Refinance now – or wait?

[HLS]

If you only plan on staying for a few more years and then selling, getting a 30 fixed today would be a waste.

From your profile, it sounds like you can qualify for any loan that you choose. You could refi into another 5 YR loan today and buy yourself 60 more months of security.

Your payment will be higher than what you have today. The interest might be deductible. It’s like paying for insurance. Is it worth it to you or do you want to gamble ?

Choosing a “no cost” loan today will not add anything to your balance and lock in a longer fixed period than one year. You still have a relatively cheap payment.
If rates do go lower, you can refi again.

If the condo complex is a high % of tenants and going that direction, refi sooner rather than later.
Also, once you drop below 20% equity, the refi rate will be higher. Sounds like you are close to that point now.

[NotCranky]

“The question I keep tossing around in my head is – should
I refinance now to a 30 year fixed? Or hold off until next year and see how everything is possibly locking in a lower rate? And who knows what an election year/bailout/who knows scenario may unfold.””

The thing I have been most wrong about in my expectations related to the market is interest rates.We ahve ahd very good rates for many years now. I thought they would have pushed significantly higher by now. It seems like it is not a matter or if but when. All this modification and freeze stuff could be causing a temporary delay in the inevitable. I think it would be hard to let current market rates go up while they are freezing and modifying in downward fashion, terms of existing notes in a very non-free market manner.I think there would be a pretty big backlash against that.

I have read FormerSanDiegans post and agree you should really crunch the numbers on your possible interest expenses with your current note terms. Fixed mortgage money is near historical lows now, so all theories aside, if you are going to refi-in the next couple of years, and plan on keeping the property indefinitely, I would not see it worth the the gamble of putting it into the future if the numbers crunch in favor of a refinance now.

[NotCranky]

“The question I keep tossing around in my head is – should
I refinance now to a 30 year fixed? Or hold off until next year and see how everything is possibly locking in a lower rate? And who knows what an election year/bailout/who knows scenario may unfold.””

The thing I have been most wrong about in my expectations related to the market is interest rates.We ahve ahd very good rates for many years now. I thought they would have pushed significantly higher by now. It seems like it is not a matter or if but when. All this modification and freeze stuff could be causing a temporary delay in the inevitable. I think it would be hard to let current market rates go up while they are freezing and modifying in downward fashion, terms of existing notes in a very non-free market manner.I think there would be a pretty big backlash against that.

I have read FormerSanDiegans post and agree you should really crunch the numbers on your possible interest expenses with your current note terms. Fixed mortgage money is near historical lows now, so all theories aside, if you are going to refi-in the next couple of years, and plan on keeping the property indefinitely, I would not see it worth the the gamble of putting it into the future if the numbers crunch in favor of a refinance now.

[NotCranky]

“The question I keep tossing around in my head is – should
I refinance now to a 30 year fixed? Or hold off until next year and see how everything is possibly locking in a lower rate? And who knows what an election year/bailout/who knows scenario may unfold.””

The thing I have been most wrong about in my expectations related to the market is interest rates.We ahve ahd very good rates for many years now. I thought they would have pushed significantly higher by now. It seems like it is not a matter or if but when. All this modification and freeze stuff could be causing a temporary delay in the inevitable. I think it would be hard to let current market rates go up while they are freezing and modifying in downward fashion, terms of existing notes in a very non-free market manner.I think there would be a pretty big backlash against that.

I have read FormerSanDiegans post and agree you should really crunch the numbers on your possible interest expenses with your current note terms. Fixed mortgage money is near historical lows now, so all theories aside, if you are going to refi-in the next couple of years, and plan on keeping the property indefinitely, I would not see it worth the the gamble of putting it into the future if the numbers crunch in favor of a refinance now.

[NotCranky]

“The question I keep tossing around in my head is – should
I refinance now to a 30 year fixed? Or hold off until next year and see how everything is possibly locking in a lower rate? And who knows what an election year/bailout/who knows scenario may unfold.””

The thing I have been most wrong about in my expectations related to the market is interest rates.We ahve ahd very good rates for many years now. I thought they would have pushed significantly higher by now. It seems like it is not a matter or if but when. All this modification and freeze stuff could be causing a temporary delay in the inevitable. I think it would be hard to let current market rates go up while they are freezing and modifying in downward fashion, terms of existing notes in a very non-free market manner.I think there would be a pretty big backlash against that.

