Just refinanced my mortgage and figured out a neat little trick. Instead of just checking with my current lender, I shopped around online first, got a couple quotes, then took the lowest one back to my bank. They matched it right away, no questions asked. Saved me a nice chunk of change each month. Curious if anyone else has tried something similar or has another sneaky tip up their sleeve...
Nice move, but honestly, I've had mixed luck doing something similar. Couple things I've noticed:
- Sometimes banks match rates right away, but other times they play hardball and offer some vague reason why they can't match. Happened to me once—ended up switching lenders entirely, which was a pain.
- Another thing: matching a rate doesn't always mean matching the terms. Got burned once because the lower rate had slightly higher fees attached. Lesson learned the hard way...
- On a lighter note, my sneaky tip is timing your refinance around quarter-end or year-end. Seems like banks get extra eager to hit their quotas around then, and you might squeeze out a slightly better deal.
Glad it worked out for you though—saving cash every month feels awesome. Just wanted to share my own cautionary tale before everyone runs off waving competitor quotes at their banks, haha.
Good points there, especially about matching terms vs. rates—seen that happen way too often. People get excited about a lower rate and overlook the fine print...ouch. Timing around quarter-end is clever too, banks definitely get more flexible when they're chasing targets. I'd just add: always double-check the break-even point on fees before jumping ship. Sometimes the savings aren't worth the hassle if you're planning to move or refinance again soon. Learned that one myself the hard way, haha.
"always double-check the break-even point on fees before jumping ship."
Couldn't agree more. I once got tempted by a flashy rate drop, but after factoring in appraisal and closing costs, it took nearly three years just to break even...ended up selling before then. Lesson learned: cheaper isn't always better.
Couldn't agree more.
That's a good point about the break-even calculation; many people overlook that. I refinanced about two years ago and did something similar to what OP mentioned—got quotes online first, then negotiated with my existing lender. Worked out well for me, but only because I planned to stay put long enough to offset the closing costs. It's always wise to run the numbers carefully and consider your long-term plans before committing.
