3 ms·
Yes you can refinance at a lower rate if/when rates drop. You have to pay some money to do so, but it's insignificant compared to the cost of interest if it's
by nostromo 3y ago
Yes you can refinance at a lower rate if/when rates drop.
You have to pay some money to do so, but it's insignificant compared to the cost of interest if it's over a percent lower or so.
There are usually no pre-payment penalties.
I imagine a lot of people buying houses right now are counting on mortgage rates dropping in the future.
- bushbaba 3y ago*so long as your house appraised for high enough value to meet the debt to equity ratio. So if mortgage rates go down, but your home price crashes 10%, you’ll likely only be able to refinance by significantly paying down the mortgage balance.