NR: refi or not?

[xtalprotector]

Hi Piggs,

I am trying to calculate if it is a good move to refinance in the future.

We have a 690K 30yr fixed loan at 5.875% with current LTV ~80%. House is in CV. If a lower rate jumbo conforming loan becomes available in the future, should we refiance (assuming we still have our jobs)?

My husband’s major concern is that if we refi, we will loose the option to walk. Is it too pessimistic to think a 2800sf sfr in CV will drop below 690K?

Thanks in advance!

xtal

[Coronita]

1) Do you have plans to walk?

2) How long have you had the loan for?

[Coronita]

1) Do you have plans to walk?

2) How long have you had the loan for?

[Coronita]

1) Do you have plans to walk?

2) How long have you had the loan for?

[Coronita]

1) Do you have plans to walk?

2) How long have you had the loan for?

[Coronita]

1) Do you have plans to walk?

2) How long have you had the loan for?

[xtalprotector]

No, we don’t have any plans to walk now.

We bought last year right before the stock market crashed, driven by the fear of taxing the “rich”.

[xtalprotector]

No, we don’t have any plans to walk now.

We bought last year right before the stock market crashed, driven by the fear of taxing the “rich”.

[xtalprotector]

No, we don’t have any plans to walk now.

We bought last year right before the stock market crashed, driven by the fear of taxing the “rich”.

[xtalprotector]

No, we don’t have any plans to walk now.

We bought last year right before the stock market crashed, driven by the fear of taxing the “rich”.

[xtalprotector]

No, we don’t have any plans to walk now.

We bought last year right before the stock market crashed, driven by the fear of taxing the “rich”.

[Coronita]

[quote=xtalprotector]No, we don’t have any plans to walk now.

We bought last year right before the stock market crashed, driven by the fear of taxing the “rich”. [/quote]

Sorry to delve into it but why would obama’s tax on “rich” be a motivation to buy? I mean, obama’s tax on rich should have motivated you not to buy, because his plan was(is) to cap the interest rate mortgage deduction for higher income families, my understanding.

Anyway what was your rate of your first loan? Me personally, I’m waiting for low 4% refi, and I will soon be at a conforming rate. And I already refinanced 1 time about 1.5 years into our loan when the rate went down from our original about 0.5%, mainly because we were just 1.5 year into the original loan. I don’t have plans to default, and our reserves are such that we could probably tolerate 3-4 years without both parents not working and maintain the current quality of living.

[quote]My husband’s major concern is that if we refi, we will loose the option to walk. Is it too pessimistic to think a 2800sf sfr in CV will drop below 690K?[/quote]

So if let’s say 2800sqft does go below 690k, is that motivation for you and your husband to walk? I don’t quite get it because hopefully you didn’t think about buying this home and not expect home prices to fall further. 2800sqft in CV isn’t out of the real of possibility depending on locations and duration of this recession. I think there were some homes that closed low 7’s around 2600-700 sqft (REO).

[Coronita]

[quote=xtalprotector]No, we don’t have any plans to walk now.

We bought last year right before the stock market crashed, driven by the fear of taxing the “rich”. [/quote]

Sorry to delve into it but why would obama’s tax on “rich” be a motivation to buy? I mean, obama’s tax on rich should have motivated you not to buy, because his plan was(is) to cap the interest rate mortgage deduction for higher income families, my understanding.

Anyway what was your rate of your first loan? Me personally, I’m waiting for low 4% refi, and I will soon be at a conforming rate. And I already refinanced 1 time about 1.5 years into our loan when the rate went down from our original about 0.5%, mainly because we were just 1.5 year into the original loan. I don’t have plans to default, and our reserves are such that we could probably tolerate 3-4 years without both parents not working and maintain the current quality of living.

[quote]My husband’s major concern is that if we refi, we will loose the option to walk. Is it too pessimistic to think a 2800sf sfr in CV will drop below 690K?[/quote]

So if let’s say 2800sqft does go below 690k, is that motivation for you and your husband to walk? I don’t quite get it because hopefully you didn’t think about buying this home and not expect home prices to fall further. 2800sqft in CV isn’t out of the real of possibility depending on locations and duration of this recession. I think there were some homes that closed low 7’s around 2600-700 sqft (REO).

[Coronita]

[quote=xtalprotector]No, we don’t have any plans to walk now.

We bought last year right before the stock market crashed, driven by the fear of taxing the “rich”. [/quote]

Sorry to delve into it but why would obama’s tax on “rich” be a motivation to buy? I mean, obama’s tax on rich should have motivated you not to buy, because his plan was(is) to cap the interest rate mortgage deduction for higher income families, my understanding.

Anyway what was your rate of your first loan? Me personally, I’m waiting for low 4% refi, and I will soon be at a conforming rate. And I already refinanced 1 time about 1.5 years into our loan when the rate went down from our original about 0.5%, mainly because we were just 1.5 year into the original loan. I don’t have plans to default, and our reserves are such that we could probably tolerate 3-4 years without both parents not working and maintain the current quality of living.

[quote]My husband’s major concern is that if we refi, we will loose the option to walk. Is it too pessimistic to think a 2800sf sfr in CV will drop below 690K?[/quote]

So if let’s say 2800sqft does go below 690k, is that motivation for you and your husband to walk? I don’t quite get it because hopefully you didn’t think about buying this home and not expect home prices to fall further. 2800sqft in CV isn’t out of the real of possibility depending on locations and duration of this recession. I think there were some homes that closed low 7’s around 2600-700 sqft (REO).

[Coronita]

[quote=xtalprotector]No, we don’t have any plans to walk now.

We bought last year right before the stock market crashed, driven by the fear of taxing the “rich”. [/quote]

Sorry to delve into it but why would obama’s tax on “rich” be a motivation to buy? I mean, obama’s tax on rich should have motivated you not to buy, because his plan was(is) to cap the interest rate mortgage deduction for higher income families, my understanding.

Anyway what was your rate of your first loan? Me personally, I’m waiting for low 4% refi, and I will soon be at a conforming rate. And I already refinanced 1 time about 1.5 years into our loan when the rate went down from our original about 0.5%, mainly because we were just 1.5 year into the original loan. I don’t have plans to default, and our reserves are such that we could probably tolerate 3-4 years without both parents not working and maintain the current quality of living.

[quote]My husband’s major concern is that if we refi, we will loose the option to walk. Is it too pessimistic to think a 2800sf sfr in CV will drop below 690K?[/quote]

So if let’s say 2800sqft does go below 690k, is that motivation for you and your husband to walk? I don’t quite get it because hopefully you didn’t think about buying this home and not expect home prices to fall further. 2800sqft in CV isn’t out of the real of possibility depending on locations and duration of this recession. I think there were some homes that closed low 7’s around 2600-700 sqft (REO).

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