3 ms·

“Obvious and painless” but not inexpensive. If it were trivial to refinance, you’d effectively have a variable rate mortgage where the rates could only go down,

• sokoloff 5y ago
  That is more or less how I view my mortgage. I bought in 2007 at 6.5%, refinanced in 2011 to 4.25%, then again a few years later to 3.625%, and plan to refinance again soon if I can lock in a 2.75%, no-points sometime soon. There are no points, no closing costs refis available. The biggest hassle in refinancing is making copies/uploading 2 years of tax returns and whatever other paperwork the underwriters want.
• wbond 5y ago
  If you deal with a small local bank, you may be able to get a portfolio mortgage that they hold, with some unique benefits. I recently did this, they matched the rate my existing lender (big international bank) gave me, plus they offer a float down on the rate once per 12 months for a fixed fee of $975. No refinance necessary.
• ummonk 5y ago
  That’s exactly what it is, which is why the rate is higher than an actual variable rate mortgage (where rates can go up too).
• hellisothers 5y ago
  It is inexpensive in the grand scheme of things, I recently refinanced and it cost around $2000, I’ll make that back in less than one year. If the cost of refinancing isn’t made back in a couple years maybe don’t refinance yet…