Does anyone think I should wait to refinance (say for another year)?

Question

Or is everybody in agreement that things are only going to get worse with the housing values dropping and interest rates rising (fng p**p - how did things get so bad?) Really.

I would like serious answers from preferably folks in the real estate, mortgage, banking/finance industry. Should I refinance immediately or not?

Answer 1

I'm going to answer your question with a question, are you looking for a special refinance or anything with a lower rate ?

Do not accept anything that has the letters ARM in it. I spent a year looking for a refinance that would fit my needs, under 7% FIXED mortgage 30 years. I had an ARM and wanted rid of it. I got a rate of 6.375% for 20 years at just over $40.00 more than I was paying and then the **** hit the fan and people started losing their homes due to the mortgage problem. You should know about all the details by now.

Just hang in there until you get what you want and stay away from mortgage brokers, go to the banks themselves, I went with Wells Fargo.

Answer 2

That depends on why you want to refinance. If you're looking to pull equity out of your house, I suggest you don't do it. People doing that is is one of the reasons for the sub-prime mess. If you want to get a better rate, go ahead and do so now. I believe interest rates will be going up in the future not down. Good luck.

Answer 3

No, credit is tightening and we are in an environment where rates are moving up.  Try getting an FHA refi up to 97% of the value of your home.  Their rates are still below 6.875% and FIXED for 30 years.  If you have additional questions, please email me (it's on my bio).  Good luck.

Answer 4

The answer depends not only on market expectations but also on your particular financial situation.  No one can predict the future.  The current "majority opinion" seems to be that interest rates may rise next year (in the U.S.).