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Preparing to Refinance

Started by WealthBoy · 10 måneder dage siden

When I purchased my new home about a year ago, I went with the builder’s preferred lender because of the lower closing costs with the incentives. Because I also hadn’t yet sold my prior home and really had no cash to put down, I did 100% financing with an 80/20 loan. ... Continue reading »

2 comments

  • I think you're better off looking at the 10 year T bill as a reference of how mortgage rates are doing.

    also, if I had been in your position, since you were going to refi in a year, i would have gone for a higher rate, taken a discount point (the bank would've paid me money for getting 7.5%) and gone for 6/1 ARM, which would've probably resulted in a lower interest rate from what you got and had lower closing costs.

    of course, i've gone through this process over 20 times so I've learnt a trick or two.
  • Cool, thanks for the tips. Yeah, I've been watching both notes, but I'll definitely keep a closer eye on the 10-year T bill.

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