Wells Fargo home refinance offer
We just received a home refinance offer from Wells Fargo and
it seems "too good to be true". Our current loan (an
old one) is 30 years at 9%. WF is offering to refinance
for 15 years at 6.5%, + they pay all closing costs.
Our monthly PI would be reduced by $228.25, even with
the shorter term, and by all appearances at no cost to us.
I can't imagine that WF is doing this because they're nice
guys. But darned if I can figure out what's in it for them.
Does anyone have any insight into why they might be doing
this? Any catches or caveats?
-Perhaps they are doing this because "market" rate is now
6.25%, of even 5.875% ?
Also, what does it mean "they pay all closing costs" ?
If you are talking about zero-cost loan, *you* will pay
all closing costs (they just get added into your balan