4.75% interest rates?

ducati_atx · 12-17-2008, 02:41 PM

Anyone looking at doing a refinance?

Rates keep dropping like a rock....

Sixxxxer · 12-17-2008, 02:42 PM

Our Rate was 5.5 Yesterday...First time buyers though.

RACER X · 12-17-2008, 02:44 PM

where are you hearing that #?

5.75, 5-6 mos ago.

Sixxxxer · 12-17-2008, 02:45 PM

Just google it...rates are around 5 Flat right now...Like I said we got 5.5 Yesaterday...but we didnt Lock in yet

RACER X · 12-17-2008, 02:49 PM

what cost are associated w/ a refi ?

ducati_atx · 12-17-2008, 02:53 PM

Quote:

Originally Posted by RACER X

what cost are associated w/ a refi ?

(made some ninja edits)

https://www.wellsfargo.com/mortgage/rates?dm=DMIWFHPRAT

4.75% at wells fargo.

Refinance costs are like 1.5% of the loan amount. For my loan at 5.5%->4.75% its showing a payoff in 2.3 years. If the loan drifts to 4.5% it will be 1.8 years.

[this calculation does not take into account the savings associated with deducting the points at closing]

Rider · 12-17-2008, 02:55 PM

Not worth it, I'm at 5.375% fixed. It would have to go below 4% to be worthwhile.

Trip · 12-17-2008, 03:11 PM

Would it be worth it to pay a 1% origination fee to drop it from 5.25 to 4.75 or 5.25 to 5 for free?

ducati_atx · 12-17-2008, 03:16 PM

Quote:

Originally Posted by Trip

Would it be worth it to pay a 1% origination fee to drop it from 5.25 to 4.75 or 5.25 to 5 for free?

usually the cross over they suggest is .75-1% delta in your rate vs the refinanance rate. The more you ow the lower that delta could be.

RACER X · 12-17-2008, 03:20 PM

payment alone would drop only $100 for me.

but then again, i would recoup my refi fee's within 3 yrs, and i could keep paying the extra $100 and drop my length

or drop to a 20 yr note and keep about the same as i'm currently.

12-17-2008, 02:41 PM	#1
ducati_atx Yuppie Prick Join Date: Nov 2008 Location: Austin, TX Posts: 223	4.75% interest rates? Anyone looking at doing a refinance? Rates keep dropping like a rock....

12-17-2008, 02:42 PM	#2
Sixxxxer Like Gixxxxer But Not Join Date: Jul 2008 Location: Dirty Jersey Moto: 2008 ZX6R Posts: 4,891	Our Rate was 5.5 Yesterday...First time buyers though. __________________ [FRSH] Candy Plasma Blue

12-17-2008, 02:44 PM	#3
RACER X AMA Supersport Join Date: Nov 2008 Location: Richmond, Tx Moto: '10 Tuono Factory Posts: 4,569	where are you hearing that #? 5.75, 5-6 mos ago. __________________ ΜΟΛΩΝ ΛΑΒΕ 2014 GROM! 181cc of FURY 2010 Aprilia Tuono Factory - SOLD 2009 SFV Gladius - SOLD 2008 Hayabusa - SOLD.

12-17-2008, 02:45 PM	#4
Sixxxxer Like Gixxxxer But Not Join Date: Jul 2008 Location: Dirty Jersey Moto: 2008 ZX6R Posts: 4,891	Just google it...rates are around 5 Flat right now...Like I said we got 5.5 Yesaterday...but we didnt Lock in yet __________________ [FRSH] Candy Plasma Blue

12-17-2008, 02:49 PM	#5
RACER X AMA Supersport Join Date: Nov 2008 Location: Richmond, Tx Moto: '10 Tuono Factory Posts: 4,569	what cost are associated w/ a refi ? __________________ ΜΟΛΩΝ ΛΑΒΕ 2014 GROM! 181cc of FURY 2010 Aprilia Tuono Factory - SOLD 2009 SFV Gladius - SOLD 2008 Hayabusa - SOLD.

12-17-2008, 02:55 PM	#7
Rider Moto GP Star Join Date: Feb 2008 Posts: 12,156	Not worth it, I'm at 5.375% fixed. It would have to go below 4% to be worthwhile.

12-17-2008, 03:20 PM	#10
RACER X AMA Supersport Join Date: Nov 2008 Location: Richmond, Tx Moto: '10 Tuono Factory Posts: 4,569	payment alone would drop only $100 for me. but then again, i would recoup my refi fee's within 3 yrs, and i could keep paying the extra $100 and drop my length or drop to a 20 yr note and keep about the same as i'm currently. __________________ ΜΟΛΩΝ ΛΑΒΕ 2014 GROM! 181cc of FURY 2010 Aprilia Tuono Factory - SOLD 2009 SFV Gladius - SOLD 2008 Hayabusa - SOLD.