quote:
They will waive that point fee if you ask for it. Also, paying $1150 isn't much on 300K compared to the savings on the rate. I would go for it.

My thoughts as well. Over the course of the loan I'm looking at saving 22k in interest going from 3.875% to 3.5%.

I know its the right financial move but I am more concerned with any risks I may not be aware of.

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Posted by CoachChappy

Member since May 2013

32599 posts

Posted on 8/19/19 at 2:28 pm to LSUDbrous90

quote:
I know its the right financial move but I am more concerned with any risks I may not be aware of.

The only 2 potential issues would be pushing back the closing and the appraisal. If you know it will appraise well, I wouldn't worry about it. If the appraisal is for lower than expected, you may have to renegotiate price. All of those things aren't a big deal for you, but could piss off the seller which also isn't a real big deal.

This post was edited on 8/19/19 at 2:29 pm

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Posted by TigerDeBaiter

Member since Dec 2010

10268 posts

Posted on 8/20/19 at 5:31 am to LSUDbrous90

quote:
My thoughts as well. Over the course of the loan I'm looking at saving 22k in interest going from 3.875% to 3.5%. I know its the right financial move but I am more concerned with any risks I may not be aware of.

You’re not going to stay in the house for 30 years. Or even 15 likely. Most average 7. Now, if this is your “forever home” which maybe means 12 years, it might be worth it. Still, I would just refinance later. You close in 3 days. If I was the seller I’d tell you to take a hike. That’s your risk. And, depending on your market right now, it’s a real one.

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