With interest rates coming down over the last few months, I’ve been reviewing a lot of refinance scenarios for clients. 
Recently, one stood out — because on the surface, it looked like a great deal. 
The client was quoted a significantly lower rate by a large, well-known lender. The ad looked attractive, the monthly payment was lower, and there was even a promise of “no mortgage payments for 2 months.”
They wanted me to take a look before moving forward.  What I looked at first (and what the ad didn’t highlight)
Once I broke down the numbers, here’s what jumped out: 

• The lower rate required multiple points upfront 
• Total closing costs were extremely high (even by NY standards) 
• The “skipped” payments were really just interest being deferred and added back 
• The break-even period was well over 8 years! 

When I asked the client how long they realistically planned to keep the loan or stay in the house, the answer was honest and typical:  “Probably 4 to 5  years.” 
That’s when the math became very clear. The uncomfortable truth
Yes, the rate was lower. 
Yes, the payment was lower. 
But, by the time you factored in: 

• New York refinance costs 
• Points paid upfront 
• Deferred interest from the “no payment” period 

…the client would never recover what they paid before likely refinancing again or selling. 
So, I told them the truth. 
I told them NOT to refinance
And this is the part most lenders won’t say out loud: Many lenders don’t care if a refinance makes financial sense for you — because it already makes money for them. 
My job isn’t to close every loan. 
My job is to help clients make smart decisions that actually improve their financial picture. 
Sometimes that means refinancing. 
And sometimes — like this case — it means saying no, even when the rate is lower. 
If you’re seeing refinance ads or offers and want to know whether they truly make sense in New York, I’m always happy to walk through the numbers and give you a straight answer — even if that answer is “don’t do it.”