We purchased our home in September with 20% down and a 6.5% rate knowing we’d eventually refinance to a lower rate.
We will have about $150K to add to a principal reduction at some point in the August timeframe, as well. (Currently adding about $10k/mo after taxes to this fund.)
The goal will be to reduce our total amount owed and lower our rate.
Just looking for some advice on how to accomplish that goal when the time comes… recast, refi, principal only payment, timing, etc. It looks like dropping rates finally hit some resistance, but I believe the expectation is that they’ll continue down to 5% territory.
We will have about $150K to add to a principal reduction at some point in the August timeframe, as well. (Currently adding about $10k/mo after taxes to this fund.)
The goal will be to reduce our total amount owed and lower our rate.
Just looking for some advice on how to accomplish that goal when the time comes… recast, refi, principal only payment, timing, etc. It looks like dropping rates finally hit some resistance, but I believe the expectation is that they’ll continue down to 5% territory.
