If you dealing with a broker,

I recommend you close the loan, your saving from 5.75% to 5.375% is about $64/month. it is $176 from 6.75% to 5.75%.

If you deal directly with the bank, flow-down option is based on different bank, some banks allow you renegoatie down 0.125% when rate is down by every 0.25% (Wachovia is the case). In old days, BofA allow you flow direct to matket rate, I am not sure if it is still the case.

Sound like you are dealing with a broker and the bank he or she is dealing doesn't have the flow-down option or the broker doesn't tell you the truth. Remember, broker is living on commissions. I can't comment further because there are mortgage brokers in this forum.

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• Yes,you right. Thanks a lot! -Rose1010- ♀ (0 bytes) () 12/03/2008 postreply 12:54:24