refinance again after refinance (loan, credit score, mortgage rates, rate)

[kmurali70]

I refinanced recently at 5.625% from 6.375% for a 268k loan over a 30 yr period and closed it on 30th oct , which i thought was a great deal.
Now i see the rates are at 4.75%.

Is there any way i can refinance again with the same bank and relock it again at 4.75% or do i have to go thru the whole process of loan app-appraisal-closing costs - closing ( start from scratch) and others to get the new rate.

Is there any 60 day or 90 day policy where i can relock this new rate.

my credit scores are like 800+.
Thanks

[QKIBO83]

I heard that the rule of thumb is to refinance only then when you are cutting at least 1% of your current rate. Where did you find the 4.75 rate at? That almost sounds too good to be true?

[joe moving]

I saw 4.75 with 1 pt, last week....

[sh9730]

REN will be able to confirm, but with the move/statements by the federal reserve today, mortgage rates could be AVERAGING under 5% now...and for awhile...

[Thatguywho]

Originally Posted by kmurali70

I refinanced recently at 5.625% from 6.375% for a 268k loan over a 30 yr period and closed it on 30th oct , which i thought was a great deal.
Now i see the rates are at 4.75%.

Is there any way i can refinance again with the same bank and relock it again at 4.75% or do i have to go thru the whole process of loan app-appraisal-closing costs - closing ( start from scratch) and others to get the new rate.

Is there any 60 day or 90 day policy where i can relock this new rate.

my credit scores are like 800+.
Thanks

save you about 160 a month....but...

how much more time have you already added on to that original loan period (that will cost you in interest in the long term, a heck of a lot of debt)
How much did it cost for the first refinance, total cost to you either out of pocket or on top of loan, how much will new one cost?

Now, at about 160 a month you are looking at 1,920 a year in savings. So if you paid a few grand for each refi, lets say both cost you a total of 4 grand, you are not gonna break even on the debt to payment for about 2 years....plus all the extra interest/debt your home is costing.

I would approach lender and say 'lower it' as is or I go somewhere else and get a new one, see what they say. I mean, go in to their office and do that.

You would be surprised at what they may do.