March 17, 2008
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Maybe if I write it out I will calm down about it. Several hours ago I refinanced, locking into a loan at 5.25%. I had to pay 2 points to get that rate. I hope it was worth it. I hope I’m not too early. Ben Bernanke speaks tomorrow and last time he lowered rates for banks, mortgage rates went up. What he’s lowering is the rate banks can borrow at the window. But what lowers mortgage rates has more to do with the 10-year-note. I watch it go across the top of the TV, like the ticker tape at the bottom. It showed the 10-year down to 3.31% this afternoon and my mortgage broker called shortly after that to see if I wanted to lock in.
Plus, I borrowed $50,000.00 to live on, just in case. That’s the part that made it hard to breathe.
Comments (13)
Good luck.
ditto!!!
I think that it’s a good time. It’s more important to get a good deal than it is to gamble on getting the absolute best deal.
I’d like to refinance our mortgage, but property values have plummeted in Florida, and I don’t think we could swing what we need.
Has the stock market pushed you to borrowing on your house?? Yikes if that’s the case…marilyn
My husband tends to buy when the markets are down ,and he leaves his money in for the long hall.He has one high risk high yield fund that he still ended up making an eighteen percent profit on after some steep losses ,and another mid cap fund that doubled the money he has in it.I worry since the money is going to be essential later , but he says without some risk there is not much gain.He is well diversified which helps.The best news is that most of my inheritance, if in fact i don’t get disowned is in gold futures:) I think you made a good decision to lock in the loan ,and given the distractions that fluidity is going to make it easier for you to de-stress a bit and focus on things you can make happen.
Money has become fascinating and terrifying to me. My financial philosophy has long been: “breathe.”
Hope it all works out.
It’s done, why worry? Won’t change a darn thing except your blood pressure. Ya made a decision, it’ll work, or not. You’ll survive, things always work out, don’t they? Okay, pep talk over. Sending you good thoughts.
Good luck!
You’ve made good decisions in the past and done well. Now is a difficult time, but just keep steady and do your best to make the best choices you can. That’s all anyone can do! I’m impressed with your low rate on your house. I spoke to my banker a month or so about refinancing, but decided to wait. With the new rate drop, I may be refinancing, too.
I’m ecstatic about refinancing come June (when it’s no longer locked in). Right now I’m paying way too much. It’s just so hard to keep your head above water
Hola, Happy Easter! I was making my rounds and thought I would share this with everyone: Its a peep show for Easter!
ryq: yes I did write it,
Ashes
<LI class=itemsubmitter>Shine_on_U_Crazzzy_Diamond
You remind me that I must d my bills today. I feel for you. I have no idea what it must be like in this market.