Refinance Question
We bought our home in 2024 for 735k and only owe 392k today. Our rate is 30 YR at 6.125%. We recently finished half of the second floor that was unconditioned, unlivable space into a master bedroom, walk through closet and master bathroom, and a room that we are using as a nursery (totaling ~1,200 more square feet of livable space). We used hard wood in the bedroom and closet, tile in the bathroom, and carpet in the nursery room. We haven’t had an appraisal done since the renovations, but i would expect our value to be quite a bit more. Our ultimate goal would be to get a lower rate (would have to buy points) with lower monthly payments and possibly pull out some equity for other renovations at the same time. We are both young (27 and 29 yo) and plan to live here forever, so no issues going with another 30 yr loan. Since interest rates are basically the same or slightly higher, is there any point in doing a refinance in the short term?