Refinancing my home for the first time

[Gokhan Cukurova]

After becoming a member at BiggerPockets I got hooked like most of you and I became a pro member just last week. As I'm trying to learn and put my finances in better shape I am playing with the idea of refinancing my home. I'm a first-time homeowner and I have never refinanced before.

My mortgage is the only thing I owe money on and I have 826 credit score.

My bank told me over the phone that closing cost would be somewhere around 2500 and they could do one of the following

30 year mortgage at 3.2% or 15 year mortgage at 3.1% when I bought the house I bought it at 4.125 percent.

Some people tell me it's so much work to go through and it is not worth refinancing unless I get an interest rate that is at least 2% less than what I have now.

At the bottom of this post I will copy paste a comment left by an old friend who definitely had his financial freedom through his corporate work and is living a very financially safe life due to his pharmacy socal career.

I would love to have your feedback. Thank you in advance. Just for the record I have my mortgage through my personal bank which is PNC Bank

"My trick is to compare rates on the exact same day between lenders. Tell each lender for example that on the next upcoming Friday you want them to quote you a seven year adjustable with zero points and no closing costs. Tell them to be precise on that day because you're asking other lenders the same. That's the best way I've fished for low rates."