Avoid overcharges when refinancing

New tool aims to eliminate pricing gamesmanship when comparing loan options

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Borrowers usually select the type of new mortgage they prefer from among the multiple versions of fixed- and adjustable-rate products that are available, before the refinance process begins; for example, they decide they want to replace their current 30-year fixed-rate mortgage (FRM) with another 30-year FRM.

This means that their selection ignores price relationships between the different mortgage types. Sometimes this approach makes sense, but all too often it doesn’t.