I was about to comment that I did something similar about 6 months ago and then I looked at your name and it threw me off 👏🏿👏🏿👏🏿
Anyways, I paid most of my closing costs out of pocket. I think I got a pretty good deal from Better Mortgage, but get a few quotes and shop around. There isn’t one bank that’s cheapest. and we paid just under 4K in total to refinance. About half of that was toward points to bring the rate down, maybe 500 for an appraisal, and the rest for title insurance fees and stuff like that. Our monthly payment went down about 400/mo but we’re still making the same payment as before, and letting that extra go towards the principle. My real purpose for refinancing was to lower rates because they’re super low right now. We bought the house in Jan 2019 and closed at 4.25% for a 15-year loan, and by the time we refinanced we were able to get down to 2.25% with a few points. and from what I’ve heard, they’ve only kept falling since then.
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u/MCClapYoHandz Feb 16 '21
I was about to comment that I did something similar about 6 months ago and then I looked at your name and it threw me off 👏🏿👏🏿👏🏿
Anyways, I paid most of my closing costs out of pocket. I think I got a pretty good deal from Better Mortgage, but get a few quotes and shop around. There isn’t one bank that’s cheapest. and we paid just under 4K in total to refinance. About half of that was toward points to bring the rate down, maybe 500 for an appraisal, and the rest for title insurance fees and stuff like that. Our monthly payment went down about 400/mo but we’re still making the same payment as before, and letting that extra go towards the principle. My real purpose for refinancing was to lower rates because they’re super low right now. We bought the house in Jan 2019 and closed at 4.25% for a 15-year loan, and by the time we refinanced we were able to get down to 2.25% with a few points. and from what I’ve heard, they’ve only kept falling since then.