Is it a good idea to refinance?

You should be able to secure a better rate. Most lenders require a 6 month waiting period allow use of current market value. If less you typically would have to use purchase price as your value. Feel free to reach out for a referral.

Sorry to hear you fell for the builder scam... It is disgusting the regulators allow that to continue. Anyway, current rules typically require you to wait until you've made at least 6 payments before you can refinance. The good news is rates are lower as I write this (subject to market changes), so you should be able to do something better. Now, back to the scam... NO BUILDER or PREFERERED LENDER is ever giving you anything for free... NEVER, EVER. The builder will typically add to the house purchase price any phony rebate or credit they 'give' you, and similar with any lender. The lender will simply crank the interest rate up to make money over time in your monthly payment to offset your 'cashback' offer today. This likely explains your high rate. Finally, a builder CAN make you apply with their preferred lender, but they CAN NOT make you actually use their preferred lender. Good luck. I provide home loans in MN, WI, IA, ND, and SD. Find me online at FirstTimeHomeBuyer-MN.com | Cambria Mortgage | NMLS 274132

yes - you should try refinancing Dave Skow Loan Officer Movement Mortgage NMLS 278613 Dave.skow@movement.com Mobile (206) 714-9745