We bought our current home when rates were about 4.5. Rates dropped further and a couple years later I asked about refinancing which they agreed to but they only wanted to go to 3.5 since we had purchased at 5% down and it had only been 2 years. But during closing I asked if there was a way to get it even lower, she said no. But then I asked directly if I could "buy points". She said yes, I asked how many, and she said 2. I thought we'd have to pay cash for the points so I asked for one and got the rate down to 3.37. I wish I had bought both now as they seemed to have just tacked the cost on to the principal. All things to keep in mind when financing or refinancing. When you call around for a lender and rates ask also about buying points, and follow up with that during closing. Our monthly payment went from about 2500 to 2100 with the refinance.
I'm moving to Olympia at some point in my life. I live in arrid, dry, hot, dead grass Redding CA and I can't wait to see green again. Is Inventory snatched up asap there? Are list prices being over bid like it is here in NorCal?
We bought our current home when rates were about 4.5. Rates dropped further and a couple years later I asked about refinancing which they agreed to but they only wanted to go to 3.5 since we had purchased at 5% down and it had only been 2 years. But during closing I asked if there was a way to get it even lower, she said no. But then I asked directly if I could "buy points". She said yes, I asked how many, and she said 2. I thought we'd have to pay cash for the points so I asked for one and got the rate down to 3.37. I wish I had bought both now as they seemed to have just tacked the cost on to the principal.
All things to keep in mind when financing or refinancing. When you call around for a lender and rates ask also about buying points, and follow up with that during closing. Our monthly payment went from about 2500 to 2100 with the refinance.
3.37 is really good. Can you even imagine 18%?
I'm moving to Olympia at some point in my life. I live in arrid, dry, hot, dead grass Redding CA and I can't wait to see green again.
Is Inventory snatched up asap there? Are list prices being over bid like it is here in NorCal?
They were. It's cooled down considerably.