WEDNESDAY, OCTOBER 27, 2010

Ask the Experts: Is bank's refinancing pitch a good idea?

My bank sent an unsolicited letter saying I have a week to sign up for a loan modification. I currently have a 5.75 percent, 30-year fixed loan with about 24 years left. The bank says it can lower the interest rate to 4.75 percent with no fees, closing costs, document submittals, etc. I am over 60 and still working full time. I have all my accounts at this bank and have

excellent credit and payment history. I researched online and still cannot figure out if this is a good deal. The bank says it's doing this to reward good customers but we all know that banks don't do anything unless it makes them money. I don't know who to trust. Do you think this is a good deal?

Read more: http://www.sacbee.com/2010/10/27/3135244/ask-the-experts-is-banks-refinancing.html#ixzz13ZX1jz71

Posted 10:09 AM View Comments

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