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If planning to refinance in the short term, should I not buy points on a 30 yr mortgage?
Posted on 4/24/23 at 9:53 am
Posted on 4/24/23 at 9:53 am
I'm doing some rate shopping right now. My brain is telling me that it doesn't make much sense to spend a lot of money buying points for a better loan rate if I expect to refinance in the short term, assuming the rates will decline. Am I wrong? Am I missing something?
4
Posted on 4/24/23 at 10:00 am to SUB
Depends on your market IMO.
If you're in a market that is currently declining, you won't be able to refi in 1-2 years because you may not have any equity. No bank is going to buy your loan and give you another one if you're upside down on the house.
If you're in a market that is currently declining, you won't be able to refi in 1-2 years because you may not have any equity. No bank is going to buy your loan and give you another one if you're upside down on the house.
Posted on 4/24/23 at 10:07 am to SUB
Posted on 4/24/23 at 10:17 am to ItzMe1972
Thanks both of you. The market is fairly stable - only with a slight decline.
I'll use that calculator for the rates I've seen.
I'll use that calculator for the rates I've seen.
Posted on 4/24/23 at 10:30 am to SUB
Why not a 10 yr ARM if you’re looking to refi in the near future anyway?
Posted on 4/24/23 at 7:50 pm to SUB
Where are you located and where have you looked at for quotes?
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