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Wednesday, April 7, 2010 as of 11:14 AM ET

30 Year Treasury

Is a 'Quickie' Refinancing Deal Worth it?

I got a letter from my bank the other day offering a streamlined refinancing deal for my current home mortgage.

It was one of those "quickie" offers tailor-made for my loan situation and designed to net swift business for the bank.What was advertised in the letter seemed like a decent deal -- a 30-year, fixed-rate loan at a 4.16% annual percentage rate -- so I called the bank for more details.As it turns out, there was a lot of fine print that made it seem less decent, but I had to ask a lot of questions to find that out. While mortgage rates are still at generational lows, making it tempting to refinance, you have to scrutinize any deal that is offered. You may not even qualify for the appealing rates that get dangled in front of you.Banks like to send out these offers to preferred customers, appealing to whatever loyalty they may have toward their institution. Mortgage offers are often hard to compare once you factor in all the expenses, and banks tend to expect indolence and inertia...

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