Is now the time to lock in your mortgage? - GoFuckYourself.com

06-28-2009, 07:32 AM

Was talking to a banker the other night and he says mortgage interest rates are going to start going up.

Anyone thinking of locking in their mortgage at current rates? I am paying 5.5% right now so if I lock in now and have the penalty blended in I will still end up with a lower interest rate than what I am currently paying.

Or do you think rates will remain stable enough that a person can afford to wait 6 months if it would mean not paying any penalty?

06-28-2009, 11:48 AM

No part time bank managers on GFY?

chaze · 06-28-2009, 12:57 PM

Nah, don't invest in the US it's only going to get worse in the long run. Are whole country is based on credit and fake money. We will have to rebuild from the ground up before we will have any worth. Unless you can pay for the full price of the house don't bother.

SilentKnight · 06-28-2009, 01:06 PM

We recently re-negotiated ours - locked in @ 4.09% (fixed rate) for 4 yrs. Prior to that we were at 5.75% fixed.

We had no penalty since our previous mortgage term was due for re-negotiation anyways. The timing was just right.

I'd say in six months you might see rates started to inch up again. I'd think of paying the penalty and re-negotiate sooner than later.

TidalWave · 06-28-2009, 01:33 PM

you are too late. you should've refinanced when interest rates where in the 4%'s
they are already climbing back up now

$5 submissions · 06-28-2009, 03:40 PM

Lock in because inflation/interest rates are gonna SHOOT UP once all the deficit spending programs catch up to the global economy. It's gonna be a rough ride for all cuz of oil's ricing price.

Iron Fist · 06-28-2009, 04:01 PM

Quote:

Originally Posted by evildick

No part time bank managers on GFY?

Were all bankers.... all this free advice we hand out... we be ballin'

PornMD · 06-28-2009, 04:21 PM

They've already gone back up some already...at least for 30 yr fixed they were at just under 5% sometime recently and now appears to be closing in on 5.5%.

Sosa · 06-28-2009, 05:11 PM

We refinanced a few months ago at 4.75% locked in for 30 years

06-28-2009, 05:28 PM

Quote:

Originally Posted by chaze

Nah, don't invest in the US it's only going to get worse in the long run. Are whole country is based on credit and fake money. We will have to rebuild from the ground up before we will have any worth. Unless you can pay for the full price of the house don't bother.

I'm just talking about renewing my current mortgage early, not taking on more debt.

It is due in about March of next year I think, so I guess it will probably be worth it to renew early and pay the penalty rather than wait based on what you guys are saying. I think I should be able to get about 4.55 at BMO right now for 5 years, going by the specials they have on right now, which is almost a full percentage point under what I am paying now.

I checked back in March and I think the penalty was about $1800 or so at that time.

06-28-2009, 05:30 PM

Quote:

Originally Posted by Sosa

We refinanced a few months ago at 4.75% locked in for 30 years

Locked in for 30 years? Wow, I didn't even know you could lock in a mortgage for that long. Or do you just mean amortized over that period?

IllTestYourGirls · 06-28-2009, 05:31 PM

The fed will have to increase rates soon to try to stop inflation.

06-28-2009, 06:01 PM

Just got off the phone with some folks at BMO and they said I should be able to get something a little better than 4.55 for 5 years. Just have to call them tomorrow morning.

It's amazing how much better service I get calling them direct rather than going through the local branch.

marketsmart · 06-28-2009, 06:04 PM

in 5 years interest rates will be at 8%..

pornguy · 06-28-2009, 06:19 PM

I was once told that you should save two times in the penalty in the first year, or its not worth it.

PenetratinP · 06-28-2009, 07:40 PM

Quote:

Originally Posted by evildick

Locked in for 30 years? Wow, I didn't even know you could lock in a mortgage for that long. Or do you just mean amortized over that period?

It's a 30 year fixed mortgage. It used to be the standard in the US.

Now all you hear about is these creative loans like ARMs, Interest Only, etc.

http://en.wikipedia.org/wiki/Fixed_rate_mortgage

"Fixed rate mortgages are the most classic form of loan for home and product purchasing in the United States. The most common terms are 15-year and 30-year mortgages, but shorter terms are available, and 40-year and 50-year mortgages are now available (common in areas with high priced housing, where even a 30-year term leaves the mortgage amount out of reach of the average family)."

FreeHugeMovies · 06-28-2009, 08:44 PM

Rates were down to 4.5%. They have gone up lately to a little above 5%. I think the govt will do whatever it can to keep rates LOW to encourage buying.

