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Mortgage - Original Lender Free Refinance after 6m

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Contributor

Mortgage - Original Lender Free Refinance after 6m

Hi guys,

 

my original lender had a contract clause in their which would provide a free Refinance in case rates are dropping 6 months after closing. Well we closed on first of May and I know that November is still a bit away it seems like that rates are dropping (I closed at 4%, 30y conventional).

Do you see any negatives to try this? Is it typical for lenders to have this kind of option? Thanks!

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2 REPLIES 2
Regular Contributor

Re: Mortgage - Original Lender Free Refinance after 6m

I have colleague's who work for lenders who tell me that they use very specific terminology when stating this.  They typically use terms such as "we will charge no lender fee's on the next loan" which the consumer hears "free"  In the scenarios that Im familiar with,  there are still all of the other title fees and standard charges being added. But still, there is nothing wrong with your current scenario. 

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Contributor

Re: Mortgage - Original Lender Free Refinance after 6m

ok great, thanks for your feedback. Is there anything in particular I should watch out for?

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