Seems like an appropriate place to ask this question.... and I have not read every post in this very long thread so I apologize if this scenario has been covered. Would you do this refinance?
Current loan: purchased March 2020, original loan 592K at 3.25% 30-year fixed. Principal and interest payment $2,576. Current balance is $584,181.
With the new conforming loan limits now at $548,250 I am considering a refinance into 2.375% with about $2,000 in closing costs. I’d have to bring 36-38K to do this, but the result is that my principal and interest payment would drop to $2,130. Monthly savings of $446.
Would you bring almost 38K to save $446 per month? If I did this, I’d let this loan ride for the long term and put the extra into investments. Or is this silly thinking? I have a bunch of cash piled up, waiting to buy an investment property, so the 40K wouldn’t hurt.
Best guess is that I am 8-10 years away from FIRE.