{ "media_type": "text", "post_content": "What is right mortgage rate strategy for first time homebuyer - 2.6% with 1.5k lender credit or 2.5 with 1.8k points fee fee. I am leaning towards 2.5 with assumption that I will be able to refinance in future with 2.4 when rates go down further. What would be your choice", "post_id": "5f5d19fb91375f002fc9019d", "reply_count": 8, "vote_count": 0, "bowl_id": "59064a3cb12379001006592c", "bowl_name": "Personal Investment Chatter" }

What is right mortgage rate strategy for first time homebuyer - 2.6% with 1.5k lender credit or 2.5 with 1.8k points fee fee. I am leaning towards 2.5 with assumption that I will be able to refinance in future with 2.4 when rates go down further. What would be your choice

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Why would you ever refinance for a .1% reduction in rate?

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This was also my first thought. .1% is nowhere near enough to refinance

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OP, in your assumption that you will refinance in the future, are you taking into account the closing fees? Because of this, most people do not refinance for less than a 1% drop. Do you think rates will go below 2% to make it worth it? You need to find the breakeven between the 2 options. Generally, if you're staying in the house a long time, you go for the lowest interest rates of you're staying for a short time, you go for less upfront fees because you won't have the time to recoup them.

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Is take the 2.6 and cash in hand. Where did you find such good rates

Do the math. How many months is the 1500 or 1800 of mortgage payments. This is also give you some insight into whether it makes sense to refinance and when.

If you think you’ll refinance again in the near future, the upfront fee difference should matter more as you will only be paying that rate for so long. But I’m not sure why you would expect that. You really think rates can get much lower?

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