[Rick Lee]

I don't think there's anything wrong with it at all. I never open those things, so somehow I'm never preyed upon. Your present mortgage rate has nothing to do with rates after your loan closed. What you got was the cost of money at that time. So if it's a bad deal to refi the whole thing, then it's a bad deal. Doesn't mean it's a screw job. My current rate is 4.375% on a 5/1 ARM. So there's no current refi deal in the world that could make me even think about it until my ARM starts to adjust way, way upward. You don't have to refi your existing loan to get a decent HELOC if you have some equity and good credit. I'd go that route. Banks ain't in business to lose money by handing out HELOC's at below market rates on small balances, when they could get your refi business for the whole loan. Lots of folks with adjusting ARM's could use some cash out and a better rate. So my guess is the offer you got was looking for those kinds of folks.