2007-09-19 01:12:46 · 4 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
If you have an ARM or interest-only loan right now and have good enough credit to get refinanced into a fixed rate, you'd be stupid not to.
If you're just talking about cutting your fixed rate, you'd have to factor in all the costs involved to see if the 1/4% you're saving is really worth it.
Either way, check your credit report and get it cleaned up now so your score will be higher in 30 days and you'll be able to get an even better rate yet. My score just jumped 60 points from getting things cleaned up.
2007-09-19 01:36:16 · answer #1 · answered by Roland'sMommy 6 · 0⤊ 0⤋
The rate cut applies to Federal reserve Banks. It seems doubtful that much of the cut will trickle down to consumers. However, if you can get favorable terms, go ahead.
2007-09-19 08:21:21 · answer #2 · answered by Computer Guy 7 · 0⤊ 0⤋
What you need to look at and consider is your whole financial picture. Would it benefit you to refinance now? And I'm sorry but us Yahoo's can't answer that question for you, because we don't have your whole financial picture! lol Talk with local lenders to see what programs might work best for you financially. I say local lenders, because if something goes wrong, you want to be able to walk into their office and have them take care of it. Internet lenders will be hard to even get on the phone.
2007-09-19 09:10:09 · answer #3 · answered by Alterfemego 7 · 0⤊ 0⤋
why not ? I found interesting information about your answer & the best options here. (mortgage opportunitty refinancing )
http://all-mortgage-calculators.blogspot.com/2007/06/mortgage-opportunitty-financing-and.html
Good luck!
2007-09-19 19:13:53 · answer #4 · answered by Anonymous · 0⤊ 0⤋