Refi solicitations

[Poohnatic]

Is it just me? In the past three weeks, I've received FIVE refinance offer letters from various lenders.

Here's the funny part: each one touts they have the lowest rate. Weeeellll, the lowest of these is still .5% higher than my current mortgage.

Refi and save money? Not likely!

Just found it really funny!

Suzanne

 

[lindalinda]

The reason (probably) they are doing it is they are getting a lot of yesses, even tho the rate may be a little higher. A lot of people have second mortgages, home equity loans etc that are on a variable rate and they are skyrocketing right now. (rapidly approaching 9) So if you wanted to fold that into a mortgage at a fixed rate, it still might benefit some people.

 

[Aidensmom]

We have been getting them too, and yes, for a higher interest rate.

I am guessing that they have no idea what your current rate is when they send these out. We happened to buy when rates were at their lowest, so we lucked out. But I am sure there are a lot of people to whom these offered rates are great.

 

[FroggyinArk]

we refinanced ours a few weeks ago to pay off afew bills, and with in a week of closing we had 9 solicitation letters in the mail