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Is it cheaper to refinance?

We bought a home 2 years ago on a VA loan. The interest rate is 3.75% with a 30 year term. The rates are around 3% now and I would like to know if it is a good time to refinance? I don’t know how much it would impact our payments and life or our loan. We haven’t appraised our home in a while but have noticed that our taxes have gone up. Is it cheaper to refinance? What are my other options? by jsbach956 from Detroit, Michigan. Jan 6th 2022 Reply

Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,660 contributions

The answer to if it is a good time can only be answered by you once someone runs your numbers. Typically though, most people would jump with a drop of .75% Most people roll the costs into the new loan, so there is little to no out-of-pocket expense. Cambria Mortgage, NMLS 274132. I lend in MN, WI, IA, ND, SD. NMLS 274132

Jan 7th 2022
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