Refinancing, should I stay with current lender or...

[Min Kim]

Currently have 4%, 2 years in on 30 years.

I’m in the process of refinancing. When I was shopping around, my current lender told me they could do 3% with $1200 in fees. 2 weeks later, they tell me they locked it as a primary home and not a rental so in order for me to get to 3%, I’d have to pay $6100.

I feel like it was a bait and switch because I told them from the beginning it was a rental because I no longer live in that state. I got another guy who said PennyMac could do 2.75% with $6100 or another lender for 3% with no fees.

My question, does the “name” of a lender matter? Should I just go with the lowest interest as possible?

[Jaysen Medhurst]

Name doesn't matter, @Min Kim. Though, there's something to be said for reputation and building a relationship. I'd start calling all the local banks and CUs.