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My husband and I currently have a 30 year loan at 4.125%. We can refinance to 3.25% with a 20 year loan. The total cost to refinance is $4500. Would you refinance now or wait to see if rates go lower later this year?
Refinance. Rates are already going up. Due to high demand for refinancing in March. If the virus gets under control expect rates to be high until the refinancing gets processed and those looking to purchase meet the end of their preapproval days.
That's not bad, but keep shopping around. According to Credit Karma, you have a 2 week window from you very first hard credit pull where you can freely shop around to different brokers/lenders and let them continue to pull your credit without it negatively affecting your score.
I vote refi as fast as you can. The lending process is lengthening in general. Wildcards like in-person closings, appraisals, etc raise too much of a question, IMO, and 3.25% isn't that different from 3.0%- it's not worth the stress. It's like driving all over town to save $20 on something, but you burned through more than that in gas. Relax and be done with it.
Close asap, go with bi-weekly payments, and focus on other areas of your financial life. Just my opinion.
My husband and I currently have a 30 year loan at 4.125%. We can refinance to 3.25% with a 20 year loan. The total cost to refinance is $4500. Would you refinance now or wait to see if rates go lower later this year?
Run the numbers with this amortization calculator and see if it makes sense to refi.
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Why would the original poster contact you for a 4% rate when they had/have an offer for 3.35%? That would make zero sense. And if you are trying to advertise for business I do not know about the rules of this message board, but you for sure are not following regulatory guidelines because you have not listed your NMLS ID, etc.
Rates are probably going to be bouncing on the bottom. However, no one can say for sure because with COVID-19 we do not know what the future holds. My advice would be do not wait. Lending underwriting may get stricter and none of us know what our employment situations may be in a few months.
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