Today was another horrible day for the stock market. Dow Jones Index dropped 623.34 points and 10 year Treasury yield dropped to 1.52.
On the flip side today was a good day to continue shopping for my mortgage refinancing. My friend mentioned Better.com and I decided to give it a try. Online application process was easy and seamless. I like that they didn’t do a hard credit pull to give you a rate and Good Faith Estimate. I only had to provide last four numbers of my social security which was enough to do soft credit pull. I think it took me less than 5 minutes to get pre-approved. Then I was given multiple options to chose the rate I want. Since my current 20 year mortgage has a rate of 3.75% my goal was to get as close as possible to 2.75% for 15 years. I din’t want to pay over a point for origination so I had to go with 3.00% and 0.332% point. To lock the rate I had to pay $550 appraisal fee and as long as appraisal isn’t done I can still back out and get my money back. I’ll keep an eye on rates next week and if volatility continues I’ll check back with Chase and Bank of America to see if they can do any better than Better.com. I’ll keep you posted.