I have read FormerSanDiegans post and agree you should really crunch the numbers on your possible interest expenses with your current note terms. Fixed mortgage money is near historical lows now, so all theories aside, if you are going to refi-in the next couple of years, and plan on keeping the property indefinitely, I would not see it worth the the gamble of putting it into the future if the numbers crunch in favor of a refinance now.

[NotCranky]

“The question I keep tossing around in my head is – should
I refinance now to a 30 year fixed? Or hold off until next year and see how everything is possibly locking in a lower rate? And who knows what an election year/bailout/who knows scenario may unfold.””

The thing I have been most wrong about in my expectations related to the market is interest rates.We ahve ahd very good rates for many years now. I thought they would have pushed significantly higher by now. It seems like it is not a matter or if but when. All this modification and freeze stuff could be causing a temporary delay in the inevitable. I think it would be hard to let current market rates go up while they are freezing and modifying in downward fashion, terms of existing notes in a very non-free market manner.I think there would be a pretty big backlash against that.

I have read FormerSanDiegans post and agree you should really crunch the numbers on your possible interest expenses with your current note terms. Fixed mortgage money is near historical lows now, so all theories aside, if you are going to refi-in the next couple of years, and plan on keeping the property indefinitely, I would not see it worth the the gamble of putting it into the future if the numbers crunch in favor of a refinance now.

[SD Realtor]

Hey Rus I thought I said to crunch the numbers???

j/k…

Seriously though I think I have been missing the mark on interest rates for about 4 years now. Back in 03/04 when we had some really low marks on the 10 year yield I vividly recall spouting off about how the 10 year will be up at 6-8% within 5 years.

How wrong I was…

Again, it was more wishful thinking then anything else. Now I simply give up on predicting the 10 year. I find asking guys like Chris S yields much much more accurate predictions. I am befuddled by it.

SD Realtor

[SD Realtor]

Hey Rus I thought I said to crunch the numbers???

j/k…

Seriously though I think I have been missing the mark on interest rates for about 4 years now. Back in 03/04 when we had some really low marks on the 10 year yield I vividly recall spouting off about how the 10 year will be up at 6-8% within 5 years.

How wrong I was…

Again, it was more wishful thinking then anything else. Now I simply give up on predicting the 10 year. I find asking guys like Chris S yields much much more accurate predictions. I am befuddled by it.

SD Realtor

[SD Realtor]

Hey Rus I thought I said to crunch the numbers???

j/k…

Seriously though I think I have been missing the mark on interest rates for about 4 years now. Back in 03/04 when we had some really low marks on the 10 year yield I vividly recall spouting off about how the 10 year will be up at 6-8% within 5 years.

How wrong I was…

Again, it was more wishful thinking then anything else. Now I simply give up on predicting the 10 year. I find asking guys like Chris S yields much much more accurate predictions. I am befuddled by it.

SD Realtor

[SD Realtor]

Hey Rus I thought I said to crunch the numbers???

j/k…

Seriously though I think I have been missing the mark on interest rates for about 4 years now. Back in 03/04 when we had some really low marks on the 10 year yield I vividly recall spouting off about how the 10 year will be up at 6-8% within 5 years.

How wrong I was…

Again, it was more wishful thinking then anything else. Now I simply give up on predicting the 10 year. I find asking guys like Chris S yields much much more accurate predictions. I am befuddled by it.

SD Realtor

[SD Realtor]

Hey Rus I thought I said to crunch the numbers???

j/k…

Seriously though I think I have been missing the mark on interest rates for about 4 years now. Back in 03/04 when we had some really low marks on the 10 year yield I vividly recall spouting off about how the 10 year will be up at 6-8% within 5 years.

How wrong I was…

Again, it was more wishful thinking then anything else. Now I simply give up on predicting the 10 year. I find asking guys like Chris S yields much much more accurate predictions. I am befuddled by it.

SD Realtor

[NotCranky]

Hey Rus I thought I said to crunch the numbers???
Yeah but you threw me off…I don’t know what a spread sheet is!LOL.

[NotCranky]

Hey Rus I thought I said to crunch the numbers???
Yeah but you threw me off…I don’t know what a spread sheet is!LOL.

[NotCranky]

Hey Rus I thought I said to crunch the numbers???
Yeah but you threw me off…I don’t know what a spread sheet is!LOL.

[NotCranky]

Hey Rus I thought I said to crunch the numbers???
Yeah but you threw me off…I don’t know what a spread sheet is!LOL.

[Author]

Posts