Is it better to wait until the summer for a cash out refi?
I trust all of you on here so here’s my situation: I have to enter a cash out refinance due to a divorce situation where I’m keeping the home:
Assessed at $400k
Current loan $185k
Cash needed: $40k
Credit score: 790
Current interest rate is 5.5%
I don’t want to start comparing rates until I’m absolutely ready to enter the new loan (don’t want to have to deal with all the unwanted phone calls and offers) but also I’d prefer to get a lower rate if possible.
I have up to 90 days to refi, and I heard that the rates are highest in May and June. Is it a good idea to wait until July for the rates to go down? Or should I just do the damn thing and get it over with? I’d like to avoid any rate over 6.5% if possible. (I know I’ll never get my 5.5% back, I’ve already come to terms with that too)