My banker told me to wait on a cash out refi and I ignored him

Last spring my loan officer at Wells Fargo said rates were about to dip but I rushed into a cash out refi at 6.8% anyway. Now I'm kicking myself seeing 5.9% rates around town, anyone else get burned by not listening to their lender?

2 comments

2 Comments

skyler_adams14d ago

Wait until you hear about the appraisal fees I wasted on top of that higher rate (ugh).

wright.kevin13d ago

Oh come on, appraisal fees are just part of the game and you'd pay them anyway with a different lender. The higher rate might sting now but locking in a house when rates were climbing saved you from even worse payments later. Plus that appraisal is still good for the bank and proves your house is worth what you paid which is a win in the long run.