At a closing recently I was talking with two seasoned real estate professionals sharing horror stories about people going online for mortgages. If you want to buy a handbag or electronics or something like that, go ahead. If you end up not getting the deal you thought, you can challenge the charges and seek remedy through your credit card company. At worst case, you’ve lost the amount you agreed to spend. Not so with a mortgage. It’s an expensive gamble you can easily avoid and the further away or larger an institution you’re dealing with, the higher the probability you’re not going to get what you think you’re getting.
There’s no magic money out there – when you hear rates have gone up, they’ve gone up everywhere. The point is, if you’re looking at refinancing and you’re going to save serious money and make life easier on a monthly basis, don’t put off doing it because you can’t get a particular rate that you’re shooting for. You’re taking a chance at missing the boat and you don’t want to do that.