Good points here, especially about the hidden costs. I've noticed some lenders advertise "no closing cost" refinances, but usually they're just rolling those fees into the loan balance or interest rate. Has anyone found a truly transparent lender on this front?
"I've noticed some lenders advertise 'no closing cost' refinances, but usually they're just rolling those fees into the loan balance or interest rate."
You're spot-on with this. I've worked with countless lenders over the years, and honestly, truly "no cost" refis are unicorns. Closest I've seen was a smaller local lender who laid out every single fee upfront—no surprises later. It wasn't zero cost, but at least you knew exactly what you were paying for. Transparency's rare, but it's out there if you dig around a bit...
You're right about the "no closing cost" refinances—usually it's just a marketing tactic. When I refinanced my VA loan last year, I found that lenders who advertised zero closing costs typically made up for it with slightly higher interest rates or rolled fees into the loan balance. The best approach I found was comparing Loan Estimates from multiple lenders side-by-side. Takes a bit more effort, but it really clarifies who's genuinely offering the better deal... transparency is key, as you mentioned:
"Transparency's rare, but it's out there if you dig around a bit..."
Did you find lenders were pretty open about providing Loan Estimates upfront, or did you have to chase them down? Last time I refinanced, felt like pulling teeth just to get clear numbers... maybe I wasn't asking nicely enough, lol.
I've noticed it really depends on the lender. Some are super upfront and transparent, while others...yeah, feels like you're chasing shadows just to get basic info. Had a client recently who got the runaround for days before finally getting clear numbers. Makes you wonder if they're hiding something or just disorganized. Did you find local lenders easier to deal with than the big national ones? Curious what everyone's experience has been there.
