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re: .
Posted on 2/9/15 at 12:34 pm to CQQ
Posted on 2/9/15 at 12:34 pm to CQQ
If I can get in, I would take Golfers logic from the previous thread... Start at a variable, since they are capped at 8% (still better than my current average rate), but if rates start climbing steadily, jump over to a fixed rate and lock in around 5-7%. Sofi does not charge to move from fixed to variable.
1
Posted on 2/12/15 at 4:01 pm to mkibod1
quote:
Start at a variable, since they are capped at 8% (still better than my current average rate), but if rates start climbing steadily, jump over to a fixed rate and lock in around 5-7%. Sofi does not charge to move from fixed to variable.
The biggest problem with this logic is its assumption that the fixed rates will stay the same as variable rates increase. Fixed rates are always more expensive due to the certainty they provide. By the time you're approved for the fixed rate refi, the rate will be substantially higher than when you were initially approved for the loan. Best to fall back on the 8% cap imo.
I refied with Darrien Rowayton about 6 months ago. They gave me a slightly (very slight) better rate than Sofi but are a HUGE pain in the arse to deal with. I may switch in the next year or so.
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