[markwaldron]

I've seen rates as low as 2.75% on Better (500k mortgage with 5% down). As someone who was a first-time homebuyer a.little over a year ago, I've been wrestling with the pros and cons of refinancing now to drop my 4.2% interest rate. A few friends and coworkers have done it recently, but it seems to only make sicne if you're not getting killed with closing costs.

[toast0]

A $400k 30-year loan at 4.2% has a $2309 payment (bankrate calculator, zeroed out down payment, tax, and insurance), and a 3% loan payment is $1686. $625/month savings will quickly pay back any reasonable closing costs. If your loan balance is higher, it makes more sense.

[hbcondo714]

We purchased a 3 unit almost a year ago through Chase and got a 30-year mortgage at 3.75%, no points. Very tempting to refinance but our lender says the lowest he can get is 3.175% with points. I tried Better but it keeps saying "no results found"

[Gibbon1]

Paying attention to closing costs is important. Because who likes getting screwed even if you come out ahead. Which you will because dropping your rate from 4.2% to 3% will break even around 18 months and save about $140k in interest.

[joezydeco]

Find a broker that will get you a no-cost refi (they wrap the costs into the principal, raising your payment about 1-2%). You can easily do better than what you're getting now.

[xur17]

When I looked on Better, 2.75% included points.