When I was a stock broker in the early 80's, I remember my manager announcing to the entire office that we had to sell a certain stock that day. Our company had accidentally overbought a specific stock issue and we had to get rid of it, so sell! sell! sell! Who cares if it fits into the investor's portfolio? Who cares if it's a good stock? If we sold enough of it, we'd get a bonus. On top of that, whoever sold the largest number of shares that day would get a free trip to Greece. (Who knows why Greece)?
How does that relate to your mortgage?
Whether you go to a bank or a mortgage broker, whatever advice you get is going to be based on what's right for them, not you. Yes, you heard that right. The loan originator, whether it be a banker or a mortgage broker, is receiving their compensation based on each loan they close. If they tell you to stick with the loan you already have, they don't get paid. What's even worse, they want to do the one that is going to make the most money for them, not you.
Is everyone like this? Of course not, just like every manager for a Wall Street securities firm isn't a crook (well, not a complete crook). But they all look alike and don't forget, they're salespeople, which means actors. You must take the time to understand what your options are. Just blindly following what's suggested to you may be easier, but no one cares about your finances like you do. That's not a condemnation of my industry, it's just reality. And until we all face reality we are doomed to make the same mistakes over and over again.
So should you refinance? Is this a good time to buy? What should you do in today's market? Stay tuned . . . everything is changing so fast that what's true today may not be true tomorrow. C'mon you jumbo loan holder, did you ever think you'd be looking at an FHA loan? Crazy world.
Oh, and by the way – if I'm suddenly reported missing, check out the brokerage firm I worked for in the early 80's.