Hello all, It's been a while since I've made it over to Creditnet! The site still looks to be vibrant as ever! I purchased a condo back in August 2006 and took out a traditional 30 year mortgage with 95% financing at 6.875% fixed (w/ PMI of course). With the recent plunge in mortgage rates, I recently locked into a 5.75% fixed, no PMI option with approx. 95% financing. I was wondering if this sounds reasonable given the current rate situation. Should I have gotten a better rate. I'm 23, have a strong credit history (started back when I was 16) and FICOs all in the low 700's (Average of 719), and have an annual salary of $46,000 plus bonus. I just wanted to double check and make sure I'm getting a decent deal. My payments now with PITI are $776.40 and with the refinance will be about $650. I do plan on staying in the condo for a while to recoup the cost of refinancing (Should be no more than $1400 based on the GFE). Thanks, Matt
That rate is actually pretty good. You did well. Unfortunately, the rates are probably going to drop once more next week but, still . . .
I agree w/Apex; you did very well on the refi rate. There's a saying in the money world, "don't get greedy"! Don't worry about another quarter or half point at this point. You did the very best you could at the time, and if you had as perfect a crystal ball to be able to see these Fed cuts, then you'd be richer than Bill Gates. Pat yourself on the back for the great refi, enjoy the lower payments and condo. Don't think about the "pennies" of a bit lower rate.
I agree. Grab the deal and run. It's a good rate. Almost good enough to make me look again. But I'm below 6% already.
