December 18th, 2008 12:01 PM Eastern
America’s Talking Question: 12/18
by Live Desk Producers
Finance experts are anticipating a surge in home refinancing following Wednesday’s move by the Federal Reserve to slash interest rates to an all-time low. But with the hassle and the closing costs, some experts warn taking the plunge might not be the best idea for everyone.
We want to know:
What questions do you have about refinancing your home?
Post your comment below! (Please include your NAME and TOWN)
can you roll the finance charges into the loan—-15 year fixed.
The big mortgage companies are taking advantage of the consumers. I’m with Countrywide, have a 5 year interest only arm. It’s due to adjust in 02/10. I also have a 20% HELOC (to avoid PMI). I called to inquire about refinancing. They were generous by offering a 30 year fixed at 4.75% - HOWEVER, they wanted closing costs of $5,500 rolled into the loan. I’m a real estate agent and know that the average closing costs for this type of house is approx $2000. That’s more than double. I want the new rate, but don’t agree with their closing cost robbery. Help. Thanks
Re: The Whitehouse Parties;
Who is footing the bill for those lavish Whitehous parties. I think I might already know, but how about you folks a Fox News telling us viewers for the record? Where does the money come from?
Gary Allen
Tampa, Florida
The US Bankruptcy Court is where the auto industry belongs. The CEO’s have said they can’t do that because the American people won’t buy if they are in Bankruptcy Court… BULLFEATHERS! They just don’t want their business laid out in the open for people to see! The auto industry would survive bankruptcy just fine…as will they people that support the auto industry! Everyone should email their senators, congresman and the president and insist that the auto industry use the Bankruptcy Court! No bailout!!!!
Jay Wilks
Salisbury, NC
Scott………..more than likely you can………but every deal is a snow flake……..just all depends on the loan to value and equity in the property.
ccook@americahomekey.com
I may be in the minority with how the mortgage mess is going (because I have a good fixed 5.6% 30 year fixed that I have had for almost 2 years). But it is disappointing to see how the government and others are catering to people who got involved in risky loans etc and now find themselves with their inability to afford their home mortgage. I for one would enjoy being able to get into a new lower rate if offered with minimal if no closing cost. Like everyone else I would like to save on my mortgage payment and I feel like I and others who did the right things financially, deserve some sort of break by not being part of the mortgage mess, as well as I am paying on all my bills on time and have a rather high credit score rating.
I am just as concerned with my finances as the next person but no one seems to care to what extents I and others are going through to pay our bills on time and all. It seems like unless you are in trouble of default, then no one cares. Like when I tried to get some assistance for my kids with college loans etc, the word always came back that I made too much money. But I was told now if you were financially destitute, then we could help you out.
Not exactly a level playing field for those who are trying to keep our heads above water.
Steve Schmidt (Hampton, VA)
The stories sound so horrific…….laid off an extra 2 weeks or even more…..those workers will be getting 95% of their pay…..Oh cry me a river
no Bailout…let the free market system wor….it always does whenever it is tried,
I HAVE A 5.25% MORTGAGE RATE NOW,SHOULD I REFIANCE? IT IS A 15YR FIXED.
I have a 30 year fixed mtge. for $84,200.00, and have 27 of those remaining at 6.25%, and also have an HELOC for approx $9,600.00(now at around 4%, which is great), so would it be smart for me to refinance at these low rates?
About the credit card interest rates. Why are the CC companies allowed to levy such incredibly high rates? The rates, in my opinion, are tantamount to usury. I suppose CC companies lobby and contribute substantially to certain of our esteemed congressmen’s/women’s election campaigns. Thereby, allowing this practice to continue. The adage “money talks _ _ _ _ walks” certainly applies.
Comment to “WhyBother”: Seems those of us who “do the right thing” and are responsible, are the ones who are punished. The government sees us as independent not dependent. Our government wants us to be dependent upon government for all needs. Like an addict, once one becomes dependent upon government one usually remains dependent upon government. Those that do become dependent will vote for the party that caused the dependency. A vicious cycle - a culture of sellers and users.
we have a 380000 dlr intrest only mortgage we have very good credit
like to refinance but closing cost are to high.
we are ready to walk and leave the country nobody like to work with people who are doing the right thing they force you to not pay your bills than you get help.
if people are smart they should never buy an american carr anymore no help for the hard working people but help for the greeding ceo”s
I am unemployed, house has been on the market 2.5 years and my arm is up in 09. Should I and can I refinance??
I am unemployed, house has been on the market 2.5 years and my arm is up in 09. Should I and can I try to refinance??