What kind of refi are you looking for? Going from what sort of product to what sort? That can make a difference.
If you have a 3/1 ARM and want to go 30 year fixed, you’ll have to go through the whole application process - might be worth waiting awhile.
If you’re on a 30 year fixed and want to refi to a lower rate on a 30 year fixed, try just calling your current bank and asking for the lower rate.
Believe it or not, that’s what I did a couple years back and they reduced my rate .75% for free with no application. They kept the payments the same (which I wanted to do as well), but just reduced the term.
But it all is up to individual circumstances. Rates are (and have been for awhile) near all-time lows. Reducing your rate on a 30 year fixed from 6.25% to 5.8% really isn’t going to save you that much, particularly if you can’t negotiate lower closing fees (without them increasing the rate or rolling the fees in the balance of the loan). There really isn’t an easy answer..... unless you’re in an ARM right now - in which case my conservative judgment says to refinance now and get out of that horrid arrangement.
Thanks! I am in an ARM right now and can easily afford a 30 year fixed as my circumstances have changed since I got into the ARM. My ARM does not adjust until December 2009 so I have some time. Do you think I should wait until the next rate cut?
BUMP