I locked in a mortgage rate of 5.87% only a month or so ago. We both have very good credit, made a substantial downpayment, etc. I used Garden State Home Loans because of this board and am so thankful that I did. It was a great experience.
Now, rates have been declining since then and I think we could lock in something at least a half point lower if not more. However, I have a few questions:
1) Can I do this before even making my first mortgage payment (the loan was promptly sold off to United Wholesale Mortage; first payment due Oct 1).
2) We had to do some major furniture shopping this month and other spending. I have no doubt this will affect our credit temporarily but not sure by how much. Is it worth it to see what we can get anyway, while rates are where they are?
3) Does the lender generally waive the fees or how does that work? Obviously we do not want to refi if we just have to pay a pile of fees that will cancel out the benefit.
4) Is Rocket still the top recommended lender for refi on this board? Other contenders?
Thanks!
Now, rates have been declining since then and I think we could lock in something at least a half point lower if not more. However, I have a few questions:
1) Can I do this before even making my first mortgage payment (the loan was promptly sold off to United Wholesale Mortage; first payment due Oct 1).
2) We had to do some major furniture shopping this month and other spending. I have no doubt this will affect our credit temporarily but not sure by how much. Is it worth it to see what we can get anyway, while rates are where they are?
3) Does the lender generally waive the fees or how does that work? Obviously we do not want to refi if we just have to pay a pile of fees that will cancel out the benefit.
4) Is Rocket still the top recommended lender for refi on this board? Other contenders?
Thanks!
Statistics: Posted by panpsych — Wed Sep 18, 2024 12:47 pm — Replies 7 — Views 218