Refinanced mine last year, and yeah, saw about a 12-point dip initially. But honestly, the math made sense—lower interest rate meant more cash each month. Just make sure you factor in closing costs; those can sneak up on you... learned that one the hard way, lol.
"Just make sure you factor in closing costs; those can sneak up on you... learned that one the hard way, lol."
Yeah, closing costs caught me off guard too when I bought my place last year—felt like they came outta nowhere. Did you roll yours into the loan or pay upfront? Still debating which makes more sense...
I ended up paying mine upfront because rolling them into the loan made me nervous about paying interest on those costs over the long haul. But honestly, it was a tough call... felt like a big chunk of cash to part with all at once. Curious if anyone's refinanced recently—did you find the closing costs similar to your original purchase, or were they lower this time around?
Refinanced about 6 months ago and found closing costs noticeably lower than my original purchase. Guessing it's because some fees (like inspections, surveys, etc.) weren't needed again. Still, like you said...
"felt like a big chunk of cash to part with all at once."
Definitely a tough call either way.
Refinanced twice now, and yeah, second time around was definitely cheaper—no appraisal or inspection fees helped a lot. Still, the upfront cash pinch stings... Did you roll closing costs into your loan or pay upfront?
