Profile picture for DavidG

Zillow.com

Phone: (206) 470-7168

Website: This is it.

Back to Results

Tools

Partner Tools


Is now good time to refi?

Profile picture for vpougatchev
I have 7/1 ARM first mortgage with 5.75% and heloc (paying interest only), got this loan (85/15/5) 3 years ago. Home equity grew about 100K. Thinking about refinancing to get 30-y fixed mortgage and some cash out, but rates were not favorable. Recently I was advised to consider refi again because rates became decreasing. Is this correct, or should I wait more hoping to get rate lower?
  Flag content
Close
Report a Problem
Close
Content Flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 12 2007 - US

Replies (17)

If you plan on staying there... I would get the fixed rate. Keep it at 80% loan to value for a lower rate. (6%, 30 year is a good rate right now). Everybody feels the rates will drop on Sept.18th. This will kill the dollar value and you have to question will it really happen.
  Flag content
Close
Report a Problem
Close
Content Flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 12 2007
Profile picture for ColoradoLender
Mortgage Lender

Lender rating

5.0/5.0

View ratings and reviews

Contributions: 5856
Zillow All-Star

Since January 2009

dennis- If they do cut the rate what do you forsee the 30 yr rate to go down to?
  Flag content
Close
Report a Problem
Close
Content Flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 12 2007
Profile picture for ELender
Mortgage Lender

Lender rating

5.0/5.0

View ratings and reviews

Contributions: 1482
Zillow All-Star

Since October 2009

Most lenders are already forseeing the cut and pricing accordingly. Just because Fed drops doesn't mean lenders will drop accordingly.
  Flag content
Close
Report a Problem
Close
Content Flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 12 2007
Profile picture for ColoradoLender
Mortgage Lender

Lender rating

5.0/5.0

View ratings and reviews

Contributions: 5856
Zillow All-Star

Since January 2009

Ya was just asking his opinion bud
  Flag content
Close
Report a Problem
Close
Content Flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 12 2007
I think rates are going to get lower. You can monitor rates on my website-there is a daily rate lock advisory that my clients have found very helpful: www.phoenixmtg.com. I would suggest that you define what your goals are for your mortgage, your home and your monthly finances. The answers to these questions will help you and a trusted mortgage professional, decide how to proceed. Respectfully-Matthew Sanders, Real Estate Financing Agent
  Flag content
Close
Report a Problem
Close
Content Flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 12 2007
Profile picture for kirkwilliamsgroup
Mortgage Lender

Lender rating

View ratings and reviews

Contributions: 150
The market has priced the rate cut in however if the FED surprises us and cuts more than estimated (I doubt it) rates may ease.

How long will you hold on to the house is the million dollar queston and there are others also. Visit my website: www.kirkwilliamsgroup.com

Kirk Williams, mortgage advisor
  Flag content
Close
Report a Problem
Close
Content Flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 12 2007
Profile picture for MelissWa
Real Estate Agent

View my 2 listings

Contributions: 150
I'm wondering what the basis is that rates will go down - I'm just curious because my understanding is that although the Fed rate cuts will help lower rates on Home Equity Lines of Credit, personal loans, auto loans and commercial paper... a rate cut by the Fed may actually cause fixed rate mortgage rates to worsen. If the Fed says they are comfortable with inflation being contained, bonds will improve. But if the Fed indicates they are cutting rates in the face of inflationary fears, bond prices will likely move lower causing home loan rates to rise. Technically, Bonds are currently overbought.
  Flag content
Close
Report a Problem
Close
Content Flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 12 2007
Profile picture for kirkwilliamsgroup
Mortgage Lender

Lender rating

View ratings and reviews

Contributions: 150
The buying and selling of mortgage back securities drive long term pricing.

Yes, technically Fed Cuts impact short term instruments. Fed bias drives behavior so when the fed cuts although it is not "technically" linked to long term rates, it can have impact on other markets that do drive down long term rates.

I think the person just wanted to know if they should refi or not.
  Flag content
Close
Report a Problem
Close
Content Flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 13 2007
Profile picture for ColoradoLender
Mortgage Lender

Lender rating

5.0/5.0

View ratings and reviews

Contributions: 5856
Zillow All-Star

Since January 2009

Then the discussion turned and i asked a bit of a different question: Having trouble keeping up?
  Flag content
Close
Report a Problem
Close
Content Flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 13 2007
Profile picture for MelissWa
Real Estate Agent

View my 2 listings

Contributions: 150
=) I think the question was if vpougatchev was to wait could he hope to get a lower rate. If I knew that answer to a certainty, I would be in Tahiti drinking something with an umbrella in it.
  Flag content
Close
Report a Problem
Close
Content Flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 13 2007
Profile picture for MelissWa
Real Estate Agent

View my 2 listings

Contributions: 150
BTW ~ my clients are currently getting 5.875 with 6% apr. The rates may fluctuate - but by how much? I still think that's still a great rate.
  Flag content
Close
Report a Problem
Close
Content Flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 13 2007
Profile picture for vpougatchev
Thak you all for trying to answer my question. Unfortunately I could barely understand some part of this discussion of professionals. :)

I hoped to learn if there is any tendency in rate changes. I understand that there is a certain error in any prediction, but ball park estimate would be good enough.

