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Message
Who here has refinanced their mortgage recently?
Posted on 10/27/25 at 4:02 pm
Posted on 10/27/25 at 4:02 pm
30 year @ 6.25% currently. Not even a year into my 30
Looks like I can get my rate down to 5.375% with a 20 year and ~$5,000 closing. That’s just doing minor research online and not talking to an actual mortgage company
~790 credit score
What are y’all seeing?
Looks like I can get my rate down to 5.375% with a 20 year and ~$5,000 closing. That’s just doing minor research online and not talking to an actual mortgage company
~790 credit score
What are y’all seeing?
8
Posted on 10/27/25 at 4:23 pm to VermilionTiger
I wouldn’t pay any closing costs in anticipation of refinancing again if/when rates drop further
Posted on 10/27/25 at 4:44 pm to VermilionTiger
Odds we will get another .5% before the end of the year. I woukd wait until late Dec or early Jan.
Posted on 10/27/25 at 6:35 pm to VermilionTiger
quote:
What are y’all seeing?
hold tight... rates will drop again either before the end of the year, or right after, barring something really fricking stupid happening in the economy
Posted on 10/27/25 at 9:51 pm to VermilionTiger
quote:
Not even a year into my 30
sucks for you
paid mine off in 2012 way early
Posted on 10/28/25 at 7:00 am to VermilionTiger
FYI, Long time rule of thumb is to not refinance until you can get 1.5% reduction in rate. This helps with the interest reset your going to get.
FWIW.
FWIW.
Posted on 10/28/25 at 7:55 am to Victor R Franko
Good intel 
Posted on 10/28/25 at 8:39 am to VermilionTiger
yes I would not refi until you can get below 5%. If you can swing the note I would consider a 15 or 20 year term
Posted on 10/28/25 at 8:52 am to cgrand
The plan is at most a 20
Posted on 10/28/25 at 9:26 am to Victor R Franko
I agree. My thinking was always 2%, and would not consider anything less than 1.5%.
I suggest hold tight and see where we are at in early 2026. I like the OP wanting to go to a 15 or 20 year mortgage.
I suggest hold tight and see where we are at in early 2026. I like the OP wanting to go to a 15 or 20 year mortgage.
Posted on 10/28/25 at 10:27 am to VermilionTiger
i was told a general rule of thumb for refi to be worth it is if the refi is more than 1 point then do it. otherwise it may not be worth it. there are refinance calculators out there that can help see the long term impact
Posted on 10/28/25 at 12:47 pm to VermilionTiger
I refinanced from a 6.675 to a 5.75 last month. Used GMFS. VA loan
Posted on 10/28/25 at 1:22 pm to VermilionTiger
quote:
30 year @ 6.25% currently.
I'm in the same boat, with everything going on I was hoping rates would drop 2 points before Trump is out of office.
I'm in a holding pattern
Posted on 10/28/25 at 3:50 pm to The Torch
quote:
I'm in the same boat, with everything going on I was hoping rates would drop 2 points before Trump is out of office. I'm in a holding pattern
Same. 29 years and 2 months around 6.3.
Making bi-weekly payments so it will knock it down some.
This post was edited on 10/28/25 at 3:52 pm
Posted on 10/29/25 at 7:43 am to KWL85
quote:
I like the OP wanting to go to a 15 or 20 year mortgage.
I like the lower time line and interest paid, but don't necessarily agree for OP to head that way right off the bat.
OP needs to weigh his financial/work stability and cash funds or emergency funds on hand. a longer term may be less desirable, but will have lower payments, which is of some value, and will place less stress on cash flow. Yes, if cash flow stress not an issue, then go for a shorter term. if long term note is signed, OP can always apply any extra funds to the loan premium and shorten loan duration without stressing cash flow.
Just my thoughts on the shorter loan term, it depends.
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