Better Refinance Soon!
 

Anyone who is exploring the idea of a home refinance may want to hop off the fence soon. Rates have most likely seen the bottom and are beginnning to move up slightly. Those considering a Re-Fi should get in and see an agent to begin the process and lock into a rate now. For anyone in the West Michigan area feel free to contact me for current rates and possible scenarios that fit your financial situation. High interest payoffs, consolidations, or just a lower monthly payment, now is definately the time. Midnight:cool: [email protected]

PS: Obviously reduced rates and closing costs for OSO participants!

I have nothing to refinance :p I love being a unresponsible kid living at home :D :D :D

Traviss- How old are you? You should be thinking of buying a nice little starter house. I think we met once at an OSO gathering in Holland. The west here should rally up a mid Dec party for all local OSO. Midnight:cool:

23 yrs old too :) ..... me.. buying a house LMAO! thats the funniest thing I have ever heard :D :D I am not going know where, have the parents for company each night and plus I can't give up the huge shop out back ;) I don't know if we did meet in holland or not, I was riding with waterfoul when i was over there. ( that was last august 2001) I don't remember much getting too old :D

Re: Better Refinance Soon!
 

Chad, you have mail.:)

I had heard that the Fed was considering another cut. The results proably wouldn't show up right away though. I'd guess that the market would pocket the profits for a while before the rates take a slip downward.

travis on the west coast checkin' in. I'm ready to lock in at 5.75%. think it will go lower?

Traviss, you might want to take his advice ;). There is no better investment (especially now) then to own a home. You got the best of both worlds, why not buy a townhouse (side by side), rent both sides out and still live with M & D. Not to many people are in a situation like that. You could lay back and watch those renters pay your mortgage and then some. If your M & D are like mine, they would let that go for awhile and then realize that enough freeloading is enough and send me on my way :)

I bought my first house at age 23 and it was the best thing I did :). Lived with M & D for only a few additional months after the house was bought. Once I got married, I moved right into the house.

Traviss, deffinetly take the advice. I too bought my first house at 23. You won't regret it when you get in your 30's.

Yea, right now with the interest rates so low, we were able to refinance and buy a car and still have a lower monthly payment! We'll never be able to sell this house. We simply couldn't bear the interest! The nice thing is that when we start making some real money we should be able to easily afford the monthly payment and maybe even pay it off.

Besides traviss, it's alot easier to bring the girls home to your own home, than it is to try and sneak them in through the window while your parents are watching TV. :D

Man, what the hell you guys talking about?

Traviss...
Stay at home, live there FOREVER. Buy BIGGER, FASTER BOAT!

:D

j/k, these guys are giving wise advice, but do what you want! Meeting someone, getting married, and house purchases all seem to coincide. Funny how that is. If I were single, I'd have one big pole barn.

The Wife and I are 25 looking at buying our first home soon(6 mos).

This has been weighing heavily on me lately. I hope they don't turn up too quickly.

you can' t buy money any cheaper than today.!!!

Today you can afford the most house. run an amortization once and see what 1% does to a 30 year loan. if your loan is 100k for example? a 1 % interest drop can buy you $10k more house!!!!!! for the same payment,
(OR REDUCE WHAT YOU CAN BUY FOR THAT SAME PAYMENT BY $10K if the RATES GO UP 1%!!)

If you are considering buying land ( a lot or a section, doesn't matter) the price of land is rising faster annually than I (or most of us) can offset in a years savings.
I searched for 4 years chasing land prices, always $10k short for what I wanted. finally realized it was rising $10k to $12k per year. NO WAY I could save that up in a year to buy that same piece at next years selling price. Land is becoming affordable by LESS of the population as time goes on. Just think about what your grandparents bought. and if you could buy that amount of property today , even having a better standard of living now then them in their day. you can afford a better car(or boat)then they ever could, but not land!!!

