Yes yes I know, don't take out a loan, but I already have and it would take forever to save enough while also paying for some type of lesser housing so here we are.
In 2018 the interest rates were much less favorable than they are now and we got a 4.5% rate for 30 years. Both our credit scores were 820+ at the time and I have no reason to believe they would have changed significantly. We're talking with our current lender about a refinance and I've been following interest rates since around August. They currently have dropped to around 3.5% according to most charts but I'm seeing some advertising a good quarter percent less at 3.3 to 3.25. Anyone know if it's worthwhile to jump through the hoops (Unfreeze credit, give out a bunch of personal info) to get quotes from these places or are they gaming the system to advertise unobtainable rates? While it doesn't amount to much in the monthly payment over the life of the loan it is significant. We may be able to pay it off sooner once the children bills drop off but at these loan rates and market returns it almost makes more sense to pay the minimum and invest any extra we have.
In 2018 the interest rates were much less favorable than they are now and we got a 4.5% rate for 30 years. Both our credit scores were 820+ at the time and I have no reason to believe they would have changed significantly. We're talking with our current lender about a refinance and I've been following interest rates since around August. They currently have dropped to around 3.5% according to most charts but I'm seeing some advertising a good quarter percent less at 3.3 to 3.25. Anyone know if it's worthwhile to jump through the hoops (Unfreeze credit, give out a bunch of personal info) to get quotes from these places or are they gaming the system to advertise unobtainable rates? While it doesn't amount to much in the monthly payment over the life of the loan it is significant. We may be able to pay it off sooner once the children bills drop off but at these loan rates and market returns it almost makes more sense to pay the minimum and invest any extra we have.