you to a higher payment and restricts many lifestyles.
If you want to pay it off, why would you want #3 taking money out ?
#4) Way too conservative and not advised for most people who are still in their earning years.
The best answers depend on your overall financial & income picture and goals.
Find someone that can explain your options for your personal situation. It will depend on what you actually qualify for, which requires more info than you have provided above. Good luck.
February 17, 2008 at 10:48 AM #154874HLS
ParticipantRolyPoly,
You and millions of others just crack me up.
Mortgage rates are near HISTORICAL lows; within the last 30 days they WERE at the lowest rates EVER, and you want rates to drop (hopefully) this summer ?What do you want ? a 2% mortgage ? I guess it’s possible.
Since the FED cut rates 1.25% a few weeks ago, long term mortgage rates have gone up.
I’m in the mortgage biz, take it for what it’s worth.
Your option #1 would be dumb.
It could go up again in Feb ’10 and again after that.. why risk it when you could get another “no cost” 5 YR ARM for around 5.25% today, and buy yourself an additional 4 years of a fixed rate, and pay it off over the next 5 years if you wish.
(A 5 YR ARM with costs are in the mid 4’s today)#2 I think that a 15 YR mortgage is a huge mistake for most people. It obligates you to a higher payment and restricts many lifestyles.
If you want to pay it off, why would you want #3 taking money out ?
#4) Way too conservative and not advised for most people who are still in their earning years.
The best answers depend on your overall financial & income picture and goals.
Find someone that can explain your options for your personal situation. It will depend on what you actually qualify for, which requires more info than you have provided above. Good luck.
February 17, 2008 at 10:48 AM #154796HLS
ParticipantRolyPoly,
You and millions of others just crack me up.
Mortgage rates are near HISTORICAL lows; within the last 30 days they WERE at the lowest rates EVER, and you want rates to drop (hopefully) this summer ?What do you want ? a 2% mortgage ? I guess it’s possible.
Since the FED cut rates 1.25% a few weeks ago, long term mortgage rates have gone up.
I’m in the mortgage biz, take it for what it’s worth.
Your option #1 would be dumb.
It could go up again in Feb ’10 and again after that.. why risk it when you could get another “no cost” 5 YR ARM for around 5.25% today, and buy yourself an additional 4 years of a fixed rate, and pay it off over the next 5 years if you wish.
(A 5 YR ARM with costs are in the mid 4’s today)#2 I think that a 15 YR mortgage is a huge mistake for most people. It obligates you to a higher payment and restricts many lifestyles.
If you want to pay it off, why would you want #3 taking money out ?
#4) Way too conservative and not advised for most people who are still in their earning years.
The best answers depend on your overall financial & income picture and goals.
Find someone that can explain your options for your personal situation. It will depend on what you actually qualify for, which requires more info than you have provided above. Good luck.
February 17, 2008 at 10:48 AM #154782HLS
ParticipantRolyPoly,
You and millions of others just crack me up.
Mortgage rates are near HISTORICAL lows; within the last 30 days they WERE at the lowest rates EVER, and you want rates to drop (hopefully) this summer ?What do you want ? a 2% mortgage ? I guess it’s possible.
Since the FED cut rates 1.25% a few weeks ago, long term mortgage rates have gone up.
I’m in the mortgage biz, take it for what it’s worth.
Your option #1 would be dumb.
It could go up again in Feb ’10 and again after that.. why risk it when you could get another “no cost” 5 YR ARM for around 5.25% today, and buy yourself an additional 4 years of a fixed rate, and pay it off over the next 5 years if you wish.
(A 5 YR ARM with costs are in the mid 4’s today)#2 I think that a 15 YR mortgage is a huge mistake for most people. It obligates you to a higher payment and restricts many lifestyles.
If you want to pay it off, why would you want #3 taking money out ?
#4) Way too conservative and not advised for most people who are still in their earning years.
The best answers depend on your overall financial & income picture and goals.
Find someone that can explain your options for your personal situation. It will depend on what you actually qualify for, which requires more info than you have provided above. Good luck.
February 17, 2008 at 10:48 AM #154772HLS
ParticipantRolyPoly,
You and millions of others just crack me up.
Mortgage rates are near HISTORICAL lows; within the last 30 days they WERE at the lowest rates EVER, and you want rates to drop (hopefully) this summer ?What do you want ? a 2% mortgage ? I guess it’s possible.
Since the FED cut rates 1.25% a few weeks ago, long term mortgage rates have gone up.
I’m in the mortgage biz, take it for what it’s worth.
Your option #1 would be dumb.
