Thursday, September 29, 2005

To Re-Fi or not to Re-Fi 

ARGH! Anyone confused about the costs and rates you see online for refinancing? I am moving from a 20 year fixed to a thirty year fixed to cash out some equity and put in some home improvements...increase cash flow hopefully but man the rates and closing costs are hard to figure out. I was checking out bankrate.com and if you search for zero point loans you can see a wide assortment of loan rates, which seems reasonable as you would think the market would control rates and if a bank can sell a loan at a higher rate and make more money they will do so, but what confuses me as when you talk to brokers you find out invariably that they are each dealing with a bank that has teh lowest rates in the country and every other broker out there is doing a bait and switch. If the APR standard was setup to lessen confusion between rates, it needs to be revised. It would help if bankrate.com monitored what is posted to their website for some kind of accuracy also. The broker I am dealing with is telling me basically that two or three of the other lower banks listed are lying. I guess the ultimate proof test is to call one of the other banks and ask for a good faith estimate, but the one I did call wanted an application loan fee (refundable on close) of a few hundred bucks. Anyone have any good resource sites they have found?


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