How much of a drop in interest rates for refinance to be worth it?

[Anonymous]

I closed on a house in December at 3.75% for a 30 year fixed. Loan amount was $550k. I see that rates have dropped slightly. At what point would it be worth it for me to refinance? H

[Anonymous]

Find a no cost refi-- like at amerisave. It will be a slightly higher interest rate but you should be able to get a lender credit sufficient to cover your closing costs. If you can, and if the rate is still lower than your current rate then look at what the drop in monthly payment will be (also keep in mind you will reset your mortgage but you are at the very beginning and if you keep paying your loan at your original payment level you should pay it off sooner than if you had kept the old loan)

[Anonymous]

few years ago I was able to do a basically free refi shaving half a percentage point. Was waiting for that as the cut-off.

[Anonymous]

Half a point with lender credit towards closing costs.

[Anonymous]

We refied for a 15 year mortgage. You might want to check that possibility out

[Anonymous]

So I checked and we would qualify for a 3.25% 30 year VA refi. The VA fees, which are high would be rolled into the loan. Our monthly bill would go down $73.00 a month, we would pay no fees up front, but our loan would now be for $562k, rather than the current $544k. Would save $26k over the life of the loan. Does this sound right? Worth it?

[Anonymous]

Anonymous wrote:So I checked and we would qualify for a 3.25% 30 year VA refi. The VA fees, which are high would be rolled into the loan. Our monthly bill would go down $73.00 a month, we would pay no fees up front, but our loan would now be for $562k, rather than the current $544k. Would save $26k over the life of the loan. Does this sound right? Worth it?

If you can do a VA IRRRL loan the funding fees are significantly less.

[Anonymous]

Anonymous wrote:

Anonymous wrote:So I checked and we would qualify for a 3.25% 30 year VA refi. The VA fees, which are high would be rolled into the loan. Our monthly bill would go down $73.00 a month, we would pay no fees up front, but our loan would now be for $562k, rather than the current $544k. Would save $26k over the life of the loan. Does this sound right? Worth it?

If you can do a VA IRRRL loan the funding fees are significantly less.

Unfortunately I can't because the original loan is a conventional loan.