2006-12-11 08:12:38 · 4 answers · asked by gutzmisery 1 in Business & Finance ➔ Renting & Real Estate
You refinance when you need money. Make sure you don't have a pre-payment penalty on your current loan (if you have one) and you have enough equity. According to the National Association of Realtors, the rate will go up to 6.7% in 2007. The rate is 6.11 now
2006-12-11 08:16:22 · answer #1 · answered by Anonymous · 0⤊ 1⤋
Without knowing all the variables, there is no way to tell whether any time is a good time to refinance. How many variables are there? About 952. However, if you consult a mortgage broker, they can sort these things out for you, and give you an idea about when, why, and how much. Plus, they work for free until the loan closes. I work in Indiana primarily, so send me an email if you're in my state, and I'll see if I can hammer out some details for you.
2006-12-11 16:31:18 · answer #2 · answered by togashiyokuni2001 6 · 0⤊ 0⤋
It may be a great time to refinance for you, every situation is different. If you have a low rate fixed mortgage than it it is probably a good idea not to refinance. If your rate is adjustable, or is currrently high, then you should look at refinancing while rates are low. You may be able to shorten the term of your loan or lower your payment to something more affordable. I would contact a mortgage broker or two to let them see your situation. They can tell you what you qualify for, and whether or not it is beneficial for you. If you are in California, I can help. ronaldj73@hotmail.com
2006-12-11 16:30:12 · answer #3 · answered by Ron B 3 · 0⤊ 0⤋
I'm not sure that it is a good time to wait. It is a good time to take action unless you need some seasoning between the purchase and the refi. Rates are fantastic, lenders have plenty of time and are going to give you a lot of attention, plus give you the best rate available.
2006-12-11 16:28:56 · answer #4 · answered by larry r 3 · 0⤊ 0⤋