Question by Eazy: I want to refinance my mortgage due to the recent low rate. Should I wait longer?
I bought an apartment in 2007 and the mortgage rate for 30 years is 6.5%. I recently went to a bank and they gave me the rate of 4.9% (as of April 09) for refinancing. It seems like Obama’s plan is working which is great. But do you think the rate will even go lower? Should I wait longer or better to settle now?
Answer by Chrissy
I would go for it now. Some financial institutions had rates at 4.5% (with no points either) and they’re starting to creep up just a bit now. A lot of my friends in Real Estate say things are finally starting to turn around as well. If things do go any lower, I doubt they’ll fall very much. Now sounds like a good time for you to refinance.
What do you think? Answer below!
Honestly the rate changing a little bit doesn’t make a huge difference. 4.9% is a great rate and waiting longer takes on a risk of it going up too. I’d just lock in now and get your payments down. The longer you wait, the longer you are making your higher payments too.