Mortgage Refinancing... Interest Rates?
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Mortgage Refinancing... Interest Rates?
Well after my interesting sports car shopping experience the other day I gave it some thought and decided to refinance my condo instead of geting a race car right away. This way I can save a lot more money over the long term and lower my monthly mortgage payment at the same time. Therefor I will be able to save up more money in less time while increasing the equity in my home. I figured I should do it now before interest rates go back up.
I think this is a better way to go that way I won't get in over my head in debt when I do buy a sports car later on. Before I was at 7% for 30 years. My principal was 50k. I just locked in a new loan at 5.5% for 15 years and I am putting down my 25k, leaving my principal balance at 25k. Aharon told me he got like 4.25% on his interest only loan. What kind of interest rates is everyone else getting? Thoughts? Opinions?
I think this is a better way to go that way I won't get in over my head in debt when I do buy a sports car later on. Before I was at 7% for 30 years. My principal was 50k. I just locked in a new loan at 5.5% for 15 years and I am putting down my 25k, leaving my principal balance at 25k. Aharon told me he got like 4.25% on his interest only loan. What kind of interest rates is everyone else getting? Thoughts? Opinions?
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Senior Member
Joined: Jun 2000
Posts: 2,649
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I gambled a lil' and went with a 1 year ARM when I bought my townhouse 3 years ago and the gamble paid off since the int rates have dropped in the crapper. I'm at 5.5% now and it's adjusting down to 4.5% next month for at least a full year
Now is definitely a good time to buy or refi, unfortunately it will probably be another 2 years before I'm able to sell this place, buy my next house, furnish it, etc.
Now is definitely a good time to buy or refi, unfortunately it will probably be another 2 years before I'm able to sell this place, buy my next house, furnish it, etc.
__________________
92' Nissan 240sx
02' Honda VFR Interceptor
08' Tundra
92' Nissan 240sx
02' Honda VFR Interceptor
08' Tundra
Olde Skool DSM'r
Joined: Jul 2000
Posts: 612
Likes: 0
I got a 5.35% 30 year fixed from Suntrust which is where I bank.
Olde Skool DSM'r
Joined: Jul 2000
Posts: 612
Likes: 0
I thought it was pretty good. Could've went for something in the 4% range on an ARM but I'm too much of a pussy.
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