[burntcustoms]

So I have 5.75% apr on my home at the moment and today I was offered 5.00%. I know that's a really good deal (and suspecting it has something to do with the economy) but it is going to cost around 2500$ to switch and with the way things are going will people be able to get lower rates in a couple months? What's the lowest rate ever given on a house?

[bahar]

Is your present job guaranteed, so you can pay the $2500.00. If it is your custom to get burnt, then you just might be by going with the 5.00%Sit down and make sure the .75% difference in the rate is something you will be able to make a real return on by refinancing whether in the short term or long term; more so short term do to the financial situation of the nation.If your job is not secure through the duration of the mortgage or the depression that the U.S. may be entering, that $2500.00 may mean your next house payment and food on your table. If you are financially stable, then I say go for it. But if interest rates are falling now, wait till things get worse, they will be falling even more. Your home value may be falling right along if it has not already!Just try not to put all your eggs into one basket!

[Bill F]

Investigate that 5.00% very closely. Make sure it is a fixed rate for the duration of the mortgage. Just do your homework. The rates might go down a little bit lower, but I wouldn't count on them going significantly lower. I am sure there are many house loans that have been given at 0%, but that would not be from a financing company in business to make money off loans.

[ann]

i would be very careful about this deal. why should it cost you 2500.00to do this. they are the ones who ask you.