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Wow, Fed cuts rate to 3.5% Wow, Fed cuts rate to 3.5%
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  #11  
Old 01-22-2008, 11:08 AM
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Hmmm... maybe I should just start a new thread not to hijack this one cause I had no clue about no-cost refinance. I was trying to go about it on my own through my credit union back in VA as opposed through a broker shopping it around. I just thought I'd jump on this one since it involved the falling interest rate.

1) Rate, fixed or variable

7.4% fixed

2) Term of loan

30yr

3) Loan amount?

prefer not to say in the Lounge

4) Current value of home?

not much more than it was 6 months ago, and hopefully not less



I just want a lower interest, lower payment, and lower PPI that's killing me Almost $400 extra per month.
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  #12  
Old 01-22-2008, 11:19 AM
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Lower rates...falling prices...so perhaps now is the time to enter the market. Oh how I wish I could buy a place.
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  #13  
Old 01-22-2008, 11:36 AM
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Quote:
Originally Posted by GUINNESS
7.4% fixed



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  #14  
Old 01-22-2008, 11:37 AM
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Check this:

http://www.foxbusiness.com/article/r...444495_44.html

Oil now under $88/bbl. Amazing the control futures traders lose when an economy finally realizes it is in a recession. My prediction, $75/bbl by mid-February
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Old 01-22-2008, 11:50 AM
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Quote:
Originally Posted by GUINNESS
Hmmm... maybe I should just start a new thread not to hijack this one cause I had no clue about no-cost refinance. I was trying to go about it on my own through my credit union back in VA as opposed through a broker shopping it around. I just thought I'd jump on this one since it involved the falling interest rate.

1) Rate, fixed or variable

7.4% fixed

2) Term of loan

30yr

3) Loan amount?

prefer not to say in the Lounge

4) Current value of home?

not much more than it was 6 months ago, and hopefully not less



I just want a lower interest, lower payment, and lower PPI that's killing me Almost $400 extra per month.
announcing your loan amount to the Lounge is probably ok... your interest rate you'd want to keep to yourself. Frankly, its no ones business but your own.
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Old 01-22-2008, 12:03 PM
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Quote:
Originally Posted by Krimson X
announcing your loan amount to the Lounge is probably ok... your interest rate you'd want to keep to yourself. Frankly, its no ones business but your own.


Why would he advertise the value of his home? His loan amount is most likely 80% (or more) of the purchase price, and is not something you should be sharing on the internet, IMO. Who cares what his interest rate is? That's why he wants to refinance because he knows he's getting screwed on interest...
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  #17  
Old 01-22-2008, 12:12 PM
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Problem is a lower Fed rate does not always equate to lower consumer rates. Often the current rates have already "Factored in" the lower rate on the horizon. Of course we all know that to be bull crap but that is what the mortgage industry would like us to believe.
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Old 01-22-2008, 12:14 PM
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Quote:
Originally Posted by AzX5


Why would he advertise the value of his home? His loan amount is most likely 80% (or more) of the purchase price, and is not something you should be sharing on the internet, IMO. Who cares what his interest rate is? That's why he wants to refinance because he knows he's getting screwed on interest...
Oh, I don't know... maybe because the interest rate a person is charged by a financial institution, whether good or bad, tells alot about the borrower. Again, frankly, its no one's business, and I find it to be very personal, IMHO. Would you want everyone to know that you are being charged 17% interest to finance your X5 because you have poor credit? Oops!
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Old 01-22-2008, 12:20 PM
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Originally Posted by Krimson X
Oh, I don't know... maybe because the interest rate a person is charged by a financial institution, whether good or bad, tells alot about the borrower. Again, frankly, its no one's business, and I find it to be very personal, IMHO.
Agreed. Someones first impression of the rate might have been WOW that is pretty high and he either got ripped off or has bad credit. Reality is there could have been other reasons for the high rate. It might not have been a conforming 80-20 loan or there could have been a low down payment.

The details are personal
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  #20  
Old 01-22-2008, 12:32 PM
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Quote:
Originally Posted by MrLabGuy
Agreed. Someones first impression of the rate might have been WOW that is pretty high and he either got ripped off or has bad credit. Reality is there could have been other reasons for the high rate. It might not have been a conforming 80-20 loan or there could have been a low down payment.

The details are personal
That's my point. Nobody knows WHY his rate is high, and there are many reasons that would explain it. But that doesn't tell the world that he has a $1M house or a $250k house, nobody's business!
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