# Mortgage Peeps : Refi soon? **URL:** \ **Category:** NYSpeed Off Topic\ **Created:** [December 18, 2008, 5:58am UTC](https://forums.speedlife.net/t/mortgage-peeps-refi-soon/59956 "2008-12-18T05:58:07Z")\ **Posts on this page:** 20\ **Page:** 1
**Author:** ![Daddie](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/daddie/32/7621_2.png) [@Daddie](https://forums.speedlife.net/u/Daddie)\ **Post date:** [December 18, 2008, 5:58am UTC](https://forums.speedlife.net/t/mortgage-peeps-refi-soon/59956/1 "2008-12-18T05:58:07Z")
I’m at 6.15% I think I’m going to wait - things will dip into the low 4%. I’ve only made 4 payments on my mortgage lol What is running through your heads? ---
**Author:** ![Xander](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/xander/32/7597_2.png) [@Xander](https://forums.speedlife.net/u/Xander)\ **Post date:** [December 18, 2008, 5:59am UTC](https://forums.speedlife.net/t/mortgage-peeps-refi-soon/59956/2 "2008-12-18T05:59:13Z")
No interest. X… ---
**Author:** ![Fry](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/fry/32/7284_2.png) [@Fry](https://forums.speedlife.net/u/Fry)\ **Post date:** [December 18, 2008, 6:00am UTC](https://forums.speedlife.net/t/mortgage-peeps-refi-soon/59956/3 "2008-12-18T06:00:07Z")
What are the fees going to be on a refinance? I’m planning on selling my house within a year or two so it might not be worth it to me. I’m at 6.8%… ---
**Author:** ![walter](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/walter/32/7202_2.png) [@walter](https://forums.speedlife.net/u/walter)\ **Post date:** [December 18, 2008, 6:21am UTC](https://forums.speedlife.net/t/mortgage-peeps-refi-soon/59956/4 "2008-12-18T06:21:52Z")
Its worth it on most refis to just roll the costs into APR. I will be refi-ing soon as well. As soon as these rumored 4.X% rates show up. ---
**Author:** ![chino](https://avatars.discourse-cdn.com/v4/letter/c/bcef8e/32.png) [@chino](https://forums.speedlife.net/u/chino)\ **Post date:** [December 18, 2008, 6:30am UTC](https://forums.speedlife.net/t/mortgage-peeps-refi-soon/59956/5 "2008-12-18T06:30:24Z")
yea, definitely. now, what i am wondering is if you go back through the same institution you got your original loan from, are they making enough money on the refi costs for them to give you straight answers on refinancing? or will it be more lucrative to go to a new bank? ---
**Author:** ![Viper966](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/viper966/32/7268_2.png) [@Viper966](https://forums.speedlife.net/u/Viper966)\ **Post date:** [December 18, 2008, 8:57am UTC](https://forums.speedlife.net/t/mortgage-peeps-refi-soon/59956/6 "2008-12-18T08:57:48Z")
I locked in with my no pmi loan at 30 years @ 5.75 4-5 months ago… its now down to 5% The refi rate is down to 4.5 which would save me 145 bux a month approx, but i dont know if that would kill my no PMI portion… but its tempting… points/closing costs would be ~ 5k out of pocket which would take me 3 years to recoup in savings… and i dont really see myself in that house for much longer then 8-10 ---
**Author:** ![Anonymity](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/anonymity/32/7215_2.png) [@Anonymity](https://forums.speedlife.net/u/Anonymity)\ **Post date:** [December 18, 2008, 9:00am UTC](https://forums.speedlife.net/t/mortgage-peeps-refi-soon/59956/7 "2008-12-18T09:00:29Z")
how many threads do we need on this? ---
**Author:** ![BillysRevenge](https://avatars.discourse-cdn.com/v4/letter/b/b9e5f3/32.png) [@BillysRevenge](https://forums.speedlife.net/u/BillysRevenge)\ **Post date:** [December 18, 2008, 9:01am UTC](https://forums.speedlife.net/t/mortgage-peeps-refi-soon/59956/8 "2008-12-18T09:01:48Z")
Probably at least 20… ---
**Author:** ![theblue](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/theblue/32/5074_2.png) [@theblue](https://forums.speedlife.net/u/theblue)\ **Post date:** [December 18, 2008, 10:01am UTC](https://forums.speedlife.net/t/mortgage-peeps-refi-soon/59956/9 "2008-12-18T10:01:45Z")
if you’re going to pay points then it’s not really apples to apples. Kind of like how you didn’t really find a way around PMI, they rolled it in over the entire length of the mortgage via a higher rate. I’m paying PMI but have a lower rate and purchased around the same time as you. If you don’t have ~20% equity in the place you’ll probably need PMI or will pay slightly more again. ---
**Author:** ![zwarbyt](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/zwarbyt/32/7623_2.png) [@zwarbyt](https://forums.speedlife.net/u/zwarbyt)\ **Post date:** [December 18, 2008, 10:04am UTC](https://forums.speedlife.net/t/mortgage-peeps-refi-soon/59956/10 "2008-12-18T10:04:50Z")
how long do you plan on living in your home though? refi costs 2-3k in closing etc so 134 if you plan to leave in 3-4 years :tif: ---
**Author:** ![walter](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/walter/32/7202_2.png) [@walter](https://forums.speedlife.net/u/walter)\ **Post date:** [December 18, 2008, 10:13am UTC](https://forums.speedlife.net/t/mortgage-peeps-refi-soon/59956/11 "2008-12-18T10:13:07Z")
paying points is for suckers… poor suckers ---
