Rates are so low now, I just had to start a thread to advise you all to refinance you mortgages.

 

Unless you just re-financed less than a year ago like me.

Though it would be a great time to buy a house. Your dollar will go really far now!

 

Thought about refinancing my condo but I owe pretty much what it's worth at the moment, so if I refinance now it would be for 100% of the cost and I'll probably start having to pay PMI.

 

Jim, I refinanced last year and just closed again last week. The rates had dropped a whole point. Look for a no points, no closing cost lender or broker.

 

Yeah, that sucks, Kenta. Is your information according to Zillow?

 

zillow? i have been hearing about ppl doing this. my morg is 3 years old come jan and i am in the 5.xx range is it much lower then that?

 

Hmm, never tried Zillow. I just went to my local listings and looked for others selling townhouses in my complex. Found at least 3 for sale between 160-167k. About 5 years ago when I bought the place I paid 191k, some of them were going for almost 200k. Now they're worth 160 and that's about what I have left to pay.

 

I am scheduled for closing this Wed on a 7/1 ARM at 3.5%. No point but usual closing cost - works out better long term since I doubt I'll refi on this property again. Def a great time to refi although the underwriters don't make it easy.

 

I feel your pain, we bought our house in 07 as a major fixer-upper, paid 195 for it, did a TOn of work, put about 30-40k into the house and its worth about 195k, at least its not under water right!

 

www.zillow.com Put in your address and it will tell you what your house is worth. Not 100% accurate in that itmay not be updated with any additions or updates, but it is a pretty good rule of thumb.

And yes, you are way overdue to refinance. You can get in the 3s all day long.