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April 24, 2005
Should you refinance now?
With interest rates going up recently as the Fed is tightening up the money policy, many home owners face this question: Should I refinance now?
Did you miss the bandwagon of last two years of the extremely low interest rates?
Posted by QiRealtyEditor at April 24, 2005 01:40 AM
Comments
People refinance for many reasons. When rates are going down, people refi to lower monthly payment. When rates are going up fast like what's happening recently, many people with short term rate programs (such as 3 or 5 year ARM) are refinacing to 30 year fixed mortgages to secure a long term fixed payment while rates are still relatively low. Still more people are adjusting their mortgage programs due to financial status changes. For example, with the rapid appreciation of home value, many home owners have extra home equity, which people would like to refi and cash out for investment purposes.
Posted by: hong at April 30, 2005 09:33 PM
I am starting a business. Should I try to get a business loan or use my home equity? Any suggestions appreciated.
Posted by: Young at May 4, 2005 12:42 PM
My employer will pay up to 3% of loan amount for my closing cost. What is the best use of this money? Should I try to get cash back or use it to buy down the rate?
Posted by: Zuric at May 4, 2005 10:29 PM
(Referring to the employer paid closing cost) I would use this money to max out closing cost, even pay some cost for the seller in exchange of some benefit. You can always refinance later! Pocket the money first!
Posted by: Henry at May 15, 2005 08:35 PM