Hello! I'm hoping to get some advice on a refinance.
We closed on our house November 1, 2018, put 20% down. Rates were very high at the time, so we paid 4.875% for a 30 year mortgage. In the meantime, we have paid 21% of the principal off, been able to do this since we only borrowed about 40% of our max loan approval amount and watch what we spend.
We still max out 401k and ROTH IRA.
I am HOPING to pay this off in 4-7 years, we are likely to upgrade a bit to a new home once this is paid off, but we could stay too.
The lender gave me the following rates:
Fixed 15 Year Conventional Rate term Refinance
3.250%....$3,989 to close.
3.375%....$3,405 to close
3.500%....$2,645to close.
How do those closing figures look to you? I'm leaning towards the 3.5%.
Anything I should be aware of when refinancing? This would be the first time I would do a refi.