[quote=gzz]Lower rate but more PMI/costs is no deal.
This is what I did, and when I finally did my refi, my monthly payment went from 2450 to 1950. That’s $6000 a year less in housing costs going forward for decades. [/quote]
It’s nice ‘that’s what you did’ and it worked out for you but’ it’s poor advice. What if rates go up ?
OP didn’t mention more PMI.
If you only compare your monthly payment amounts when you refi you don’t understand the benefit of a refi and your savings may not be as much as you think.
A true NO COST loan includes the appraisal cost, did that surprise you ?
Nobody should ever have a drop of 20% in their payment.
unless your rate dropped 1%-2% which would mean that you should have refinanced multiple times all the way down.
