It sucks, but is it worth gambling that rates will or will not be this low in six months?BrandonBogle wrote: ↑Sat Jul 24, 2021 10:49 amTypically if the loan is refinanced before 6 payments are made, the commission a loan officer makes (and profit the lender makes from selling the loan to an investor) is clawed back.rage_phish wrote: ↑Sat Jul 24, 2021 10:39 am Yeah seems like getting to at least 2.75% should be easy
Now another question
We are only 3 months into living in our home. Does doing a refi earlier than 6 months hurt the original lender? We used a lender we have a good personal working relationship (he actually save our home sale when our buyers lender fell through).
We won’t refi with him since he’s never the cheapest. But would doing a refi so early lose him money or anything? (Obviously I don’t understand the business side of this aspect)
I suppose one can always claim ignorance. I assume the LO is called when the payoff statement is requested mere months after purchase? Or do they not find out until it's too late?