<< Back to all Blogs
Login or Create your own free blog
Layout:
Home > Question for the refi experts out there :-)

Question for the refi experts out there :-)

June 29th, 2020 at 06:11 pm

Our mortgage lender sent a refi offer -- they FedEx'ed it which was a good ploy to get me to open it.

I like the rates they mention and that there are fewer fees. Plus it would be a chance to eliminate our mortgage insurance, which we're stuck with for the life of our loan regardless of LTV.

But they slapped this chart on the mailing and I'm totally confused. The new scenario shows a new loan amount that's over $120K lower than our current principal balance.

So what I'm trying to figure out is, why are they showing that lower amount? Are they trying to say we'd have to pay down to that amount to qualify for the refi? Or are they being sneaky and pretending this offer will save way more money than it actually would if I refi'ed the entire principal amount?

Either way, is this sneakiness concerning enough that I shouldn't even reach out to them? I didn't choose this lender; when we refi'ed, the lender sold our loan to this company. We haven't had any problems with them but don't really know anything about them either.

Posted in Uncategorized | 6 Comments »

6 Responses to “Question for the refi experts out there :-)”

  1. jokeabee Says:
    June 29th, 2020 at 08:11 pm 1593461505
    1593461505

    All this looks scammy to me- I googled the phone number and nothing comes up-shouldn't a real company show up? If you were interested in refi-ing to get rid of the PMI, I would either contact your lender directly or contact a couple other lenders to get the process started.

  2. Lots of Ideas Says:
    June 29th, 2020 at 10:07 pm 1593468422
    1593468422

    This looks super off - especially because the wording at the top indicates you can cash out $96,088 so the new Lon amount should actually be more than your current loan amount.

    It could be that the computer program that generated the letter subtracted when it should have added - if that is true, others should complain and you’ll get a corrected offer!

    You could call a number you have for your loan vendor and ask if this legit - the Fed Ex part is scammy sounding too...

  3. Carol Says:
    June 29th, 2020 at 10:32 pm 1593469979
    1593469979

    Wrote a long comment. Lost it. Trying again.
    It is well worth your while to investigate refinancing. Rates are low now. Also investigate length of the loan. You probably don't want to restart a thirty year loan. A low rate and fifteen year could be great but might be too much a month. They also used to have twenty and twenty-five years terms.
    Be sure to shop around!
    Best wishes!

  4. AnotherReader Says:
    June 29th, 2020 at 11:55 pm 1593474919
    1593474919

    Check that letter carefully. It probably did not come from your lender. If it did, the loan servicing was sold to a less than reputable company. Toss that letter in the trash. You should be able to get a 30 year fixed refinance on your loan amount in the very low three percent range, maybe three percent. Check Aimloan on-line and get some referrals to reputable lenders.

  5. ceejay74 Says:
    June 30th, 2020 at 03:08 am 1593486508
    1593486508

    Thanks so much guys! You confirmed my feeling about this offer. It does appear to be legitimately from my actual lender but I've never thought they seemed especially reputable.

    I looked at Aim and applied for a 25-year refi that should cost about the same as our current one in P&I but without the mortgage insurance. Fingers crossed!

  6. Creditcardfree Says:
    June 30th, 2020 at 12:59 pm 1593521981
    1593521981

    I'm wishing we were close to buying a home again. These rates are fantastic!

Leave a Reply

(Note: If you were logged in, we could automatically fill in these fields for you.)
*
Will not be published.
   

* Please spell out the number 4.  [ Why? ]

vB Code: You can use these tags: [b] [i] [u] [url] [email]