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I feel like everyone and their mother is refinancing right now. DH and I had a weekend long argument about this, the rates are really good now, (when we closed on our home mortgage at 6%) Is it really worth it though after all the fees and costs?
I think the general rule of thumb is at 1% to make it worth the fee's.....so if you have 6% and can get a 5% then maybe it'd be worth it...what are the rates right now?
The rate are in the 4's rt now, best I heard was 4.375%, DH's aunt and cousin both refinanced and got in the 4's and I couldn't believe it.
Check out TFCU's website for their current mort rates.
we closed at 5.5% in march and td bank just quoted us 5.125% to refi $0 bank fees but still not work for us to do it with the couple of thousand in closing costs.....our guy is still monitoring it for us though
we looked into it, and the closing costs would have added up to around $12000, which would have been added onto our principal. So we passed on that, but will probably continue to get quotes from other companies.
