When to apply for refinance

QuestionsWhen to apply for refinance
asked 3 years ago

Hello all,

Need advice/suggestions on the best course of action/timeline for a potential refinance.

 

Currently have a Conv 30 year with PMI at 6.75%. With uptick in housing prices I am likely at 78% loan to appraised value.

I have been on a bit of a 6 month app spree and have 10-14 inquiries per bureau (Garden for greater than 1 month).

The app spree oveall has left me in a much better situation financially.

 

Current DTI ratio is 39%. Would decrease with a refinance. I could include my part time side income to drop DTI further (provable via tax returns, not paychecks)

Salary is strong with 10 years at job.

Current scores: EQ Fico8 792 Fico5 (mortgage) 753

                             TU Fico8 814 Fico 4 (mortgage) 769

                             EX Fico8 783 Fico2 (mortgatge) 738

 

Likely to be in this house 5+ more years. How long before I should consider applying for a refinance? 1 day, 6 months, 1 year, 2 years? The positive is that time in the garden is only further improving my scores. My concern is the amount of inquiries and how long I should let them age.

 

Paying current note is not a problem but know I am paying way too much in interest.

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