I bought my primary residence with a 5.0% interest rate VA jumbo loan 8/2018. I am getting offers to refinance at 2.75%. My credit has dramatically improved since last year. Loan is $505k. Never done a refi on my primary before. Is it worth it to refi already? I know I'll save tons long term. Is there anything special I should ask? Any lender I should target to do a VA jumbo refi?
Length of time you have held the property is irrelevant in the decision to refinance as long as you have met the minimum seasoning period and are eligible to refi. (you are good).
Obviously ask around for price quotes, but I've found that most times the company you currently hold the loan through will typically have the best offer because they don't need to redo all of the underwriting and thus will save you a decent chunk of change on the closing costs.
@Kevin Christensen that rate sounds like an adjustable rate mortgage (ARM), or a lot of points. Be careful and make sure you either shop lenders, read the fine print, and/or go with someone you trust. You will be able to do a IRRRL which is the VA streamline refi, any lender can do those with their eyes closed, and actually your current lender will likely NOT have the best terms. But it's absolutely worth doing if you are sitting at 5%.
TYFYS and best of luck!