“Better Offer? We’ll Match It”: Refinance Edition

I am in the process of refinancing my mortgage. Lower rate. Some cash-out. Pretty standard stuff. In doing so I contacted multiple lenders to receive quotes. Some had phantom 2% rates that disappeared once the fine print came out. Some had great rates. Some had decent rates but were willing to match any better rates. This is where my question lies.

Why would I take a strong quote with the same or lower rate, higher lender credits, and lower funding costs, give it to you, and see if you could possibly match it? If the best you can do is a match, I’ll stick with the first offer. “We can’t beat the offer, because that wouldn’t be good business for us,” was one response. Yes, I understand that you don’t want to ‘give away’ more than you have to, but if you can’t beat the offer, why would I switch?

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