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Feb. 2nd, 2009 11:16 amOur mortgage bank is made of WIN!
Got a call yesterday checking in on us and wanting to see if there was anything they could do to help us with our mortgage. They are apparently calling all their customers nationwide to see how they're doing and offering help where they can. I said that we are not currently in trouble, but that our interest rate on our second is stupidly high (8.6%!) given the current rates and that we had tried to refinance it last year but been turned down. He said that we could unlock and relock our rate three times per year with no charges. The only drawback is that the converted interest in the first payment on the new rate is an additional 50% of our current payment. But that's completely mitigated by the fact that our new payment after the next one will be about 60% of what it has been. Pays for itself in under two months. So we went for it. Now our rate is 4 something, variable and we can relock it any time we want. So if the Fed raises the prime at all, we'll relock. WIN!
Got a call yesterday checking in on us and wanting to see if there was anything they could do to help us with our mortgage. They are apparently calling all their customers nationwide to see how they're doing and offering help where they can. I said that we are not currently in trouble, but that our interest rate on our second is stupidly high (8.6%!) given the current rates and that we had tried to refinance it last year but been turned down. He said that we could unlock and relock our rate three times per year with no charges. The only drawback is that the converted interest in the first payment on the new rate is an additional 50% of our current payment. But that's completely mitigated by the fact that our new payment after the next one will be about 60% of what it has been. Pays for itself in under two months. So we went for it. Now our rate is 4 something, variable and we can relock it any time we want. So if the Fed raises the prime at all, we'll relock. WIN!
