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Show ALL Forums  > Off Topic  > How Do You Know if you should wait to buy or refinance?      Home login  
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 HonestDeception
Joined: 2/2/2013
Msg: 1
How Do You Know if you should wait to buy or refinance?Page 1 of 1    
I can go down 2.3/4 points if I refinance. I figured the numbers and it would mean staying in the house for 4 more years to break even. I only see myself living here for maybe 2-3 years (unless I don't find anything). I have the closing costs in cash so they wouldn't be mortgaged in and the refinanced loan would be for 20-25 years. I currently have 30. I don't know if its worth it. I keep hearing "refinance! refinance! rates will go up!"

Thoughts?

Thanks!
 Stray__Cat
Joined: 7/12/2006
Msg: 2
How Do You Know if you should wait to buy or refinance?
Posted: 3/15/2013 2:54:12 PM
If you only see yourself staying there 2 or 3 years
why bother with it?

To get 2 points lower is quite a savings.
But factor in the costs to acheive it.
You may only break even or worse in 2 to 3 years.
Let that number be your guide.

 Deadliest_Snatch
Joined: 10/25/2012
Msg: 3
How Do You Know if you should wait to buy or refinance?
Posted: 3/15/2013 3:44:45 PM
Google "no cost refinance."

there are some companies that pay ALL costs (appraisal, Closing costs, etc.).
Your rate isn't as good, but that's what I did a few years ago.
Just don't let them roll any more principal into the loan.

I used this company. You can see if they have any affiliates in your area.

http://rockymtnmtg.com/

Bottom line - with all the refinance competition out there, you shouldn't have to front ANY costs.
Stupid to pay points at this juncture.
 Rythmn
Joined: 1/21/2006
Msg: 4
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How Do You Know if you should wait to buy or refinance?
Posted: 4/12/2013 12:59:56 AM
i decided to refinance to get some money out of my house, so i could fix it and then sell it asap. i am worried that if i wait too long, i will get more money for my house, but my next and last house will also be more money and the rates may go up. my current house is too large and too costly. plus there is flood insurance.

the window of opportunity is to sell at a decent price and buy at an even more decent price. if you want to stay in the area but the goal is to downsize, assuming your have not lost too much or could go into foreclosure,then sell. if you plan to move out of area altogether soon, then refinance.

a good mortagage banker will show you your breakeven points and also look at your tax advantages. if you roll the points into the mortgage, you might have to wait longer for tax advantages. if only three years to go, you might want lower interest AND a shorter term mortgage or a five year arm with interest only. but, these are not necessarily good for longer term.
 HonestDeception
Joined: 2/2/2013
Msg: 5
How Do You Know if you should wait to buy or refinance?
Posted: 4/13/2013 3:58:05 PM

i am worried that if i wait too long, i will get more money for my house, but my next and last house will also be more money and the rates may go up


I think you are right. It doesn't pay to refinance and the next house will cost more money too.
 Just___Jim
Joined: 10/21/2012
Msg: 6
How Do You Know if you should wait to buy or refinance?
Posted: 4/15/2013 3:47:25 PM

Go talk to a "CERTIFIED" mortgage broker.


Absolutely! They will tell you much more info in your local market area and in understanding what are your plans from there & future.

imo, I don't believe in stealing from Paul to pay Peter either! Unless your return is much greater when u sell. And it's a buyer market as the interest is low as it can get. imo it's like free money!

A good broker should set your straight in your projected lifestyle plans. You live in NY area and the info will be in line with vg direction. good luck
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