"The way we looked at it was there was no reason to pay fees (or closing costs) when all we had to do was refinance and go sign papers one afternoon, it was a very simple process."
But you see, there are always "closing costs". Its just a matter of whether you pay it at the closing or if its rolled into the mortgage. The bank always takes it cut, the attourney always needs to be paid, the appraisal always needs to be paid for. We just would rather pay it now than over a period of years with interest :)
Its kind of like buying a new car - one may not have to pay anything when they pick up the keys, but that doesn't mean that they aren't paying for taxes, registration, etc. in reality.
Of course, I'm not a banker. But I have yet to find a lender that doesn't charge any fees at all and just makes their money off of interest alone (doing all the legwork for getting the mortage in place for free). Sucks, but this is the good ule US of A we're in after all :)
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timeasmymeasure
Re: Bank stuff
Date: 2003-09-18 07:38 am (UTC)But you see, there are always "closing costs". Its just a matter of whether you pay it at the closing or if its rolled into the mortgage. The bank always takes it cut, the attourney always needs to be paid, the appraisal always needs to be paid for. We just would rather pay it now than over a period of years with interest :)
Its kind of like buying a new car - one may not have to pay anything when they pick up the keys, but that doesn't mean that they aren't paying for taxes, registration, etc. in reality.
Of course, I'm not a banker. But I have yet to find a lender that doesn't charge any fees at all and just makes their money off of interest alone (doing all the legwork for getting the mortage in place for free). Sucks, but this is the good ule US of A we're in after all :)