Refi mortgage shortly after closing - Should I?

[Anonymous]

I recently closed escrow on a new construction home. Close date was 6/24. Home is primary residence, rate is 5.375 for 30 year conventional fixed.

Within the last month, rates have dropped considerably and I’m wondering if I should refinance into a lower interest rate. Chase now owns the mortgage (they purchased it from LoanDepot). Wondering if one of the no closing cost refi options I’ve seen would be worth it, or perhaps even using that as leverage to see if Chase will refi the loan to a lower rate. I have cash and could afford to pay closing costs if needed, but would rather not if I don’t have to.

Any input is appreciated.

[NC_Mtg_Loaner]

Do it if you can, heck yeah.

Somewhere though, there is a Loan Officer who'll likely be charged-back his commission for your EPO, but wow, 5.375% is high--even two months ago if you ask me.  

What type of loan program do you have?  some won't allow you to refinance until you've made 6 payments and 210 days have passed. 

[JVille]

I agree your rate is crazy high but very often you will be unable to refi for a period of “close to” a year. A question would be do you even have enough Equity (based on purchase price) to qualify to refi?
Was your interest rate high due to Lender Credits to cover closing Or was it due to Fico Scores? My sister just locked her FHA 30 yr at 3.625 and her scores are not great!
Curious about that high rate?

[Anonymous]

There were some lender credits, but I not much.  I'll have to look at the paperwork when I get home.  I put 5% down.  Credit scores were good.  The mid score they used was over 740.  I'll have to look at the docs to see if there's a clause saying I can't refi for a certain period.  Do you think it makes sense for me to reach out to Chase and ask them if there's anything they can do to try and get me into a different rate even for a fee?

Purchase price was 404k and loan amount was $383,800k

[Anonymous]

Ok all, I lied (unintentionally) .

My rate is actually 4.375, not 5.375.  I don't know why I added that extra %. LOL

That being said, do you think it's worth it to try and get that lowered, or just wait it out for six months and see what the rates do?

[pgtackle2003]

I would definately look into it if I were you. I just closed a week agot and had a middle score of 680 and got 4%. 4.375 with a credit score like that doesn't make any sense to me. I would think you could easily get somewhere in the 3.5 range.

It's in the past now but you likely should have never agreed to that rate.

[Anonymous]

I don't know that 3/8 to 1/2 % would be worth the hastle and closing costs considering your LTV is above 90%.  I'd plan to make additional principal payments for now.  I have a feeling rates will dip again later this year, but again, not sure how much better you can do since it's a new build with little equity.