[TunedM2C]

I'm a Sr. Sales Mgr. for a large banking institution and even I can't get over how low rates have been lately. A buyer in this market with good credit and at least 5% down can get a 30-yr fixed for 4.625% without any points today. This coupled with low home prices makes it a truly great time to buy (for the long-term).

Refinance rates today are at 5% as well so I hope all you homeowners out there are taking advantage of these historically low rates!

Our analysts also speculate we will start seeing a turnaround in the real estate market second to third quarter of '09 (fingers crossed).

[Russo]

want to make some money? PM me and i'll give you my details

[imported_mega]

trouble is you must not be upside down, or they wont do it, which means all those bubble values are not refinancing

your score must be pretty good

and even if your not upside down, you may not have PMI now, but with the refi appraisal you might need it after, and pmi is not cheap

My score dropped a ton, down to 640 now after I bought the 135i, funny thing is I've paid off a couple loans, scores drop fast (100 points) and mine only goes up 1 point a month

[Spook]

There are good reasons to believe that mortgage rates will drop a bit further.
http://krugman.blogs.nytimes.com/200...krugman&st=cse

[TunedM2C]

Originally Posted by Spook

There are good reasons to believe that mortgage rates will drop a bit further.
http://krugman.blogs.nytimes.com/200...krugman&st=cse

I agree. I think Jan-Feb will be lower than where we're at today. By how much I don't know but I foresee staying busy throughout first quarter '09.

[Russo]

i qualify for a lower interest rate (700+)... right now i'm at 6.25%, but my current lender wants to add 4 points to closing and isn't interested in a lower term...

[TunedM2C]

Originally Posted by mega

trouble is you must not be upside down, or they wont do it, which means all those bubble values are not refinancing

your score must be pretty good

and even if your not upside down, you may not have PMI now, but with the refi appraisal you might need it after, and pmi is not cheap

My score dropped a ton, down to 640 now after I bought the 135i, funny thing is I've paid off a couple loans, scores drop fast (100 points) and mine only goes up 1 point a month

Appraisals have been an issue without a doubt. Scores over 720 gets the better pricing too.

Regarding the PMI, the good thing is PMI isn't always the right choice. I always tell people they're better off with Lender Paid MI (LPMI) which essentially rolls the PMI into the interest rate. The per month savings at the slightly higher rate is always better than the lower rate with PMI. Plus, you have slightly more to write off with the LPMI.

It amazes me how fast credit scores can drop after a purchase or a 30-day deliquency and how long it takes for them to go back up. I don't think it's all that fair especially after what I've seen in certain circumstances.

[TunedM2C]

Originally Posted by Russo

i qualify for a lower interest rate (700+)... right now i'm at 6.25%, but my current lender wants to add 4 points to closing and isn't interested in a lower term...

That's ridiculous. PM me is you'd like with your situation.