Should I Re-finance??
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TV ClubHouse: Archives: Should I Re-finance??
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Archive through July 16, 2003 25   07/16 06:32pm

Pamy

Wednesday, July 16, 2003 - 08:03 pm EditMoveDeleteIP
Tabby, I am working on it. I heard that today, it is all so mind boggling but a great person here on the board has been so kind and helpful, I am not sure if I should say the name, if it is ok, you know who ya are, come in here and take a bow!!!!

Grooch

Wednesday, July 16, 2003 - 08:11 pm EditMoveDeleteIP
Tabbyking, I am surprised about that. (I do believe you, though.) I thought I heard on the news yesterday that Greenspan was willing to cut the interest rate again in the near future. I would have thought that would make the rates go lower.

What is making them go back up? (At the same time I am really surprised how much gas prices increased in the last few days. What is going on?)

Pamy

Wednesday, July 16, 2003 - 08:32 pm EditMoveDeleteIP
Grooch, my new friend emailed me about the rates going up today, said it was a crazy day today. I don't know why.

Grooch

Wednesday, July 16, 2003 - 08:36 pm EditMoveDeleteIP
Must be the Algeria or North Korea thing is more probable of happening than I thought.

Good Luck, Pamy!!!!! :)

Tashakinz

Thursday, July 17, 2003 - 07:19 am EditMoveDeleteIP
Without asking for too much personal information - number of years of original loan (15/30), whether you pay extra, etc., I would recommend that you run the numbers through "karl's mortgage calculator" - you can google it. It's a great little program that lets you drop in your origination date, percentage, term, whether you pay extra either monthly or yearly, and then calculates when your mortgage will be paid off. My suggestion would be to calculate when your current mortgage would be paid off as opposed to when your new mortgage would be paid off and see if it's worth it. Hubby and I pay extra toward our principle, so when I looked into the numbers, it turned out that a re-fi would have been a mistake for us even with the lower interest rate. Hope this info helps. = )

Tabbyking

Thursday, July 17, 2003 - 11:45 am EditMoveDeleteIP
i checked ours again, and it went to 6.125 this morning. for some reason, it's creeping up every day....even the "7 year fixed, then adjustable" went up to 5.0 from a 4.25 fixed portion only days ago.
man, am i happy we refinanced 6 weeks ago at the 5.5, although it did go to 5.375 for a few days right after we locked in!

Alinthehouse

Wednesday, August 06, 2003 - 11:43 am EditMoveDeleteIP
Hi,
I have a quick refinancing question. We were thinking of refinancing. We reside in California.

I am wondering about property taxes, under prop. 13 (property tax law), does your base value of the home change after being reevaluated for the refinance? Base value is currenty half of the market value. That would make a big difference in property taxes if we are based on today’s market.

This thread answered a few of my questions I’ve been thinking about. I don’t mean to invade Pamy’s thread. Please excuse me if I have.

Pamy

Wednesday, August 06, 2003 - 12:59 pm EditMoveDeleteIP
Allinthe house..WELCOME!!!! It won’t affect your taxes at all as long as they don’t make you do a reasessable title change. If you hold title now as husband and wife as joint tenants then they won’t even record a deed that the Assessor would see, they would only record a deed transferring the mtg(a trust deed). If you hold title in trust they will record a title change deed(grant deed) but those are not reassessable.
This thread is for everyone, so if you have more questions, pls ask!!
NOTE..rates are going up fast!!!! REFI NOW!!

Alinthehouse

Wednesday, August 06, 2003 - 03:26 pm EditMoveDeleteIP
Pamy, Thanks!!!

Denecee

Wednesday, August 06, 2003 - 03:38 pm EditMoveDeleteIP
We lived in our house for 5 yrs at 7.25% interest and just refinanced the balance at 5%!!! Yipeee! The refinance fee will pay for itself in 1 year.

Calamity

Thursday, August 07, 2003 - 12:26 pm EditMoveDeleteIP
I just refinanced my mortgage. It took almost three months! I had a 30-yr. fixed rate at 6% and made it a 15 yr. fixed at 5%. I didn’t pay any points but had a couple thousand dollars in fees (please don't tell me that's too much - I couldn't bear the news). Sigh. I’m not looking for any advice but wanted to post out of nervous energy! I’m just praying I didn’t get over-ambitious by making it 15 years. It seemed like a good idea at the time, lol.

Fanny

Thursday, August 07, 2003 - 12:37 pm EditMoveDeleteIP
This is one of those rare times where I didn't follow my usual and customary practice of "buy high, sell low". I refinanced my house at 4.875% for 15 years. I had 15 years left on a 20-year mortgage at 7.25% Yay!

Jagger

Friday, August 08, 2003 - 07:35 am EditMoveDeleteIP
I just finished refing my home also, I went from 6.375 to 4.875 on a 30 year. I did pay a point, my payments stayed the same but I ended up with close to 20 thousand for some remodeling I am doing. I still had 28 years left on my previous refi. I owe twice as much for my home now than I did when I bought it 10 years ago. I think that had something to do with several second mortgages and several refis.