Financials Q's - Chicagoland Sportbikes
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post #1 of 6 (permalink) Old 03-18-2008, 03:26 PM Thread Starter
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Financials Q's

So now that the feds have cut rates down another 3/4%, would it be wise to start refinancing things like your mortgage, if you haven't done so in the last 6 months to a year.
Should you refi a car note if you have a bit of time on the loan. And what about credit card consolidation?
I ask because i think alot of people live paycheck to paycheck, and I for one spend my money too freely, which has changed and still is tight.
So advice from our banking members will be well welcomed.
Thanks in advance.

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post #2 of 6 (permalink) Old 03-18-2008, 06:43 PM
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If you want to refinance, It appears that there will be a decent window over the next couple of months. The rate cut today will probably be the last for a while. Citing inflation concerns the Fed doesn't really want to ease anymore.

Citibank also lowered their rate today in response to the Fed cut. I work at the CBOT and I have it from a few good sources that if you're going to re-fi. Get it going very soon.

If the inflation worries come to light, look for higher rates by the summer.

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post #3 of 6 (permalink) Old 03-18-2008, 06:49 PM
 
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Quote:
Originally Posted by Jerry S2R View Post
If you want to refinance, It appears that there will be a decent window over the next couple of months. The rate cut today will probably be the last for a while. Citing inflation concerns the Fed doesn't really want to ease anymore.

Citibank also lowered their rate today in response to the Fed cut. I work at the CBOT and I have it from a few good sources that if you're going to re-fi. Get it going very soon.

If the inflation worries come to light, look for higher rates by the summer.
+1, but I would think the window is even smaller than the 'next couple of months.' Watch for the next inflation reading to scare up even more volatility in the market. The stock brokers look bi-polar already...
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post #4 of 6 (permalink) Old 03-18-2008, 06:55 PM
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You may not see a direct relationship between the fed cutting rates and mortgage rates. The market has been anticipating rate cuts for a while. If you refied within the year, the costs may outweigh the benefits. A home equity note at prime or better could be a better source of funds for short term needs like credit cards and auto loans. It is still deductable and has a relatively low rate and no real costs to set up. Rolling a car into a 30 year mortgage isn't normally a good idea. $.02

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post #5 of 6 (permalink) Old 03-18-2008, 07:21 PM
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Mortgage rates have really not moved and may not. They are tied to bonds, not the fed funds rate. Now if you want to buy a car there will be tons of deals on short term financing.

The other issue with refi's is products and evaluations on property. You may have a difficult time obtaining a better deal than you did before unless your credit is A+++, LTV is below 80% with current evaluation, and overcoming new products with tighter credit standards.

Last edited by CHI1000RR; 03-18-2008 at 07:49 PM.
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post #6 of 6 (permalink) Old 03-18-2008, 08:11 PM
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Consolidation loans can really be trouble. The loans themselves might not be a bad deal in some cases, but so many people start loading up the credit cards right away again. Rolling it back into your mortgage isn't a real good idea either, but of course it depends on the situation and what you can get. As Chi1000RR said, with property values going to crap your loan-to-value might be an issue that prevents you from refinancing as well. I know that's what's mostly kept me from looking for another loan. Rates have been good for awhile now. As for auto refinance, if you can qualify for a better rate and don't extend the loan out too far, they can be a good deal.

-Mike
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