It could go up again in Feb ’10 and again after that.. why risk it when you could get another “no cost” 5 YR ARM for around 5.25% today, and buy yourself an additional 4 years of a fixed rate, and pay it off over the next 5 years if you wish.
(A 5 YR ARM with costs are in the mid 4’s today)#2 I think that a 15 YR mortgage is a huge mistake for most people. It obligates you to a higher payment and restricts many lifestyles.
If you want to pay it off, why would you want #3 taking money out ?
#4) Way too conservative and not advised for most people who are still in their earning years.
The best answers depend on your overall financial & income picture and goals.
Find someone that can explain your options for your personal situation. It will depend on what you actually qualify for, which requires more info than you have provided above. Good luck.
February 17, 2008 at 10:55 AM #154893Arty
ParticipantI bet your house worth way more than the 200k you stated. Personally, I will try to refinance now because the 10 year rate haven’t move much even with Fed lowing rate. It is low enough now and get a fix 15 is not bad. I could be wrong of course.
February 17, 2008 at 10:55 AM #154516Arty
ParticipantI bet your house worth way more than the 200k you stated. Personally, I will try to refinance now because the 10 year rate haven’t move much even with Fed lowing rate. It is low enough now and get a fix 15 is not bad. I could be wrong of course.
February 17, 2008 at 10:55 AM #154815Arty
ParticipantI bet your house worth way more than the 200k you stated. Personally, I will try to refinance now because the 10 year rate haven’t move much even with Fed lowing rate. It is low enough now and get a fix 15 is not bad. I could be wrong of course.
February 17, 2008 at 10:55 AM #154803Arty
ParticipantI bet your house worth way more than the 200k you stated. Personally, I will try to refinance now because the 10 year rate haven’t move much even with Fed lowing rate. It is low enough now and get a fix 15 is not bad. I could be wrong of course.
February 17, 2008 at 10:55 AM #154792Arty
ParticipantI bet your house worth way more than the 200k you stated. Personally, I will try to refinance now because the 10 year rate haven’t move much even with Fed lowing rate. It is low enough now and get a fix 15 is not bad. I could be wrong of course.
February 17, 2008 at 12:27 PM #154907barnaby33
ParticipantFixed rate mortgages probably aren’t going to get much lower. Especially as congress plays the stimulus game. 30 year fixed mortgages are somewhat loosely tied to the 10 year treasury bond. As congress tries to play the bailout game the bond market will raise rates to compensate for the freshly printed doleros. Hence it is more than likely, though not guaranteed, that Mortgage rates are going up.
HLS correct me if I’m wrong but I believe that refinancing from one first mortgage into another causes the borrower to lose their non-recourse status. For this person it doesn’t sound like a huge deal, I just wanted confirmation.
Josh
February 17, 2008 at 12:27 PM #154831barnaby33
ParticipantFixed rate mortgages probably aren’t going to get much lower. Especially as congress plays the stimulus game. 30 year fixed mortgages are somewhat loosely tied to the 10 year treasury bond. As congress tries to play the bailout game the bond market will raise rates to compensate for the freshly printed doleros. Hence it is more than likely, though not guaranteed, that Mortgage rates are going up.
HLS correct me if I’m wrong but I believe that refinancing from one first mortgage into another causes the borrower to lose their non-recourse status. For this person it doesn’t sound like a huge deal, I just wanted confirmation.
Josh
February 17, 2008 at 12:27 PM #154817barnaby33
ParticipantFixed rate mortgages probably aren’t going to get much lower. Especially as congress plays the stimulus game. 30 year fixed mortgages are somewhat loosely tied to the 10 year treasury bond. As congress tries to play the bailout game the bond market will raise rates to compensate for the freshly printed doleros. Hence it is more than likely, though not guaranteed, that Mortgage rates are going up.
HLS correct me if I’m wrong but I believe that refinancing from one first mortgage into another causes the borrower to lose their non-recourse status. For this person it doesn’t sound like a huge deal, I just wanted confirmation.
Josh
February 17, 2008 at 12:27 PM #154809barnaby33
ParticipantFixed rate mortgages probably aren’t going to get much lower. Especially as congress plays the stimulus game. 30 year fixed mortgages are somewhat loosely tied to the 10 year treasury bond. As congress tries to play the bailout game the bond market will raise rates to compensate for the freshly printed doleros. Hence it is more than likely, though not guaranteed, that Mortgage rates are going up.
HLS correct me if I’m wrong but I believe that refinancing from one first mortgage into another causes the borrower to lose their non-recourse status. For this person it doesn’t sound like a huge deal, I just wanted confirmation.
Josh
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