**Author:** ![camarojoe](https://avatars.discourse-cdn.com/v4/letter/c/c67d28/32.png) [@camarojoe](https://forums.speedlife.net/u/camarojoe)\ **Post date:** [December 18, 2008, 10:36am UTC](https://forums.speedlife.net/t/mortgage-peeps-refi-soon/59956/12 "2008-12-18T10:36:08Z")
> [@chino](#): > > yea, definitely. now, what i am wondering is if you go back through the same institution you got your original loan from, are they making enough money on the refi costs for them to give you straight answers on refinancing? or will it be more lucrative to go to a new bank? I’m curious to hear if anyone knows this too. We just refinanced 4-5 months ago at 6.25, and would it be to our benefit to do it again? ---
**Author:** ![JustinH](https://avatars.discourse-cdn.com/v4/letter/j/9fc29f/32.png) [@JustinH](https://forums.speedlife.net/u/JustinH)\ **Post date:** [December 18, 2008, 10:52am UTC](https://forums.speedlife.net/t/mortgage-peeps-refi-soon/59956/13 "2008-12-18T10:52:29Z")
5.5% here, 30 year fixed… I’ll stick with that. ---
**Author:** ![jimmyfloyd](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/jimmyfloyd/32/3077_2.png) [@jimmyfloyd](https://forums.speedlife.net/u/jimmyfloyd)\ **Post date:** [December 18, 2008, 11:08am UTC](https://forums.speedlife.net/t/mortgage-peeps-refi-soon/59956/14 "2008-12-18T11:08:16Z")
I’m at 6.5% 30 yr and only made 2 payments so far, so I am guessing that if I can get something around 4.5% or better, it might be worth while. ---
**Author:** ![Boomin99GT](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/boomin99gt/32/7306_2.png) [@Boomin99GT](https://forums.speedlife.net/u/Boomin99GT)\ **Post date:** [December 18, 2008, 11:12am UTC](https://forums.speedlife.net/t/mortgage-peeps-refi-soon/59956/15 "2008-12-18T11:12:08Z")
I just locked in at 5.074 last week at my bank because currently we’re at 7.65%. Unfortunatly the way I have to do it I need to pay closing costs again but it’ll still work in our favor in the long run. ---
**Author:** ![Quattro\_Krant](https://avatars.discourse-cdn.com/v4/letter/q/ac91a4/32.png) [@Quattro\_Krant](https://forums.speedlife.net/u/Quattro_Krant)\ **Post date:** [December 18, 2008, 11:17am UTC](https://forums.speedlife.net/t/mortgage-peeps-refi-soon/59956/16 "2008-12-18T11:17:30Z")
> [@Fry](#): > > What are the fees going to be on a refinance? I’m planning on selling my house within a year or two so it might not be worth it to me. I’m at 6.8%… If you are going to be selling the house in a year, it will not be worth you re-financing. > [@chino](#): > > yea, definitely. now, what i am wondering is if you go back through the same institution you got your original loan from, are they making enough money on the refi costs for them to give you straight answers on refinancing? or will it be more lucrative to go to a new bank? Go though a mortgage broker, thats what I did. My first loan was with Suntrust Mortgage, then it was re-fied to HSBC. When I went from Suntrust to HSBC I knocked off 10 years and only added $100~ per month to the payment. He sent me a notice saying that it might be worth me re-financing again and going from 5.6125% to something in the 4’s. I’d love to stay at a 20 year but knock some $ off the monthly payment. ---
**Author:** ![Eazy716](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/eazy716/32/7443_2.png) [@Eazy716](https://forums.speedlife.net/u/Eazy716)\ **Post date:** [December 18, 2008, 11:23am UTC](https://forums.speedlife.net/t/mortgage-peeps-refi-soon/59956/17 "2008-12-18T11:23:41Z")
^^if you don’t mind me asking, who was your LO thru HSBC? or did it actually go thru the Broker channel? ---
**Author:** ![chino](https://avatars.discourse-cdn.com/v4/letter/c/bcef8e/32.png) [@chino](https://forums.speedlife.net/u/chino)\ **Post date:** [December 18, 2008, 11:26am UTC](https://forums.speedlife.net/t/mortgage-peeps-refi-soon/59956/18 "2008-12-18T11:26:50Z")
i’m already thru HSBC now and want to keep it that way because i can just transfer funds easily… still waiting to hear back from my guy though ☹ ---
**Author:** ![theblue](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/theblue/32/5074_2.png) [@theblue](https://forums.speedlife.net/u/theblue)\ **Post date:** [December 18, 2008, 11:53am UTC](https://forums.speedlife.net/t/mortgage-peeps-refi-soon/59956/19 "2008-12-18T11:53:24Z")
I waiting a bit to see what happens… I don’t think they’re going up anytime soon. in my case I might use my $7500 from that crazy homebuyer tax thing + cash to refi and remove PMI, but only if the numbers work. ---
**Author:** ![93dx\_hatch](https://avatars.discourse-cdn.com/v4/letter/9/90ced4/32.png) [@93dx\_hatch](https://forums.speedlife.net/u/93dx_hatch)\ **Post date:** [December 18, 2008, 12:19pm UTC](https://forums.speedlife.net/t/mortgage-peeps-refi-soon/59956/20 "2008-12-18T12:19:07Z")
> [@Viper966](#): > > I locked in with my no pmi loan at 30 years @ 5.75 4-5 months ago… its now down to 5% > > The refi rate is down to 4.5 which would save me 145 bux a month approx, but i dont know if that would kill my no PMI portion… but its tempting… points/closing costs would be ~ 5k out of pocket which would take me 3 years to recoup in savings… and i dont really see myself in that house for much longer then 8-10 can you show me where the refi rate is down to 4.5%??? [Next page](https://forums.speedlife.net/t/mortgage-peeps-refi-soon/59956.md?page=2)