Refinance Advice
I'm looking for the wisdom of the crowd. We are currently on a 5.25% fixed rate 30 year mortgage. Rates for 30 year mortgages are currently at 4.875%-5%. My mortgage lady would like me to move forward with an application and then wait to watch rates so I can pounce if they dip for a day here or there.
The downside to this is that we have to pay for an appraisal as part of doing this. That's $300 - $400 and is good for 120 days. So we can do that and then we have four months to hopefully have a day when the rate drops enough to seem worth refinancing. If it drops to 4.75% or lower I would think it would be worth doing. So we're close and it looks good, but there's a chance that rates go up and then we paid $400 for nothing.
We're on a budget and we're trying to save money. $400 is a lot of money to get nothing from.
So what does everyone think? Do we think rates will stay down or go lower, or do we think they are likely to come up in the next four months?
The downside to this is that we have to pay for an appraisal as part of doing this. That's $300 - $400 and is good for 120 days. So we can do that and then we have four months to hopefully have a day when the rate drops enough to seem worth refinancing. If it drops to 4.75% or lower I would think it would be worth doing. So we're close and it looks good, but there's a chance that rates go up and then we paid $400 for nothing.
We're on a budget and we're trying to save money. $400 is a lot of money to get nothing from.
So what does everyone think? Do we think rates will stay down or go lower, or do we think they are likely to come up in the next four months?