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Question about cash out refi: why does everyone quote the rate and skip the closing costs?
My wife and I have been looking at pulling cash out of our house near Dayton, Ohio. We've talked to three lenders now and every single one leads with the rate like that's the whole story. One guy quoted me 6.4% and I asked what the total closing costs were and he got quiet, then came back with about $9,800 rolled into the loan. The next one was 6.55% but only $5,200 in costs. Took me a minute with a calculator to see the second one was the cheaper deal over the 10 years we plan to stay. Am I missing something, or is rate shopping without the all-in number just how people get talked into a bad deal? How do you all compare offers without getting snowed?
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