Are the interest rates the same between people who take a new mortgage and those who refinance?

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Are the interest rates the same between people who take a new mortgage and those who refinance?

Yes but shopping for interest rates in your market in very important. Most ads that you see are teaser type ads and do not disclose all the service fees that are included. The rate may sound great but the closing cost can get you. Be aware of typical closing cost such as credit report, appraisal, recording fee, title opinion and service fee. But additional expenses can be added....watch out! Find a lender that will give you good financial advice, great rate and closing cost.

Good Luck!

Are the interest rates the same between people who take a new mortgage and those who refinance?

For someone w/ good credit going to a regular commercial bank, the answer is yes... the rates should be the same. Refinancing has not been going on a whole lot , so many w/ their limited advertising dollars and space are targeting the new home $$ for now.

Good luck!

Are the interest rates the same between people who take a new mortgage and those who refinance?

Great question!

As a retired Mortgage Banker who has taught thousands of loan officers how to earn incredible incomes, I would love to answer it. There are SO many people hungry for answers to such a great question, that addressing them one at a time is SO ineffective. I have a free report available that anyone can access to get educated about all the "dirty little secrets" of this business and HOW we as a society ended up in such a mess.

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Are the interest rates the same between people who take a new mortgage and those who refinance?

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