Started the process of refinancing our house as re-convinced myself that any large transaction involving a bank is essentially a racket.
Example:
After 2 days of back and forth here's where I ended up with one lender.
Me: Ok, the rate looks good, monthly payment is good, so what would the closing costs be on that loan?
Loan Officer: $2200
Me: So that's all I'd be liable for at closing?
LO: Well, that and any fees.
Me: Fees? Like what?
LO: Title insurance.
Me: How much is that?
LO: $1000 (this is NH's fault, not his)
Me: Ok, that is what it is, anything else?
LO: Well, with the loan we're looking at right now there's also a funding fee.
Me: What does that amount to?
LO: $5000
Me: Wait, what?
LO: Yes, the lender charges a funding fee based on the amount of the loan.
Me: That's ridiculous.
LO: [silence]
Me: I think it's safe to say that I have no interest in that program.
LO: [silence]
So I ended up back at square one which is a program that lowers my rate over 1.25% and has exactly zero fees associated with it. What a waste of time.