Loan funded a couple days ago. Got 4 years knocked off, .25% lower interest rate, PMI removed, free appraisal, no fees whatsoever, and am getting a little cash back as a bonus. So US Bank is holding the loan and though I know I could have probably gotten a slightly lower rate else where, I am happy. Just in time too as rates look to be going up and this month Zillow says my home value actually went down.
Congrats!
It’s a good feeling. Rates are definitely higher now than they were 2 months ago.
I don’t expect them to go back to those lows, perhaps somewhere in between.
The REAL benefit to a refi is to continue to make the same payment that you were previously making on your last loan. The compounded savings is huge and you can shave years off your new loan term.
It is definitely worth refinancing to save .25% at no cost.
The mistake that most people make (including mortgage ‘professionals’) is that they ONLY talk about the monthly savings. *A lower payment amount does not always mean it’s a better loan!!*
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