Hey Midnight, who do you work for? I am the Branch manager in Holland for Wells Fargo. Rates have been going up but the market has built in a rate cut as soon as the 6th of Nov. That may play havoc with us short term but I think in the end they will go lower. We are at 6.25 on a 30yr now, how about you? Want to work in Holland? 616-546-6309

Traviss I, am in the same situatuin that you are. Only my parents are AZ for 4 mos. a year. But like everyone has said, sell your Hooters stock and buy realestate. You cant go wrong with land even if its vacant, just hang on to it and live with your parents and watch your investment skyrocket in value over the years. Also like hp500 said buy a house and make money back off of it from renting it out. I know its hard to part with that kind of money at our age because realestate is boring and it is more fun to buy fast cars and boats, but you wont regret it in the future.

mortgage rates are partially impacted by the bond market. we are seeing large amounts of money leaving the stock market and entering the bond market, thus driving bond rates up.....

midnight is correct, if you are thinking of buying, do it. low interest opportunities do not come around very often. RE is a great investment these days.

jbk

Here is something else to consider, buy a small plot of land w/ road frontage build a shop on it and finish part of the shop to live in ( every single guy's dream), use your shop/home to start your own repair business on the side since you seem to be mechanically inclined. That way you are making money of of your investment plus you have a cool place to live. Then later on in life when you are married and need a real house to raise a family you can sell the shop as commercial real estate and make a fortune.

Traviss, stay at home as long as you can, I lived with the folks till I was 30, had all the toys one could want, it was great:D

Wish I would have done that! Left at the age of 19(not under bad circumstances-went to college) and been on mine own since. Sure was nice to have college paid for though:D

Does that mean I should wait after NOV. 6th to see if rates may go lower then or should I contact someone now?!

Mike

Luv-N-it. You should at least get started so when they bottom you will be ready to lock in. Initially they may go up as the Bond Markets views the cut as Inflationary but since Inflation is nill they should start to drop. I see a huge problem with spending right now. I visit stores that are empty and Malls that are like a dead zone. I see bigger problems ahead and with the leading economic indicators low this shows that 6 months from now we may see another dip. The conumer has to stop spending (borrowing) at this point since they are tapped out.

My primary job is actually a real estate agent for my families building company Deppe Homes LLC. I thought it would be a good idea to become a mortgage broker also to better handle my customers. This assures the deals are smooth in every aspect, and quickly allows me to qualify potential prospects. My now loan processor is a friend who helped me develop the partnership I made with Avalon Financial, where she is also the HRC. I or we developed a program that specifically works around the structure of me and my primary business. My purpose is to get my customers the best rates and closing costs possible, because I am working with them anyway, I take less money for myself and it makes everyone happy. Recently I have had people wanting me to handle some refinances, so I figured why not capatalize on the extra business that these lower rates are providing us. If I can get someone a good deal, I make a little money, were all happy. Midnight :cool:

whatever you guys say, I am never buying a house :p Gonna live at home forever, but in a while gonna buy a bigger boat :rolleyes:.............. and live in the driveway :D :D



in all seriousness, I am not in any way financiily secure, i have $300 in the bank and thats it. My piece of **** truck and the boat.. thats it boys :( I am very far away from growing up :D

Midnight
The rate is down again today???
Can you do this in Fla?
If so call me
239 277 3901
Thanks
Dan

Mitch, Midnight,
I am at the end of my loan.. at 7 1/8% I think. Not much principle left.. Is it worth refinancing?? Now if I break another drive it would be a good idea.. but I dont want to work till I am 90. Only have 29+ yrs with the State to retire my second time out..
Now if I buy a second home, in FL so I can boat with Dan?? Maybe that's a plan.

What do you think.. is it worth it to refi at the end of a loan..

Thanks
Dick

Traviss- If for nothing more than a chance to gain more play, posse up with your boys, get some roomates, and become landlord. To get any real trim you wont be able to end a night cap grabbing a couple of beers out of the refrig and having mom ask," who is your friend"!:D :D DoHHHHH!

Gadgets- Refiing will not really stand to gain you anything unless you can use the money to surpass the interest you will be paying to have an equity check sitting in your bank. Your best idea would be to secure a home equity line of credit as a rainy day fund. You pay on the money you borrow out of your equity. To just pull money with no real purpose serves no purpose. Now in my case I could use it to buy and sell cars, boats, and property justifying my return on investment. For what its worth. Midnight

If you are hard on drives, maybe you just need a throttle lesson!:D;) But really, As low as that thing idles I know your not tranny slammin' it!

Also if you owe very little it takes a lot of rate decrease to make it worthwhile. Midnight is right a Home Equity will do just fine and is currently at a lower rate.