Financing in 33480>Question Details

Paul, Home Seller in Palm Beach, FL

Refiancing Florida Condo

Asked by Paul, Palm Beach, FL Wed Dec 17, 2008

I am planning to refiance my south florida condo but cannot do it until June 09. Currently I can get 30yr.fixed@5%. Do you think in June 09 I will be able to get this rate or even lower?

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Hi Paul!

I wish I had a crystal ball both for you and for me! I know mortgage people are quoting that 5% rate but its only for those with stellar credit. I've also heard that one has to put some skin in the game (points or buydown) to get that rate. Of course, one cannot have negative equity and the property must appraise.

About 2 wks ago the Treasury recently floated around the idea of a 4.5% rate in Jan. but that won't apply for refi's. I suspect if that happens refi rates will also hover around that figure.

If you need to wait until June so be it but in the meantime don't do anything to hurt your credit! And, should you be in need of an honest, trustworthy morgage broker associated with an extremely reputable direct lender bank just let me know. She can run some figures for you plugging in various interest rate scenarios.

Good Luck!!!

--Joan

JOAN LORBERBAUM MOORE
Broker Associate, GRI
Lang Realty
9858 Clint Moore Road
Boca Raton, FL 33496
joanmoorerealtor@gmail.com
0 votes Thank Flag Link Wed Dec 17, 2008
There is no telling what the rate will be at that point.
I guess you're telling us you have a prepayment penalty?

There is a rumor that the rates will be forced to 4.5% but for how long? for what type of transactions? right now they're saying 4.5% for purchase only

We'll have to see what Obama brings ...

Is there enough equity in your condo to refinance anyway?
0 votes Thank Flag Link Wed Dec 17, 2008
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