Refinance now or wait?

mrkantor · 10-01-2008, 11:25 AM

I bought my home 4 years ago.for 300,000. It has a current market value of about 470,000 (previously 525 - last year). I have 200,000 equity and owe 92,000. My loan, the original one is an ARM at 5.23% interest only and it will adjust in three years. Should I refinance now. I am 66 with an adequate income and other investments. Or should I wait until the three years are up.....I have no other debt.

Thanks. mrkantor

khorrell · 10-02-2008, 12:25 AM

In my opinion, you should refi now. It is hard to say where the value of your house might go, or what your income situation might be in three years. With the low interest rates and your solid position, it would make sense to me to go ahead and lock in a good rate while you are able.

financepro · 10-06-2008, 02:36 AM

Quote:

Originally Posted by mrkantor

I bought my home 4 years ago.for 300,000. It has a current market value of about 470,000 (previously 525 - last year). I have 200,000 equity and owe 92,000. My loan, the original one is an ARM at 5.23% interest only and it will adjust in three years. Should I refinance now. I am 66 with an adequate income and other investments. Or should I wait until the three years are up.....I have no other debt.

Thanks. mrkantor

IMO, you should refinance now.

Johansen8 · 10-08-2008, 02:35 AM

If I were you I refinanced yesterday

but seriously, yes, you should

shulink · 10-14-2008, 07:10 AM

I think you should contact a mortgage broker or bank to caculate if you can save some money after you refinance. I have a friend who has same situation, but after he contacted the bank, the bank told him they need to pay more if he wanted refinance(they may get lower rate, but need to pay the refinance fee that could be a lot)
Go and find out by yourself.

mike313t · 10-25-2008, 10:39 PM

The rates are low now and suppose to drop again, I would wait a few months and refi.

10-01-2008, 11:25 AM	#1
mrkantor Junior Member Join Date: Oct 2008 Posts: 1 Thanks: 0 Thanked 0 Times in 0 Posts Reputation: (10)	Refinance now or wait? I bought my home 4 years ago.for 300,000. It has a current market value of about 470,000 (previously 525 - last year). I have 200,000 equity and owe 92,000. My loan, the original one is an ARM at 5.23% interest only and it will adjust in three years. Should I refinance now. I am 66 with an adequate income and other investments. Or should I wait until the three years are up.....I have no other debt. Thanks. mrkantor

10-02-2008, 12:25 AM	#2
khorrell Senior Member Join Date: Jan 2008 Location: near Washington DC Posts: 610 Thanks: 0 Thanked 1 Time in 1 Post Reputation: (84)	In my opinion, you should refi now. It is hard to say where the value of your house might go, or what your income situation might be in three years. With the low interest rates and your solid position, it would make sense to me to go ahead and lock in a good rate while you are able. __________________ The Paycheck Chronicles "helping military families make the most of their paychecks"

10-08-2008, 02:35 AM	#4
Johansen8 Member Join Date: Oct 2008 Location: USA Posts: 97 Thanks: 0 Thanked 0 Times in 0 Posts Reputation: (10)	If I were you I refinanced yesterday but seriously, yes, you should __________________ Bad Credit Credit Cards Free Credit Repair Ebook

10-14-2008, 07:10 AM	#5
shulink Junior Member Join Date: Oct 2008 Posts: 8 Thanks: 0 Thanked 0 Times in 0 Posts Reputation: (10)	I think you should contact a mortgage broker or bank to caculate if you can save some money after you refinance. I have a friend who has same situation, but after he contacted the bank, the bank told him they need to pay more if he wanted refinance(they may get lower rate, but need to pay the refinance fee that could be a lot) Go and find out by yourself. __________________ Free Stock Scan at www.DojiSpace.com Test your Trading Skills

10-25-2008, 10:39 PM	#6
mike313t Junior Member Join Date: Oct 2008 Posts: 17 Thanks: 0 Thanked 0 Times in 0 Posts Reputation: (10)	The rates are low now and suppose to drop again, I would wait a few months and refi. __________________ http://www.IRAEducationalMaterial.com http://www.IRAEducationalMaterial.com/RothIRA.aspx

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