Close

See current mortgage rates on Zillow Mortgage Marketplace

Profile picture for marleydow

my mortgage holder wants to give me a better rate at no cost to me. Good deal or scam?

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
December 12 2012 - US
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (5)

Current lenders and servicers definitely offer this program, the one thing I would suggest is to be careful is the term "no cost," Is anything really no cost, the answer is generally "NO." Many people I have talked with that have closed one of these deals got a higher rate than the market rate I offer and many of my colleagues offer.  It may first seem like the lender is there to help you, but they will also will be looking out for themselves and this why the deal quite often won't be as good as if you were to go to another lender and shop around.

Hope this helps.  If you have any other questions you are welcome to private message me through my file.

Good Luck.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
December 13 2012
Profile picture for BungalowMo
I have Chase & got a similar deal, but I did have closing costs.  I didn't have an option of checking other lenders since I bought my place in 07 & it wouldn't come close to appraising for what I owe.

But...that being said, I went from 6.625 to 4.0 & the closing costs applied will be recouped in 7 months.I am already putting $250 more than I used to toward the principal, so it was a win-win for me.

I did my refi in June fwiw.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
December 12 2012
Hello and Thank you for your post.

I have actually had a few of my clients that have had this happen to them.
The current servicer or holder of thier mortgage note calls them up and offers them deal.
Generally this is a good idea and as your post indicates the cost to you is nothing.
I will advise you to speak perhaps to another lender and simply compare the interest rate and costs.

I hope this helps....

Chris Perez - Real Estate Finance - San Francisco, CA
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
December 12 2012
Profile picture for shapiroamg

Good deal is a matter of checking around. Most mortgage servicers will contact their customers to offer better terms when appropriate. Sometimes though, the rates are not as good as when you shop around. Your current servicer may quote you off a national rate sheet which may not take into consideration the competative local market. If you tell us where you are located, there are some great professionals that could help you determine whats a good deal or not.

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
December 12 2012
Some lenders offer this program.  Is your loan with Wells?
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
December 12 2012
 
Related Questions
I want to leave my current Mortgage company and refinance with a new one.
Profile picture for Diego Osorno
Latest answer by Diego Osorno
36 minutes ago | 7 answers
Evaluating Refinancing my townhouse
Profile picture for Robert Whitelaw
Latest answer by Robert Whitelaw
2 hours ago | 7 answers
refinancing a mortgage
Profile picture for Tracy Story
Latest answer by Tracy Story
3 hours ago | 6 answers
  • Asked by user66872878
  • In Refinance
  • 5 hours ago
Refinance to lower payment and rate
Profile picture for Hamp Yonce
Latest answer by Hamp Yonce
4 hours ago | 7 answers
  • Asked by zuser20140315060450982
  • In Refinance
  • 9 hours ago
Property taxes included with refinance?
Profile picture for Blake Thorson
Latest answer by Blake Thorson
21 hours ago | 3 answers
  • Asked by fb900166542
  • In Refinance
  • 22 hours ago
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.