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My wife and I purchased a home 2 years ago. We have a 5% 30 year fixed. We plan on staying in the home. It was my understanding we had to wait 2 years to refinance. Fortunately rates have come down. Should we consider a refinance at the new lower rates?
Asked
4 months ago
Eli Stein
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yes. Depending on the loan amount, appriased value, your credit and income, you may be able to lower your rate without paying any points or fees. Just be certain you don’t have a prepayment penalty. It almost always makes sense to lower your rate when you can do so without paying any points or fees.
if you are staying in the home for several years then it may be good. Look at your cost versus reward and recovery period…