you where charges 6.250 you paided 1.5% to buy down the rate . did an identacle purchase around the same time i got a rate of 5.650 with the same score and paid no discount fee I paid a total of 6000 in closing costs on 209,000

after looking over all my ofers one almost exactly i went with the company below. it looks like you fell into the same trap many do and one i almost did your broker made an additional 1-1.5% in rebate from the bank and why you recieved a higher rate. admittedly my closing costs where slighly higher about 1500 with the comapny i went with but i saved 45k in additional interest getting the lower rate.

unfortunately you will most likely need to wait out a year until the rates come down more to be financialy viable also i would look into the prepayment penalty. although your lender is only charging 1700 you stil have all the taxes and doc stamps that must be paid for all ove a gain you are more likely going to have closing costs of about 2500

I think you got a good rate for October 2007, and a fair deal overall. Although rates have gone down slightly, the home might not have been available for sale if you waited. As far as the 3rd party fees, the lender didn’t get those, they just passed them on from the 3rd party. Remember that the loan originator has to get paid by someone - that’s their profession. Your settlement statement will show you their total compensation for the deal.
I’d suggest you wait on the refi. Rates are likely to continue to drop in the next 6-12 months, especially if the market continues to be soft, which most experts predict. I’d also advise you to keep talking with the loan person you worked with before about rates and deals, or ask a friend for a local referral, and not to get sucked in to online loan brokers. If you are going to be in the market for another loan, you will benefit from giving them your business and telling them you expect straight talk and good advice from them.

I can answer this from experience. I refinanced my sister in October at 6.5% (No buydown, credit score 809). Rates fell dramatically over the next 2 months and I felt horrible. We just closed on her 2nd refi in 3 month and she is now at 5.625.

Whether to refi or not depends on how long you are going to stay. If you are going to be there more than 3 years then I’d say go for it. Find someone that is willing to do a refi for you with little cost. I say “little” cost because a no-cost refi is not really no cost and you would not end up with a better rate.

Use this tool to see how long it would take to recoup the cost of a refi.

I would check into a refinance, if you can get a lower rate then go for it.
Mine is much lower, around 5.1…but we refied 1.5 years ago.