Refinancing home mortgage with ZERO % prime ?

[CoastRange57]

Check 2008

Might be different than 2008, when people with 650 credit scores were buying houses. There is enough money to be made churning everybody that is wanting to refinance to save a couple points and take some equity out than there is selling loans to bad risks.

But mortgage rates are something everybody gets all hinked up about, when they should be trying to pay down the balance so they do not waste tens, maybe hundreds of thousands on bunch of interest over the life of the loan. If I had be more diligent about that I could have easily put another 100K in my pocket when we sold our place in the valley.

But even if I had a mortgage and I thought I could get a better rate right now, I really think I would stand pat on it, just wait until this insanity stabilizes a bit. And I would not refinance unless I had an emergency fund of 6 months living expenses in a liquid savings account, and felt my job was REAL secure.

 

[Oregonhunter5]

Mortgage rates are based on the bond market, meaning mortgage bonds or mortgage-backed securities.

My wife is in this business. She is currently wrangling 27 different purchases or refinances this month alone.

-E-

I'd love a sugar mamma like that

 

[nehalemguy]

I'd love a sugar mamma like that

Fyi....I wouldn't piss her off, but I'm happy she does what she does. ;D

 

[bolus]

Checked today, offered 3.99% My mortgage is currently at 4%
That's all you got to offer after that trillion dollars?

 

[revjen45]

"My concern is folks will go buy homes because of the rates and then home prices will crash again, and that home is a worthless boat anchor."

The thing about a house is that even though the value goes down you still have a place to live. We bought our place just before the Great Crash of '08
So while the value fluctuated we still lived on a quiet cul-de-sac while making pmts that are less than rent for an apartment.

 

[Bushman]

We nuked our mortgage, with very early prepayment in 2018, so no need.

That said, makes sense in this environment.

I can pay off all of the houses I own (rentals included) but I don't. I'm about to cash out refinance to add to my existing stockpile of cash. It's tempting to just pay them all off now and call it good in my mid thirties, but I see opportunity on the horizon.

 

[belshawelk]

Mortgage rates are not tied to prime. Last two days they jumped way up. 4.75%.

Be nice of they were as I would refinance.