Needing to refinance

[dimbee]

Sorry I was late seeing this, g5. He did PM, pstall- 'preciate the referral!

I had to read this again to fully understand...

you get a 30 year mortgage and lock in an interest rate for the full 30 years? or is that like a 5 year term on the 30 years?

On a fixed rate mortgage, the rate is fixed or locked in at that rate for the full 30 year term. As g5 alluded to, many lenders will lock an interest rate for a number of days, 30/45/60/whatever with an earnest money deposit.

Those of you that locked in a sub 5% rate on a 30 year probably will never need to refi the loan again, barring special cash out scenarios...

[Hawk]

thanks Dimbee...that's what I thought...that's pretty damn good. Up here, you can get a 30 year mortgage, or 10, 20, even up to 50 now, but I think the longest interest term you can get is 5 years, but I could be wrong, I was before....once!

[TheSaint]

how timely...i just started this today.. looking into refinancing that is.

So far the offer i got was 30 yr fixed at 4.875