[widebody911]

My mortgage company called today with a refi deal, and it sounds suspicious, but I can't find the catch.

Here's the deal: I can refi with either a 30 or 20 year mortgage, no closing costs, no fees, no appraisal (but I bet they've run comps on the 'net, and they know about the new shop), no credit check (but I'll bet they already ran one); I don't even have to do a formal closing. They do have close my escrow account and open a new one; they cut me a check for the old balance and start me a new one. My rate would drop from 6.5% to 6.0%; the 30 year would save me roughly $90 a month, the 20 would be ~$100 more a month. My principal is ~$148k. The only other house in my 'hood whose comp I know sold for $359k

So what's the catch? The nice lady on the phone told me they're trying to prevent good customers like myself (high FICO, perfect payment history, decent income, hung like a Shetland) from refi'ing with someone else.

Is this BS? Am I missing something? What other questions should I be asking? If it sounds too good to be true...