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MiniMe

(21,880 posts)

8. I think banks are worried that you will refi somewhere else

Reply to YeahSureRight (Original post)

Sat Jun 15, 2013, 10:38 AM

Jun 2013

Not in the industry, but it makes sense. The banks make money off your interest. If you get a better deal somewhere else, they will lose that income. So it isn't only because it is good for you, they are protecting themselves, and trying to keep your business.

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Anyone here work in the home mortgage biz? [View all] YeahSureRight Jun 2013 OP

Out of curiousity dipsydoodle Jun 2013 #1

I could have kept it at 30 but I took 25. I could have also done 20, 15, 10 and 5 year if YeahSureRight Jun 2013 #2

You are most welcome vt_native Jun 2013 #3

What exactly did you get for free? flvegan Jun 2013 #4

True Straight Refi the backed out 650 in fees so I paid zero at a closing by mail YeahSureRight Jun 2013 #6

That's pretty impressive. flvegan Jun 2013 #7

I got one too. Not in distress, but suddenly the lender was DirkGently Jun 2013 #5

I think banks are worried that you will refi somewhere else MiniMe Jun 2013 #8

there had to be financial benefit it for them. banks don't do favors from the kindness of their KG Jun 2013 #9

Sure. HAMP / HARP had incentives. DirkGently Jun 2013 #10

and that is what pisses me off those who really needed the help did not get it YeahSureRight Jun 2013 #11

your 5.5% loan made them maybe 1-1.5% over federal funds. Today, they pay nothing for the free money galileoreloaded Jun 2013 #12