06-28-2009, 07:32 AM	#1
evildick Guest Posts: n/a	Is now the time to lock in your mortgage? Was talking to a banker the other night and he says mortgage interest rates are going to start going up. Anyone thinking of locking in their mortgage at current rates? I am paying 5.5% right now so if I lock in now and have the penalty blended in I will still end up with a lower interest rate than what I am currently paying. Or do you think rates will remain stable enough that a person can afford to wait 6 months if it would mean not paying any penalty?

06-28-2009, 01:06 PM	#4
SilentKnight Megan Fox's fluffer Industry Role: Join Date: Oct 2005 Location: shooting pool in Elysium Posts: 24,818	We recently re-negotiated ours - locked in @ 4.09% (fixed rate) for 4 yrs. Prior to that we were at 5.75% fixed. We had no penalty since our previous mortgage term was due for re-negotiation anyways. The timing was just right. I'd say in six months you might see rates started to inch up again. I'd think of paying the penalty and re-negotiate sooner than later. Last edited by SilentKnight; 06-28-2009 at 01:08 PM..

06-28-2009, 01:33 PM	#5
TidalWave Confirmed User Industry Role: Join Date: Sep 2007 Location: Los Angeles Posts: 2,706	you are too late. you should've refinanced when interest rates where in the 4%'s they are already climbing back up now __________________ www.SwiftNode.com

06-28-2009, 03:40 PM	#6
$5 submissions I help you SUCCEED Industry Role: Join Date: Nov 2003 Location: The Pearl of the Orient Seas Posts: 32,195	Lock in because inflation/interest rates are gonna SHOOT UP once all the deficit spending programs catch up to the global economy. It's gonna be a rough ride for all cuz of oil's ricing price. __________________ Need a NON-ADULT income stream? We build your YOUTUBE CHANNEL for only $20 per video! For Hire: $3/hour or $400 per month Marketing Specialist Virtual Assistants

06-28-2009, 04:21 PM	#8
PornMD Mainstream Businessman Industry Role: Join Date: Jan 2007 Location: San Diego Posts: 9,291	They've already gone back up some already...at least for 30 yr fixed they were at just under 5% sometime recently and now appears to be closing in on 5.5%. __________________ Want to crush it in mainstream with Facebook ads? Hit me up.

06-28-2009, 11:48 AM	#2
evildick Guest Posts: n/a	No part time bank managers on GFY?

06-28-2009, 12:57 PM	#3
chaze Confirmed User Industry Role: Join Date: Aug 2002 Posts: 9,752	Nah, don't invest in the US it's only going to get worse in the long run. Are whole country is based on credit and fake money. We will have to rebuild from the ground up before we will have any worth. Unless you can pay for the full price of the house don't bother.

06-28-2009, 05:11 PM	#9
Sosa In Tushy Land Join Date: Oct 2002 Location: Nebraska Posts: 40,149	We refinanced a few months ago at 4.75% locked in for 30 years

06-28-2009, 05:31 PM	#12
IllTestYourGirls Ah My Balls Industry Role: Join Date: Feb 2007 Location: Under the gold leaf ICQ 388-454-421 Posts: 14,311	The fed will have to increase rates soon to try to stop inflation. __________________

06-28-2009, 06:01 PM	#13
evildick Guest Posts: n/a	Just got off the phone with some folks at BMO and they said I should be able to get something a little better than 4.55 for 5 years. Just have to call them tomorrow morning. It's amazing how much better service I get calling them direct rather than going through the local branch.

06-28-2009, 06:04 PM	#14
marketsmart HOMICIDAL TROLL KILLER Industry Role: Join Date: Dec 2004 Location: Sunnybrook Institution for the Criminally Insane Posts: 20,419	in 5 years interest rates will be at 8%..

06-28-2009, 06:19 PM	#15
pornguy Too lazy to set a custom title Industry Role: Join Date: Mar 2003 Location: Homeless Posts: 62,911	I was once told that you should save two times in the penalty in the first year, or its not worth it. __________________ PornGuy skype me pornguy_epic AmateurDough The Hottes Shemales online! TChicks.com \| Angeles Cid \| Mariana Cordoba \| MAILERS WELCOME!

06-28-2009, 08:44 PM	#17
FreeHugeMovies Too lazy to set a custom title Join Date: Dec 2001 Location: Charlotte, NC Posts: 14,137	Rates were down to 4.5%. They have gone up lately to a little above 5%. I think the govt will do whatever it can to keep rates LOW to encourage buying.