Have any of you refinanced your mortgage lately?

3% or higher would net someone (with great credit) a free or nearly free refi to a lower rate. If they are better off doing so or not would be situational. I should clarify "wasting money" maybe like wasting money changing your oil too soon. You may have good reasons to do so.

Interesting thought process. My credit union doesn’t offer free refi transactions. My credit score is over 800 and I still pay about $2k. Maybe it’s my bank IDK…

just my $0.02
 
Interesting thought process. My credit union doesn’t offer free refi transactions. My credit score is over 800 and I still pay about $2k. Maybe it’s my bank IDK…

just my $0.02
They're never really free. What they do is give you a credit if you refi at a slightly higher rate. They get paid a slightly higher fee if you have a slightly higher rate, typically anywhere from 1/8 to 1/4 of a point and they can use that money to offer you a no cost closing. Usually you have to keep the loan for at least 3-6 months otherwise they get a clawback. I knew people who refinanced their loan 5-6 times when rates were dropping and each time it was a no points no closing cost loan so whenever it dropped 1/8 to 1/4 of a point, they'd refi as it cost them nothing. Mortgage broker was happy to do it too as they already had all their info and they got paid on each loan. They knew each other so he'd always wait until the clawback period had expired before closing on another one.
 
Interesting thought process. My credit union doesn’t offer free refi transactions. My credit score is over 800 and I still pay about $2k. Maybe it’s my bank IDK…

just my $0.02
Sometimes the agent gives you money out of his commission. From what I was told some agents get different "banks" wholesale (higher commission) and they would advertise on places like zillow or bankrate, then what they do is they give you a portion of their commission to pay for your closing cost as either a check that you have to put in 1099 or they open an escrow account for you to pay for your property tax / insurance cost. I always use the escrow account so I don't have to pay tax on that refund. It typically works if your location has high cost of living but your agent is in the middle of the fly over state with your state's license.
 
Hello grampi, I did refinance my mortgage about a year ago through Mortgage Maestro. I applied for mortgage refinancing through them because they presented the best solutions in my opinion and they really did help me conveniently get the most favorable rates. Here's where you can learn more about them and their services, as far as I know, they offer both mortgage refinancing and mortgage renewal if that's something that you're considering as well.
 
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