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Where are rates going? Should I wait to refinance?

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June 01 2009 - Andover
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Answers (13)

Many have good recommendations on this thread.  Find a good LO in MA and give them your target rate... Andrew is a good choice.  When it is there, be ready to lock.

You can give them all the info and documentation up front, but no sense in getting an appraisal and spending money unless your target rate is achieved.
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June 02 2009
No, not all lenders require a full complete file including appraisal report.... And, if the lender is checking sales after the appraisal is done, I would recommend finding a different lender up front.

I would not pay anything up front without having your rate locked.


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June 02 2009
andover,
keep in mind,many if not all lenders will want to have a full complete file including the appraisal report.  be prepared for the leap of faith of paying for an appraisal upfront without a rate lock in place. however, when rates improve you will be in the right place at the right time. also, be mind full of any comparable homes that close around your neighborhood during the process. if you see any homes sales for below your appraised value call your loan officer. many lenders will double check appraised value if the the report is dated a few weeks or prior to closing. that can spell trouble if a new comparable spoils your loan to value.
cheers.
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June 02 2009
Profile picture for blueslave
You may want to do it sooner as refi is getting harder from my own experience.  I had one of my hosues refi one year ago and it was easy.  Now I am going through another refi, I have excellent credit score and good income but this time just much harder. 
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June 02 2009
Profile picture for SoCal_Engr
p.s. I'll second the recommendation for Andrew. He can seem caustic at times, but that is because (a) he has an opinion, and (b) he tends to not sugar-coat it.

I've had some offline conversations with him, and gotten good advice and confirmation of information.
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June 02 2009
Profile picture for SoCal_Engr
Clarification...

It's not about locking and securing "the lowest rate possible". It's about locking and securing "a rate that meets your objectives".

Too often, people sweat the last .125%, .25%, or even .5% in rate. In some cases, the difference between what they can get, and "where it might go" means very little in actual dollars - but they're afraid of "not getting the best rate/deal".

Unless you're doing a "cash out", the payments are going to go down. And, a good portion of the reduction will be due to a lower starting principal...not just the impact of a lower rate. Ideally, both will apply and the payment will really drop. My rate only dropped .75%, but the drop in principal made it worth it.

This is why you need to know the "why?" of the refi, and how you plan to utilize it.
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June 02 2009
What's most important is being "proactive".  Being prepared means that when rates drop you'll be able to lock and secure the lowest rate possible.  Also, remember to do your homework.  Ask plenty of questions and choose a mortgage professional that has long-term experience, industry knowledge and absolutely one you feel you can trust.  It's not easy, but the savings and comfort-level will be worth the extra work.
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June 02 2009
Call Andrew and speak to him about your objectives.
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June 01 2009
Profile picture for SoCal_Engr
You may need to wait to refinance, or you may not. However, you should act now to determine what your objectives are for refinancing, and what rate/cost is needed to meet your objectives.

Also, while you are waiting for rates to reach your target, you should be working to identify a lender (person, not "company") that you feel comfortable working with.

Too many people wait and try to make these decisions "on the fly" when the rates are moving "their way". I knew for two years where I needed rates to go, what my refi objectives were, and what product I wanted to refi into. When the rates came into my range, I was able to pull the trigger - and was fortunate to not have missed the opportunity.
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June 01 2009
What I think you should do is work with a lender to identify a target rate and be ready to jump on the rate when/if it arrives.  Most importantly is when the rate reaches your target rate...Don't get greedy in hopes rates will improve.  Rates are higher today than they have been all year, I hope they come back down.
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June 01 2009
I think the best thing to do would be to start talking with someone so they can give you figures and information so that you can decided what is best.  Good luck!
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June 01 2009
Profile picture for shapiroamg
depends on what your current rate is, what your target rate is, and the purpose of your refinancing (cash out vs rate/term).
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June 01 2009

Rates can go up, rates can go down, rates can go sideways.

Only time will tell!!!
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June 01 2009
 
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