I hate how finances sometimes feel like gambling. We have an ARM that will increase in November. Right now it's at 5.00%. AS just let me know that rates for a 30-year fixed just dipped below 6%. Should I refi right now? It'll slow down my other debt repayment and I'll take on a bit more debt, because I don't have anything saved for fees.
Will the fees go even lower or start to climb back up? Would it be better to wait, even if it costs me, so I'm better prepared for the added expense? I wish I had a crystal ball...
To refi or not to refi?
January 10th, 2008 at 05:23 pm
January 10th, 2008 at 05:51 pm 1199987486
I called my mortgage broker and said what do you have? He siad he had 5.75% with no pints. My reply. Give me 5.5% no points and I don't want closing charges. We said I'll have to go check. Now honestly, I would havve taked the 5.75% with no points.
5 minutes later, he called me back. 5.5 with no points and if I took out a home equity loan for a month, they would waive my closing costs. I told him my wife and I would sign today.
My point, just ask for a 5.75 with no points and no refi charges and tell them you'll do it today.
January 10th, 2008 at 06:38 pm 1199990311