Home Refinance....

**UTVols2** · January 30th, 2009, 11:48 PM

Just wanted to give everybody a heads up, if you are thinking about refinancing your home now would be a pretty good time to do it. I just locked in my rate at 4.35 today with First Bank & Trust. Even though the economy is bad this is normally a good time to take advantage of lower rates, if you have decent to good credit.

I owed 25 years left on my mortgage that had a 6.9 rate when I first took it out 5 years ago. I have now dropped $50 per month off my payment and knocked off 10 years with a 15 year fixed rate. I can finally almost see the light at the end of the tunnel.

**PVVikeFan** · January 31st, 2009, 09:30 AM

Lowest rates I have ever seen. And there is a possibility they could go just a little lower. Hard to imagine. If your mortgage payment is only $500 you will save $60,000 just in the term, plus the difference in the additional $50. Hard to imagine.
I looked into doing a refi on a couple of rentals a few months ago. Could get a lower rate but couldn't really come out because the bank wanted a longer term that what I owe now. Wish these rates had been around a few years ago.

**BlueWahooChambordDevil** · February 9th, 2009, 12:26 AM

i just got 4% on a 15 year for somebody last friday

**UTVols2** · February 9th, 2009, 09:38 AM

That's good stuff, I think all who can should take advantage of these rates while they can. Of course, with all the foreclosures going on most companies are going to be pretty strict in who they lend too, at least tighter than normal.

I am just glad that 80% of the fly-by-night lenders and companies we used to work for during the refinance boom a couple years back have bit the dust. A complete nightmare to work for and they didn't care what you qualified for, you got the loan.

**SBG** · February 9th, 2009, 02:21 PM

Do you have to have paid into your current loan for any certain amount of time to be considered for refinancing? And if you refi does that mean you get a new loan through another company? I'm a rookie on all this mortgage stuff.

**UTVols2** · February 9th, 2009, 03:00 PM

Originally Posted by Some Bald Guy

Do you have to have paid into your current loan for any certain amount of time to be considered for refinancing? And if you refi does that mean you get a new loan through another company? I'm a rookie on all this mortgage stuff.

If you refinance, yes, you will get a loan through another company unless you refinance with that same company you have your mortgage through now, then it will be the same.

As far as the question about how long you have to pay on the current mortgage before you can refinance? I am not sure about that, I don't think there is a disclosure about set number of payments before you refinance, I could be wrong but I don't think so. Just be careful which lender you choose and such. There are different things you may have to pay out of pocket (closing cost, appraisal, points, etc) and then there are some who will add all into your loan. If you can pay most of it out of pocket I fully suggest you do that because if you add it into the loan it can add up over time.

I don't know all there is to know about the lending business so if you need a number of someone to call or some good loan officers, mortgage brokers, etc just PM me and I will give you a few. It seems BWC may be into that business so he might be able to enlighten you better than I, but I know of some good local contacts if you don't want to deal with outside sources.

**SBG** · February 10th, 2009, 04:17 AM

Well, I've only paid into my mortgage for about 2.5 years and that's why I asked. Currently my mortgage is through Vanderbilt. I've not read many good comments about them on the net but I didn't see them before I bought the home. And as I've only been paying as long as I have I haven't had much time to run into trouble. I hope I never do. Thanks for the info though. You've enlightened me somewhat.