As a general rule of thumb you want to look at how much the refi would cost and how long it would take to pay for itself (taking into account how long you plan on keeping the place). Usually this means you are looking for a 1% rate drop or better.
Make sure you check for all costs fees when doing the calculation. Make sure there is no prepayment penalty. Ghost of Forums Past fucked around with this message on 08-18-2010 at 07:37 AM.
Judging by past experience I'm guessing that a bag of crap will probably appear around 5pm EST tomorrow (60/40 chance), though it will probably be sold out by bots before a human can get one.
hobbes9 beat me for first place in the deals.woot leaderbords 
I'm #2 now. Ghost of Forums Past fucked around with this message on 08-18-2010 at 07:46 PM.
again
- Make sure you have no prepayment penalty
- Make sure you know all your costs up front
- Check to see how long it will take your refi to pay for itself. Generally you want at least a 1% drop
You should be at least looking to refinance right now if you have a rate of 5.75 or higher and have decent credit Ghost of Forums Past fucked around with this message on 08-18-2010 at 07:46 PM.
quote:
AUGUST 15-20, 2010 | AUGUST 22-27, 2010BostonChefs.coms Insiders Guide to Boston Restaurant Week is back for this summer's restaurant week during which restaurants are offering 2-course lunches for $15.10, 3-course lunches for $20.10 and 3-course dinners for $33.10. We want you to have everything you need to make the most of this two-week-long dining extravaganza, so scroll on down to look through the list of participating restaurants, their prix fixe menus, links to OpenTable.com and more.
I highly recommend Flemmings Steakhouse.
quote:
Ghost of Forums Past got all f'ed up on Angel Dust and wrote:
Mortgage rates are low right now - http://www.fatwallet.com/forums/finance/788032/As a general rule of thumb you want to look at how much the refi would cost and how long it would take to pay for itself (taking into account how long you plan on keeping the place). Usually this means you are looking for a 1% rate drop or better.
Make sure you check for all costs fees when doing the calculation. Make sure there is no prepayment penalty.
Also, people are not buying so much right now. If you plan to live in the house you are buying for more than 10 years on a 30 year loan, get the seller to buy the points against the mortgage. If you have to go over the sale price by whatever the point total is.. DO IT. It makes a HUGE difference.
Don't buy unless you have 20% to put down. If you are financing more than 80% of the cost, you have to pay mortgage insurance. On a 100k home, being 1$ short of 20k down, will cost you over 2500$ in mortgage insurance over 5 years. And the lower you go on the down payment, the worse it gets. YES, the Mortgage company WILL LIE to you about that.
Your monthly mortgage payments do not include homeowners insurance, property taxes, or mortgage insurance. The combined total of these is called PITI. Look up a PITI calculator to find out what true mortgage payments look like. Those ads that say 400k mortgage for 800/month? That's a 50 year mortgage. It doesn't include the taxes, insurance or anything. That mortgage in reality would be over 1500/month minimum. People with the finances and credit to get a 50 year mortgage, do not shop for mortgages in the ad block of their webmail.
