Interest rates are very high right now, but most experts expect them to go down in the next 1-3 years. Some banks offer Loan Modifications, which allow you to pay a flat fee when rates go down to lower the rate on your existing loan. This saves you the money and hassle of refinancing your loan.
You do not have to go through underwriting again (i.e. providing all your financial data), new appraisals or pay closing costs.
Doug goes into more detail here and advises you to check with your lender when getting a new mortgage now to save you money in the future.
You can get a free copy of Doug's book Hippocratic House: Do No Harm When Purchasing Your First Physician Home at www.DougCrouse.com.
Financial Residency