Current Events > So I refinanced my mortgage early in the year to drop it by 0.5% and now

(+) Yeah! (+)

they're calling and offering to reduce it by another 0.5%

Tempting but I don't want to deal with another several thousand dollars in closing costs... >_> I mean the first time it made sense since it dropped the total anticipated interest amount by like 30k.

Would be kinda cool to have a 2.25% rate though >_>

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Why would they want to reduce your interest?

I'm just learning this stuff

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Colorahdo posted...

Why would they want to reduce your interest?

I'm just learning this stuff

Basically, to beat anyone else to the punch. Chances are they determined that tc would be getting offers from other lenders and they want the interest to keep coming to them.

NeoShadowhen posted...

Basically, to beat anyone else to the punch. Chances are they determined that tc would be getting offers from other lenders and they want the interest to keep coming to them.

This. Plus they want me to recommend them to other people so it's like a word of mouth deal.

They are being proactive and trying to retain my customer...ship. Even though I didn't go with them originally (I went with a different company that proceeded to sell my loan the day after closing rofl).

And after buying a house I get no less than like a dozen letters, even from that first company that sold my loan, trying to get me to refinance/come over to them.

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Just calculated it and it would knock another 30k off in interest and lower my bill by like $300 a month. Kind of tempting.

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Can't you just roll the closing costs into the new loan and still save a shitload of money

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littlebro07 posted...

Can't you just roll the closing costs into the new loan and still save a shitload of money

Yeah that's what we did last time. It's a psychological game seeing that mortgage amount go up -_-

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Hexenherz posted...

Yeah that's what we did last time. It's a psychological game seeing that mortgage amount go up -_-

I'm sure there's plenty of reasoning behind it but I always found it dumb that you have to pay closing costs again for a refinanced mortgage

1. Pay off old loan
2. Here is new loan we used to pay off old loan, and it's cheaper

That's how it works for refinancing a car, why does a house have to be so damn complicated

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