Hello,
With all the lowering of rates lately, Is this a good time to refinance my personal residence (duh)? :rolleyes. I'm more concerned with going with a broker that uses a lender that may go under. Is my concern valid? Thanx
What is your current rate? Are you worried about your lender going under during the refinance process or after you close?
I’m at 6.5% with a combined FICO of about 700. My lender is a local bank who appears to be growing. I worry about a new lender having issues more than my current one. I don’t know what the going rate is my FICO but I refi’s last yr. to my local bank. I later found out I could have gotten a lower rate of about 5.75% from a broker with similar closing costs. I have yet to ask my local bank about a terms of a refi because I think I need to wait until May for seasoning purposes. Home values in my area have not dropped by much. I think they’ve just held steady.
6.5% is not too bad of a rate. It may not be worthwhile for you to refinance right now because rates are not that much better right now. As for seasoning Fannie Mae has no seasoning requirements so that should not be an issue. I would advise you to watch rates over the next couple of weeks or months and see if you can get 5.75% or lower. Once you hit your target rate lock it in and close.
Thanx. I just did a little digging and found some rates around 6% for me. Not enough to refi. but I’ll keep my eye on it.