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Profile picture for Slack Jawed Yokel

Interest rates, mortgages, and refi???

Question: If I lock a fixed loan mortgage today, and then rates drop significantly over, say, the next two months, could I refinance that quickly (after just a few months)? It would be worth the fees if it were a whole point drop. But what are the other details about it? And is it usually best to refi with the original lender?

 

Thanks!

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February 27 2008 - US
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If rates drop while your paperwork is being processed - Any ethical lender would rather pass along the lower rate than lose your business.  If they are properly hedged - They have made allowances to renegotiate your terms.

 

You may run into a "seasoning" issue in todays market - If you choose to refi within a few months.

 

The original lender should be easier - Just pull up the prior application and update the info - But you should get at least one more quote to keep them honest.  Maybe even two or three...

 

Thanx, D

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February 27 2008
Profile picture for Slack Jawed Yokel

Thank you very much! Very helpful to know BEFORE I decide to buy. We are hoping to purchase within the next 2-4 months. Whatever we find will need to be priced/negotiated to at least 20% lower than comp sales today. Maybe even more. I am not a so-called doomer, but I want to be realistic about what I should end up paying for a home. Even if the sacramento market drops lower than 20%, I would be comfortable buying at that level. Todays prices are still evidently too high.

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February 27 2008

Meet with a few local lenders until you find two you are comfortable with.  They should be able to refer you to good buyers agents - Who hopefully have short-sale experience.

 

Good luck........

 

Thanx, D

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February 28 2008

If you intend to offer at least 20% lower than comprabale sales don't waste anyones time.  If similar properties are selling for say $150,000 why would someone take 20% less than that?  If a property is listed 20% higher than the $150,000 then you should offer 20% below the list price not the comprable sales.

 

It may be semantics but if you are expecting to get 20% below comprable sales you won't have much success.

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February 28 2008
 
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