All time interest rate lows?

Discussion in 'Random Ramblings' started by vfem, Jan 18, 2012.

  1. vfem

    vfem Yoga...The Chicken Pose

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    Who is jumping on this to refinance? I'm still in shock over the %'s I'm seeing!!!

    [​IMG]
     
  2. Fierlin1182

    Fierlin1182 powered-flight

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    Rates cut twice in the past few months here too. :p
     
  3. Rusty Hills Farm

    Rusty Hills Farm Chillin' With My Peeps

    Apr 3, 2008
    Up at the barn
    I hope it means the banks are hurting for clients!!! They deserve to hurt, what with the way they have gouged everybody since the bailouts!

    Gee, can you tell I detest the whole industry?!?

    Rusty
     
  4. dewey

    dewey Chillin' With My Peeps

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    One of my children just purchased a new home at the lower rates, and I think the low rates are mostly helping new home buyers instead of those that need to refi. Not all, but many of those that would benefit from a lower rate also purchased homes or refi'd when the market was inflated...and it's practically impossible to refi an upside down loan.

    Quite a while back, and a long time before the bubble started, when the rates dropped very low I refi'd one house that already had a great rate, but the lower rates being offered at that time justified the few thousand dollars in closing costs.

    I hope anybody that can make a refi pay off for them takes advantage of it. [​IMG]
     
  5. bakerjw

    bakerjw Chillin' With My Peeps

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    I might be mistaken but I believe that credit is much harder to come by these days.

    Luckily I am debt free!!!! [​IMG]
     
  6. crazyhen

    crazyhen Overrun With Chickens

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    Make certain it is a fixed rate loan. If not it can go up to the point it cannot be paid. I have seen so many people who took the very low interest and ended up losing their homes as the rates climb. My recommendation be wise with your loans. Read the fine print. Can your loan be sold? If so can they ask for the entire price of the loan at selling? There is more to it than intial %. Good luck Gloria jean
     
  7. Ridgerunner

    Ridgerunner True BYC Addict

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    Mine is also paid for, otherwise I would not be retired.

    Be careful as Crazyhen said. If you can lock the low rate in now, that is great. But don't go for any of that fancy stuff that got so many people in trouble. Lock that same rate in for the life of the loan. Inflation is going to hit at some point. Rates are going to go way up at some point. I don't know when, but at some point it will happen. It always has in the past. We have never been able to solve world hunger for all time, no war has ever ended all wars, and no government manipulation will ever end inflation for all time.

    If you can, it is a great time to take advantage of the opportunity. It is legal and it is ethical.
     

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