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NJ Teacher NJ Teacher is offline
 
Joined: Sep 2005
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NJ Teacher
 
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Joined: Sep 2005
Posts: 9,304
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Is the appraisal all you need?
Old 01-11-2021, 08:35 AM
  #3

If the appraisal fee is all that is separating you from the loan and you and the bank feel there will be no issues with that, I would go for it if the terms of the loan are favorable to you now. With all the tumult in the country, who knows what will happen in a few months, and by then, you will have several months of payments behind you.

Good luck with it all. I had a 20 year mortgage I thought about refinancing years ago, but the process was so daunting at the time, I just stuck with what I had. If you do decide to wait, you could always make additional payments to the principal to pay down the loan faster. It is interesting about credit scores and what affects them.
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