I recently purchased a new home as a primary residence with a 4.375% 30 year fixed mortgage. I discovered, a little too late in the process, that I could find rates significantly lower elsewhere -- roughly 3.875%.
If I refinance from 4.375% to 3.875% it would lower my monthly payment by about $153 -- totaling $55,000 in savings over the lifetime of the loan. My loan has no pre-payment penalty.
However, I'm wondering whether it would screw over my loan officer if I were to refinance immediately after the closing date. Is it typical for a loan officer to see their commission pulled back if the borrower refinances immediately? I've worked with this loan officer for a number of years -- she's extremely thorough, knowledgeable and an expert on complicated renovation loan procedures. In the past, I've done a couple home purchase/renovations using her expertise on the financing. I don't want to burn any bridges.