If you have a rate of 5.75%....it might not be worth for you to lower it to 5.25%
3-4K in closing costs....
If you locked this morning...then it would've been different. Rates were at 4.875%..and that's a huge difference.
Quote:
Originally Posted by timn420
I just bought a house in April. I paid 100K down, so now I'm financing 150K for 30 years @ 5.75%. I have decided to change careers and would like to get a lower monthly payment. I have 20K in cash and would be willing to use it to get a lower rate.
Would it be wise to refinance? Maybe put down 20K and get a 30 year loan at 5.25%? I'm not sure what other options are available since I have some cash to put down towards a newer loan.
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