Economics is not my bag, man. But…tell me if I’m wrong. This is a great time to get a mortgage, right?
I’m looking at the rates and it’s in the mid 4%’s for a 30 year fixed and in the 3’s for a 15 year! I want to know why everybody isn’t running out and buying or refinancing. Is it because the banks aren’t loaning money?
I did the math on my own house. I wouldn’t be saving enough to refinance at 30 years, but if I paid the mortgage down and did a 15 year, I’d be rich, bitch! Too bad the only way to get the bucks to pay it down is to sell the other house.
So, I’m watching the rates and hoping that they stay low until someone realizes it’s a great time to buy my house. And then I can refinance!
2 Comments
i’d jump on a refinance if i could be sure my home will appraise for the right amount. i think that may be holding a lot of people back. we bought at pretty much the exact wrong time and our house’s value has slumped, presumably. we’re thinking about getting an appraiser to come out and then decide if we can pull it off.
Oh right…I forgot about the appraisals. Most people are probably in that boat whether it be purchase or refi.
We put a lot down on this house since we had just sold another house. Don’t know if that’s a good thing or bad thing. Good for refi I guess, bad because it ties up all of our much-needed bucks.