Posted on: 14th Jul, 2009 08:15 am
my mortgage is resetting in august 2010. i am looking to refinance but the appraisal for my home has come down heavily due to bad economy. bank is willing to refinance my mortgage but asking me to put another $30k towards my 20% down payment. should i wait till next year and see if the home prices improve slightly so i don't have to pay additional money for my refinancing. i am looking for different options and suggestions. i am paying presently 4.75% interest.
with a rate of 4.75%, i don't quite comprehend the benefit of your refinancing at this time. i guess you do, but i'd say there's no real sense in doing so. waiting for values to come up will likely cause you more than a one-year delay, however.
Yes i agree with george with a rate that good already im not so sure if you refi you would get a better rate. In this economy a 4.75 is a very good rate.
