Should I refinance or should I wait?
Posted 01 April 2012 - 03:28 PM
I'm not sure what's the best decision to make so I thought I create this thread for suggestions. I do have a FHA loan, and had I accumulated 20% equity, I would have been eligible for the PMI to drop but I don't think that will happen, given the retail value of my home, which is about 12K less than what I owe.
Please advise. My first preference is obviously to sell and move. I've been so unhappy with homeownership. I do not have any financial difficulties at the moment. If it's better for me to refinance, how do I even go about finding the right lender to work with, for a FHA streamline, especially one where I do not pay in closing costs upfront?
Posted 01 April 2012 - 04:32 PM
Posted 01 April 2012 - 04:47 PM
Posted 05 April 2012 - 08:18 AM
There appears to be some pressure to increase interest rates. So you may be at the bottom of interest rates now. Chances of property values going up doesn't look good so if it were me i would look into a refinance. Find a good Mortgage Broker and explore your options.
I just read an article where Zillow was quoted forecasting home prices to continue falling 'till 2013 and stay down 'till 2016...
several realtors I know have been talking of a 5 year horizon for home prices to start pulling back up, now Zillow's forecast lends more credence to what they've been telling me...
on top of that, the fed spoke this week of not continuing to stimulate the economy as they have been which I think will lead to increased mortgage rates...
I just closed on a refi yesterday, so maybe i'm a little biased, but i think now is the time to do it if you're going to.
Posted 05 April 2012 - 08:59 AM
Posted 05 April 2012 - 09:59 AM
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