Should I go with a broker that can get a 5.5% rate but will charge more fees, or direct with a bank, with lower fees but a rate of 6.5%? My credit rating is good...refinancing to include local taxes which are are outrageous....for about $185,000....any advice/help is much appreciated.
Refinancing help...what is a better long term option?unemployment rate
I doubt the broker is more expensive than the bank (we rarely are). Make sure to do an %26quot;Apples to Apples%26quot; comparison on your loan. In this case, get a quote from both parties for the same rate. You are getting a quote for 5.5% and 6.5% so the fees will be different.
Next, it depends upon your intentions. How long will you be in the property? If you answer %26quot;a substantial period of time,%26quot; then it is probably worth your time to %26quot;pay down%26quot; the loan. As of today 5.5% is below par and you will have to pay to get that rate.
Best of luck
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