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.
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
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?
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.
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.