Imagine that:
- One buys a home at an interest rate, for example 3.625%
- Several days after closing, interest rates have dropped to 3.4%
The timing is rather unfortunate here. Is there any way to easily use the fact that the home was appraised and you were previously approved for a mortgage to easily refinance to the lower late?
I'm not sure if you can "reuse" things like the recent appraisal or underwriting process. It would be great to be able to cheaply refinance to the lower rate, but I don't want to have to pay $2000 or "standard" refinance fees.
Is there any way to do this relatively inexpensively? Or did I just get unlucky in my timing?
Note: I'm not really looking for commentary about how good my rate is or whether or not the fairly nominal savings is worth it. I know the rate is still historically low. I know it's "only" $24/month, assuming I go to a 3.4% mortgage.
But from my perspective, I want to know what options for a potentially cheaper refinance would be, given that I just bought a house it feels like it would be useful to investigate.