Has anyone taken advantage of refinancing? We got a pretty good rate (3.2) in 2016, but I need to look into options of even cheaper rates.
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We did in NY and are now at 3.5%. But that alone saved us just under $300/month. My sister and BIL did as well (except their close took super long). My husband is a financial advisor and as soon as all of this started happening he jumped right on refinancing and has helped a few of his clients to as well. Idk if you can get much lower than 3.2–that’s impressive.
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We looked into it (specifically, refinancing to a 15-year mortgage), but we already put extra down on principle each month, and once we did all the figuring, the closing costs weren't worth the difference. We had a pretty good rate to start with, though, so there wasn't a huge gap to close.
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We just did, but I don't think you'll get a better rate then it sounds like you already have.
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We just closed last week. We went from 4.25% with 22 years left to a 15 year at 2.875%.
It took almost 2 months to close because we started when the demand for refinsncing overwhelmed all the companies. Our first quotes we're actually 4.25% and above.
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@Corduroy: wow! 2.875 is amazing!
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The rates have gone back up, I'm not sure you will find better than that.
We locked in at the very end of February/beginning of March and STILL haven't closed, it's supposed to happen next week because they were so overwhelmed. They're also updating everything to be entirely virtual so I guess they're working through those kinks too.
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6 comments