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New baby, reduced income, good time to refinance a 6.5% 30 year fixed?

Profile picture for jakelively
We got our loan in January 2007 on a $245K mortgage.  We plan on staying at least another 5 to 7 years.  Very good debt to income ratio and good credit.  I have seen rates on 30 year fixed around 4.5 - 5% and wondered if now is a good time to lower my payment or should I wait?  I figured that if I can drop 1 to 2 percent, why not.  Estimated value is around $280K.  Any advice will help!
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March 30 - The Woodlands

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Profile picture for DebtFreeDave
Real Estate Agent
Contributions: 1312
If you can qualify now would be a great time to refinance.  You may want to see what your home is worth before you get started.
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March 30
Profile picture for Caveat Emptor
Contributions: 5865
Zillow All-Star

Since January 2009

the rate probably wont get much better, if you aren't underwater, go for it!

this is a great time to refi!
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March 30
Profile picture for TCMW
Contributions: 46
The market is SUPER volatile right now.  4.5% last week is 5% this week...might be 4.75 tomorrow and 5.5 next week.  You never know where its going to go.  A bird in hand is worth AT LEAST 3 or 4 in the bush in this market.  And if you try to catch it at the bottom, you never will.   They bounce too quickly.  If it makes sense now, do it.  Worst case, you can always refinance again if rates drop more (not at all likely)...that is assuming you still can.   Get it while you can.   Feel free to email me at tc.whiting@guaranteedrate.com if you need any help.   I've been in the biz over a decade and I'll shoot you straight.
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March 31
 

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Discussion New baby, reduced income, good time to refinance a 6.5% 30 year fixed?
  • Last reply by TCMW
  • March 31
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