I don't really have troubles keeping up. But paying 10.5% on my second is kind of bothering not mentioning that my ARM benefit will expire in 4 years.
  Flag content
Close
Report a Problem
Close
Content Flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 14 2007
Profile picture for frank1003
Contributions: 266
Depends on how long you intend to keep the home. Most people move within 7 years anyway. You have 4 years left at a great rate. If you feel you'll be in the property long term, refi into a long term fixed rate when you can get a rate comparable to what you have now. I doubt a fed rate cut will affect long term rates beyond the associated media hype and public misconception of what it means. Long term mortgage rates are driven by 10 year bonds; yield up, rates up; yield down, rates down. Fed rate cut only affects equity line rates and consumer credit (auto, credit card,etc.) rates.
  Flag content
Close
Report a Problem
Close
Content Flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 15 2007
Profile picture for vpougatchev
Well my actual rate is not that great after all. Since I had 80/15/5 mortgage loan deal, I have a HELOC with variable rate. It is high now so my combined rate is 6.4% at this time and it does not semm to go lower for some time. I plan to stay here for a long time unless something happens in my life.
  Flag content
Close
Report a Problem
Close
Content Flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 21 2007
Profile picture for frank1003
Contributions: 266
If your 2nd mortgage is a HELOC with a floating rate, it has just floated downward. If before the fed rate cut your blended rate was 6.4%, I'd say you're still in real good shape and getting better. You'd have to find out the value of your property today to see what your current CLTV is. If you combine 1st and 2nd through refinancing and the resulting LTV would still be over 80%, I'd find it hard to believe that you'd be able to get into a better position than you already are rate-wise. A blended rate of 6.4% on an 80/15 is unheard of these days. Sit down with a professional lender at your local bank, credit union or savings & loan association and go over the terms of your existing 1st and 2nd mortgage together. From what you're telling me, my advice would be to stand pat for now. However, I'm not privvy to the fine print in your documents, which is why I'd talk it over with a local banker before making a final decision. It's easier and safer to get to your destination if you know where you already are.
  Flag content
Close
Report a Problem
Close
Content Flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 21 2007
Profile picture for DebtFreeDave
Real Estate Agent
Contributions: 1312
I don't know that waiting is going to make that much difference. With the state of this economy who knows what is going to happen.
  Flag content
Close
Report a Problem
Close
Content Flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
October 02 2007
Profile picture for Countrywide2008
Mortgage Lender

Lender rating

3.7/5.0

View ratings and reviews

Contributions: 251
Refinance now if you can, I know your Heloc is a much higher rate, I have a question whether it is possible to do so now. Alot of blanks here. I guessing you haven't refinanced possible because of ltv restrictions or Fico score?
  Flag content
Close
Report a Problem
Close
Content Flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
October 07 2007
 

Have a question? Ask it here.

What's this?
Close

By starting a discussion, you can expect more of an interactive, back-and-forth experience where the conversation can go in many different directions.

Or start a discussion

 
Top Lenders
Ratings
Subscribe via RSS
  1. 5.0/5.0

    56 reviews
  2. 5.0/5.0

    90 reviews
  3. 5.0/5.0

    137 reviews
  4. 4.9/5.0

    57 reviews
  5. 4.7/5.0

    65 reviews
Related Discussions
Discussion Three New Changes to Zillow Mortgage Marketplace
  • Last reply by Rudi Hofmann
  • 1 day ago
  • In Lenders
  • 47 Replies - 1820 Views
Discussion Show Off Your Zillow Ratings and Reviews
  • Last reply by Clay Branch
  • 1 day ago
  • In Lenders
  • 11 Replies - 331 Views
Discussion Zillow Mortgage Marketplace Pricing/Policy Change
  • Last reply by Rudi Hofmann
  • 1 day ago
  • In Lenders
  • 134 Replies - 4839 Views
Discussion No spam or self promotion please
  • Posted by Nida Makein
  • July 09
Discussion Selling your Business ? Step by Step Process
  • Last reply by wayne lancaster
  • 3 hours ago
Need a Mortgage?

Zillow Mortgage Marketplace

  • Competitive rates
  • Accurate, custom quotes
  • Thousands of lenders

... and, it's free and anonymous

Get instant mortgage quotes
Estimated purchase price Current mortgage balance Desired loan amount
98104

Learn about Zillow Mortgage Marketplace

Zillow Poll:
Suggested by Lew Corcoran
If you're a homeowner with a mortgage, what type of mortgage do you have?
Be A Good Neighbor

Zillow® Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy

pageName