We’ve recently started having refinance offers from all manner of companies(including our ORIGINAL lender for our home who sold ours off months ago) almost daily.
Our loan was an FHA Loan and as such has PMI, so many offers claim they can “remove it”. In addition, they tout rates lower than our current(2.70%) which I find unlikely to be possible.
The idea of lowering our mortgage payment and possibly eliminating PMI are enticing offers, even though we don’t currently have issue, it’d be nice to save that money.
We’ve owned our home for about a year(closed last November).
Why did these appear so frequently and so suddenly?
Is it because I’ve never missed a single payment or my info is being sent all around? Even my current loan holder has sent a refinance ad!
It feels like there’s a catch to these(some type of financial thing that isn’t spoken of) that wouldn’t make it worthwhile.
Can anyone speak to refinancing and why or why not it’d be a good idea? If it matters, we did put down 10% on our home even with an FHA loan.