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If you can swing it, I would keep making the minimum payments until you can secure a lower interest rate. To refinance with a larger interest rate is definitely not the way to go if you can avoid it! Plus, you've only been paying off the loan for less than a year, so refinancing now probably isn't ideal, but it's also dependent on your specific financial situation. This is just my .02
Thanks! Why do you recommend making minimum payments? Or are you suggesting to at least payoff the minimum payment?
I’ve made some drastic lifestyle changes in order to pay double the minimum amount, so curious if there’s something I’m not thinking about
I'd wait a little while before trying to refinance. Your rate right now is just above a low rate. I've seen low rates at 4.11% so you're not far off. If the feds really lower rates over the next few years you might want to look at refinancing then, but right now, don't worry about it.
Thanks!
You can refinance when it will benefit you. I wouldn’t refinance unless you can find an interest rate at 4.5% or less to make it worth refinancing. Make sure your credit score is kept up with to get the best rate you can.
Until you refinance: I would suggest making 2 payments each month. This will decrease the amount of interest you will pay over the term of the loan. If your monthly payment is $300, then make $150 payment 15 days before your due date. Then make the other $150 payment close to your due date. If your first payment of the month is less than your minimum monthly payment, call your lender to ensure they allow partial payments without penalties. If the 1st payment you make each month is at least your monthly payment, then you don’t have to ask if they allow partial payments.
Thank you for asking this OP because I need to refinance too and have went back and forth on when the best time is to actually refinance them.