The Senate may put a provision in the Economic Recovery Act establishing 4.5% mortgages. If that happens, will you refinance, buy a first house, buy a bigger house?

 

Hmmm, I'm not sure how to vote. I'm at 5.75% with 13 years left. I haven't looked into any real options yet.

 

In for 'buy a bigger house.' The thing is, I'm planning to do that anyways. Regardless of the market move, I need to get on with my life. I need a garage, space for a family, etc. It's not been great in the past 4 years as far as my investment in the condo has been concerned, but it has been cheaper and nicer than renting. So "if" really isn't a part of the equation. As long as we can find a buyer for the condo, we will be moving.

I'm hoping, though, that with the "first time homebuyer" tax credit/loan and this new possibility of gov't mandated low fixed rates, more people will be tempted to buy their first property. And my condo is a perfect first property. It's a great price, location, and maintenance & energy costs are super low.

 

Yup, there could be all sorts of good thing for you coming down the road.

 

I'd refinance.

 

You might find that refinancing with a 10 year note at the lower rate will cost you the same per month and take 3 years off your debt pay-off.

 

I'm at 5.275% - probably not worth the cost...

 

Yea, I'll start looking at options pretty soon. Thanks, Bill

 

Refinance but not at 4.5%. I am already 5% with a few years left according to my schedule.

I probably plan on a bigger place within 5years but it might be owner financed through some builder friends or I was entertaining buying my parents place and setting it up as a reverse mortgage for them since they own it outright. Nice spec house with 3 car garage 4000sqft with 2 acres built in late eighties. Will need a refresh though.

Time will tell. Just saving the pennies right now.

 

Im lower than 5% now with just a few wee years left to pay off. Im happy with my house now, so my vote is nothing happy with what I have.