Refinance Rate Alerts

Jul 7, 2018 11 Comments

What do you use to track rates of refinance for your mortgage? Ideally, I’d like to get an email whenever rates drop below a threshold so I can consider refinancing. Zillow documentation claims to have this feature but it seems like stale feature that I’m not sure exists anymore.. any other advice?

TC: 290k / 8yoe

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TOP 11 Comments
  • New WegV17
    Unless you paid a stupid high rate when you bought, refi is not worth it. All it does is drain cash for closing costs again, or jack up your principle if you roll them into the loan. More importantly, it starts the clock over on interest calculations. The first few years of a mortgage most of your payment is interest. You don't start really paying down principle for several years. If you refinance, you go back to paying mostly interest again. You are better off making 1 or 2 extra principle payments a year, that will reduce the amout of your payment that goes to interest very quickly.
    Jul 7, 2018 4
    • New WegV17
      You don't need to refinance to put more down payment. Just pay the money to your existing mortgage as extra principle payments. Take the money you save on closing cost and pay down the existing loan.
      Jul 7, 2018
    • Quicken Loans Kbzh37
      There’s more to refi’s than getting a lower rate. You can change the term, pull cash out for reno/investment props (to have the lien on your primary for better terms),consolidate debt, add someone else to the mortgage, etc.
      Jan 31, 2019
  • Gap / Other Saturyay
    You can switch from 30 yr fixed to 10/1 arm and get a lower rate and even buy down. It’ll save you money for 10 yrs and you can decide to sell or pay off the place by then.
    Jul 8, 2018 0
  • Microsoft 7590
    OP
    Interesting ideas for sure. Thanks!
    Jul 7, 2018 0
  • Check if your mortgage allows recasting. This is useful for making a big down payment and reduce your monthly payments, keeping the same end date for the mortgage. Your interest rates will be same.
    Jul 7, 2018 0
  • New DuQvV7
    Factor closing costs into refi.

    It’s rarely worth it unless there is a massive rate drop.

    Rates are actually going the opposite way...
    Jul 7, 2018 0
  • Oath Poahrbe
    Yeah, exactly. I think new buyers typically look into refinancing because of buyers guilt. Eventually everyone realizes that it’s not a silver bullet.
    Jul 7, 2018 0
  • Oath Poahrbe
    Did u just buy?
    Jul 7, 2018 0

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