Posted by Ed Garcia on January 28, 2003 at 10:28:26:
Milo,
I would go ahead and get my loan started. Because of the demand put on the re-fi market, do to low rates, it will most likely take every bit of that month to get your loan down.
I would try to get a loan commitment and lock it, dragging my feet on the appraisal.
Ed Garcia
refi scenario - need opinion - Posted by milo
Posted by milo on January 28, 2003 at 09:57:51:
Hi guys,
This is the scenario:
Condo purchased for 70k 7 yrs ago. 8%, 30yrs fixed.Never refied.
The lady is totally gutting out the bathroom and making it very nice - hot tub with jets, new tiles etc.
What would make more sense:
a) refi now to prevent any possible hike in interest rates
b) wait till the bathroom is done(1 month max) and then refinance it.
What I am getting at here is the Math. Would a rate hike of 1% mean greater loss than 10 - 15k in a better appraisal.
Any comments and the math to use here is appreciated.
Thanks for your time
milo
Re: refi scenario - need opinion - Posted by James Strange
Posted by James Strange on January 28, 2003 at 20:12:46:
Who knows what will happen to rates. Monday we had an 1/8 point drop. Today it went up 1/8 point. What will they do tomorrow?
Will we invade Iraq tomorrow? If we do what will that do to rates?
Follow Ed’s advice and do a 45 day lock.