With the Fed cutting rates, is this a good time to refinance my mortgage? My current rate is fixed at 6%?
Answers: Shop around.
A general rule of thumb is to refinance if you can save 2%.
Otherwise, closing costs will eat up your savings.
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Definitely. I would wait just a tad, it might come down more.
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What kind is your mortgage? Conforming, than you are really paying too much already, as this is now about the rate for a Jumbo. I have seen offers around 5.5%.
However rates differ within states and also depend on your credit rating.
What I am not sure about are the costs with refinancing.
I would ask the bank or managers what fees, taxes and costs will occur. Do you have to pay a "Mortgage recording tax?" Do you have to pay a lawyer again?
Make your decision after you have all the numbers on the table.
Do not check with one place alone. Check rates with reputable banks and mortgage brokers. Do not buy ARMs.
-> A friend of mine got a rate through a mortgage broker from a bank that was much higher, than if he would have gone to the bank directly.
I am in a similar situation; fixed 6% for 30 years and I started last year.
I contacted few mortgage companies and inquired for '0 points and no closing' rates. Until yesterday, lowest I was getting was 5.5% (they went up today to 5.875%).
Here is what I would do - write down the loan and payments you are making today (per month).
Next call the mortgage companies and have them run a scenario (total loan, 30 fixed, 0 points, xyz credit) and ask them the cost breakdown (per month). You can then compare it with what you are paying today.
If you have the loan for a while, refinance will reset your time to 30 years from 'today'. So you will obviously have bit longer to pay off. However, because the principal in mortgage payments is generally very small, few years do not really matter (for most).
I haven't refinanced yet. Will sit on it for few more days. When I do, I will try to make a deal with them that if the rates went down within few days (30 or so), then they will entertain the lower rate.
In any case, make sure they do not slap additioal cost/ fees on you. Get that in writing/ confirmation email etc...
What would do if you have 1 million dollar?
Answers: All the usual stuff - pay off the house - pay off any bills - go shopping - sit back and relax and enjoy the fact that I dont have to worry about money for a while and love it when a bill comes in and you can just pay it without thinking about it
buy you a fur coat, but not a real fur coat that's cruel
From savings account how many times money can be withdrawn in a month in the form of cheque?
Answers: depends on your account and what bank.
as many times u want till ur account reaches 500. because that is the minimum amount a holder of a savings a/c and the user of the cheque should have.