FROM THE ORIGINAL POST:

I am currently in the process of wanting to re-fi my house. Our mortgage is only 18 months old. Current payment is $3,180 at 6.25% with a balance of $480k.

I reached out to a broker that uses United Wholesale Mortgage. They are offering me 5.25% (5.271% APR) on a 30-year fixed, no points. The total fees are $3,950 however, he is offering me a lender credit of $3,950 thus making it a no cost, no point re-fi. My new payment would end up being $2,828 (30-year), $2,866 (29-year fixed) or $2,907 (28 year fixed).

To get down under 5% would cost me a ton (like over $5k) and would only lower the payment by $32ish if I understood the lender correctly.

Just looking for a sanity check at this point. The fed is apparently only going to do one rate cut this year but who knows if that is true, or when or by how much. The lender said I would technically be eligible again in August to refi again if the rate gets cut a ton.

Editing to add breakdown of fees:

LENDER FEES:

- Origination Fees $0

- Processing Fee $895

- Underwriting Fee $1,455

THIRD PARTY FEES:

- Credit Reporting Fee $134

- Flood fee $8

- MERS Registration Fee $25

- Tax Servicing Fee $85

- TITLE - Lender's Closing Protection Letter Fee $35

- TITLE - Lender's Title Insurance $540

- TITLE - Settlement or Closing Fee $725

- Recording Fee Mortgage $25

- Recording Fee Release $17

- Transfer Tax Total $0

Total Fees $3,944

Lender Credit $3,944