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I am in the process of refinancing my home.

I checked out the online mortgages offered by Eloan, Microsoft Home, etc.

I think they are a crock.

Here's why:

2 Weeks ago, the rates were about 6.25-6.5, but with around 2 points. If you continued, there were also closing costs in excess of $2000-2100. Resulting in a real APR of 7-7.25. What a load.

With a local competitive mortgage company, I received and agreed to refinace at 6.625, 0 points, $850 closing costs. (I received a $250 discount on closing costs for having used them on my original mortgage, otherwise closing costs were about $1100.)

My advice is to check your local mortgage companies. They are much more competitive and much easier to deal with than the internet providers.

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