Zillow Advice: Refinance - my mortgage holder wants to give me a better rate at no cost to me. Good deal or scam? http://www.zillow.com/advice-thread/my-mortgage-holder-wants-to-give-me-a-better-rate-at-no-cost-to-me-Good-deal-or-scam/471093/ Zillow Advice | Zillow Real Estate Current lenders and servicers ... http://www.zillow.com/advice-thread/my-mortgage-holder-wants-to-give-me-a-better-rate-at-no-cost-to-me-Good-deal-or-scam/471093/ 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.&nbsp; 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.<br/><br/>Hope this helps.&nbsp; If you have any other questions you are welcome to private message me through my file.<br/><br/>Good Luck. Thu, 13 Dec 2012 08:05:00 GMT http://www.zillow.com/advice-thread/my-mortgage-holder-wants-to-give-me-a-better-rate-at-no-cost-to-me-Good-deal-or-scam/471093/ 2012-12-13T08:05:00Z I have Chase &amp; got a ... http://www.zillow.com/advice-thread/my-mortgage-holder-wants-to-give-me-a-better-rate-at-no-cost-to-me-Good-deal-or-scam/471093/ I have Chase &amp; got a similar deal, but I did have closing costs.&nbsp; I didn't have an option of checking other lenders since I bought my place in 07 &amp; it wouldn't come close to appraising for what I owe.<br/><br/>But...that being said, I went from 6.625 to 4.0 &amp; 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.<br/><br/>I did my refi in June fwiw. Wed, 12 Dec 2012 23:50:00 GMT http://www.zillow.com/advice-thread/my-mortgage-holder-wants-to-give-me-a-better-rate-at-no-cost-to-me-Good-deal-or-scam/471093/ 2012-12-12T23:50:00Z Hello and Thank you for your ... http://www.zillow.com/advice-thread/my-mortgage-holder-wants-to-give-me-a-better-rate-at-no-cost-to-me-Good-deal-or-scam/471093/ Hello and Thank you for your post.<br/><br/>I have actually had a few of my clients that have had this happen to them.<br/>The current servicer or holder of thier mortgage note calls them up and offers them deal.<br/>Generally this is a good idea and as your post indicates the cost to you is nothing.<br/>I will advise you to speak perhaps to another lender and simply compare the interest rate and costs.<br/><br/>I hope this helps....<br/><br/>Chris Perez - Real Estate Finance - San Francisco, CA<br/> Wed, 12 Dec 2012 15:44:00 GMT http://www.zillow.com/advice-thread/my-mortgage-holder-wants-to-give-me-a-better-rate-at-no-cost-to-me-Good-deal-or-scam/471093/ 2012-12-12T15:44:00Z Good deal is a matter of ... http://www.zillow.com/advice-thread/my-mortgage-holder-wants-to-give-me-a-better-rate-at-no-cost-to-me-Good-deal-or-scam/471093/ <p>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.</p> Wed, 12 Dec 2012 15:16:00 GMT http://www.zillow.com/advice-thread/my-mortgage-holder-wants-to-give-me-a-better-rate-at-no-cost-to-me-Good-deal-or-scam/471093/ 2012-12-12T15:16:00Z Some lenders offer this program. ... http://www.zillow.com/advice-thread/my-mortgage-holder-wants-to-give-me-a-better-rate-at-no-cost-to-me-Good-deal-or-scam/471093/ Some lenders offer this program. &nbsp;Is your loan with Wells? Wed, 12 Dec 2012 12:45:00 GMT http://www.zillow.com/advice-thread/my-mortgage-holder-wants-to-give-me-a-better-rate-at-no-cost-to-me-Good-deal-or-scam/471093/ 2012-12-12T12:45:00Z