04-02-2013, 10:32 PM
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#11 (permalink)
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A True Z Fanatic
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Quote:
Originally Posted by dmhenderson
I mean think about home refis. You do it because A) you get a better interest rate at the cost of a longer loan term B) You're going to lose your home and are willing to take a long-term loss to save your investment or C) You need to free up equity.
Now think about this in terms of a vehicle. The bank will tell you they get nothing out of it but how does that make sense?
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There's no way they get nothing out of it, but if you go to a new bank who can now borrow funds at a lower rate due to the Fed, they'll get something out of it, you might get something out of it, there's pretty much never a prepayment penalty on auto loans, everyone wins except the bank you left. Banks are perfectly willing to screw one another to get your business.
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