Anyone have getting bank to lower Mortgage Rate

Combustix · Oct 4, 2011

Last year chase had a program I took. Dropped the rate from 5.6 to 4.5 no closing costs. It was for a thirty year and dropped payment to 940 a month. I am still making my old payment of 1250 and figureing on paying the house off in 14 years. They ran the program twice and you only had a certain to respond by. In fact I got a check for 165 back because the tittle company charged me for a search. I was shocked, they would do that. I guess they are looking to get me on debit card fees:laughing:

LD1 · Oct 4, 2011

Yea, a rate reduction without all the closing hastles sure would have been nice.

Not sure if it is true, but they (everhome) did tell me that if the load was "theirs" they would be able to do it.

But it is not. It is a Fannie Mae or Freddie Mac loan and they are just the "servicer"??

MossflowerWoods · Oct 4, 2011

LD1 said:
Not sure if it is true, but they (everhome) did tell me that if the load was "theirs" they would be able to do it.

But it is not. It is a Fannie Mae or Freddie Mac loan and they are just the "servicer"??

REALLY!!!! That might be good to know in the future...

Too bad they are not the holder of my ranch mortgage. Mine are NOT Fannie/Freddy loans...

I would LOVE to reduce the rate, maybe even go for a fixed rate on the Ranch. But my 51 acres (even not including the crop of Loblolly Pines) is worth WAY more than the ramshackle house we are living in.

Be well,
David

clemsonfor · Oct 4, 2011

Get outta that sky high rate now. Im just refining again. I paid .5% origination to get a 4% rate on a 30 yr fixed loan. I could of got 3.875 on the same buying 1 point 2 weeks ago but the math at the time did not make sense. I held out and got a better deal last week. I still havent got it all down but haveing a brother in law that works for wells helps out.

clemsonfor · Oct 4, 2011

Bird said:
It seems that you just never know what a mortgage company might do. In 1997, I bought a new double wide mobile home and let the dealer arrange financing since he could get me a better interest rate than my bank or credit union. A couple of years later, some outfit I had never heard of in Florida offered to refinance it at a lower interest rate. I called the company that had the financing already, and instead of "refinancing" they just lowered my interest rate and sent an "addendum?" to the original contract.

We bought this house 6 years ago and because of some uncertainties at the time, I went with a 30 year mortgage with 20% down and cash for all the closing costs. Prime Lending arranged the mortgage at a tenth of a percent less than my credit union wanted, i.e., 5.75%, and a lot less trouble. I knew the mortgage would be sold to some bank, and it went to Wells Fargo. Of course I've been paying a little extra each month anyway, but a year ago, they called and offered their in home, no cost, refinancing, with several options, if I was interested. So I went with a 15 year mortgage at 4.125%. Now I know I could have beaten that interest rate a little bit, but there would have been closing costs, appraisal fees, etc. The refinance and a complete new mortgage with Wells Fargo was done at no cost to me, except what I paid a notary. Wells Fargo even paid the shipping costs both directions for all the paperwork.

Like you, I wasn't looking for lower payments (one of the options they offered), I was looking for shorter term and lower interest rates.

You could still refi today pay the closing and save a hundred dollars at least a month on the difference and recoup in a few years.

clemsonfor · Oct 4, 2011

LD1 said:
Yea, a rate reduction without all the closing hastles sure would have been nice.

Not sure if it is true, but they (everhome) did tell me that if the load was "theirs" they would be able to do it.

But it is not. It is a Fannie Mae or Freddie Mac loan and they are just the "servicer"??

There really is no hassel with a loan. You just pay the fee and get the appraisal, they ship you the paperwork you sign make a pdf and email it and your documents to the loan officer.

scoutcub · Oct 5, 2011

LD1 -

Have you tried Farm credit services? Worth a shot perhaps?

David - (Mossflower Woods) sorry, Farm credit only works in Ohio, Indiana, Tennessee, and Kentucky.....was hoping you could get a shot also!

Frank

D33r3 6r33N · Oct 5, 2011

MicroPilot said:
Hmmm...Farm Credit Services routinely calls me to let me know that the rate has dropped, and ask if I want to convert to the new rate. There is a small processing fee, usually $150 to $200, and I've got a new interest rate.

Same way with us too. Wife deals with the mortgage but Farm Credit is the way to go, a whole lot less hassle and less hoops. I think we're around 7 years right now from being paid off.
House being paid off when you are 40= priceless.

ultrarunner · Oct 5, 2011

Back in the 80's I was looking to refi my 12 3/4 loan and out of the blue Washington Mutual dropped it 10% with zero costs... it was just an addendum like Bird said.

I was thinking of lowering my 5% loan and spoke with the lender and accepted their drop to 4% without costs... will be paid off sooner which is fine with me... payment went up $7 a month.

My other loan, the only adjustable I have ever had keeps dropping... it has been at a flat 3% for almost a year... tried to go fixed 18 months ago and my lender said my zip required a full appraisal and 30% equity to get the 4 3/4 rate... I probably would have gone with it, but the appraisal catch kind of stuck in my craw... after all they made the original loan, have my 5 year payment history and I was paying off 40k of additional principal to get that 4 3/4 rate...

The Bank I hear the most complaints with is Wells...

MossflowerWoods · Oct 5, 2011

scoutcub said:
David - (Mossflower Woods) sorry, Farm credit only works in Ohio, Indiana, Tennessee, and Kentucky.....was hoping you could get a shot also!

Frank

Frank,

Thanks but I suspected as much when I could not find any local info on them... 5.5% is not a terrible rate, but right now my philosophy is cashflow is king because I'm still afraid of hyperinflation and a depression not a recession economy.

I firmly believe we (the USA, not just me) are not out of the woods economically yet and mypriority is to steard over all my resources and look out for my family and friends.

Stay safe my friend, you are coming home soon...
David