I'm piggybacking on this thread because I have a related question.
I am a mortgage/refi newbie in the sense that I've only ever done a refi and mortgage with the same bank - it's my local credit union.
We just moved and bought a new house in September so it's only been 6 months since we just got our current mortgage. We have a 30 year at 3.625%.
I was just looking into refinancing since rates seem to be lower, maybe significantly enough to refinance.
Turns out my local credit union charges a lot in fees - for me to refinance, it would basically cost me the same as I paid for the mortgage, around $4,000 in closing costs/fees. I started researching around here and realizing people are getting way better deals - like paying around $1000 or even no cost refis. My credit union said to refi they would only waive my appraisal fee but the rest of the fees would remain (so still around $4,000 to refinance).
The catch is, they let me pay my mortgage with my credit card every month!
So for the past 6 years (previous home, plus now this new one) I have been getting all the benefits of credit card churning/points because I get to put the mortgage on my CC every month. It helps us easily meet minimum spend requirements, like when some CC require you to spend $5-6k in 90 days - it's easy with our mortgage on there. Or when we aren't churning and i'm just using my 1.5% cash back card, we get to benefit from that.
So it's hard to compare because if I refinance at a different bank say for example, that only charges $1,000 for closing a refi vs my credit union wanting to charge $4,000 to refi.
I fee stuck as how to compare so many moving parts.
Just checking here to see if anybody has any advice or thoughts?
Thank you!