Anyone have getting bank to lower Mortgage Rate

[JD230511]

I think I'm going to start shopping for a new rate also. My mortgage has been sold, moved, managed by about 5 or 6 different places since I bought my house 4 years ago. And it just changed again at the first of this month!!!

 

[hr3]

I've been looking around and here is what I found.. My current holder "BOA" will give me 4.35% Lending tree was at 4.25% then by chance I was on my banks web site paying bills and they had an add for 4.00 %.. Jumped on it,, It's in the process now,,

 

[MossflowerWoods]

If anyone finds a good deal with a bank/mortgage co./etc. that will refi FARM type property (more value in the land than the house) PLEASE let me know!

I would LOVE a lower payment on Mossflower Woods!

Thanks,
David

 

[LD1]

OP here:

I dont know if I ever updated you guys, But I ended up sticking with my local bank that also has my truck loan as well as checking and savings accounts.

3.25% fixed for 10years:thumbsup:

Payoff on my old loan was 117,200. New loan is for 121,000.

But that 3800 added wasnt all closing costs either.

Since we are at the end of the year, my escrow account was built up but not paid out, and the bank had to ALSO collect next years taxes and INS.

So I will be getting back ~$1800 from my old escrow account. So all told, it was about $2k to do the re-fi. But my old loan was 5.25%/15yr.

I was over paying on it a little, but at current overpayment, It would have taken another 126 payments. (10y6mo). With the new loan, still paying what I am currently (will only allow a $20 overpay instead of the $100 I was overpaying before), will put me at 116 payments. So knocking 10 payments of ~1200 off will save me 12k over the 10 years:thumbsup:

BTW, the bank was USBank

 

[beppington]

With the new loan, still paying what I am currently (will only allow a $20 overpay instead of the $100 I was overpaying before), ...

Are you saying the bank will only "allow" you to pay back $20 extra each payment???? If so ... That is ridiculous! When you owe money you should be allowed and free to pay it back as soon as you can :confused3:

 

[two_bit_score]

I think he meant if he keeps paying the amount he is currently paying.

 

[beppington]

I think he meant if he keeps paying the amount he is currently paying.

Oh

 

[two_bit_score]

If anyone finds a good deal with a bank/mortgage co./etc. that will refi FARM type property (more value in the land than the house) PLEASE let me know!

I would LOVE a lower payment on Mossflower Woods!

Thanks,
David

I thought there would be several farm loan places in Va. Like we have here in Texas: Capital Farm Credit, Texas Land Bank, AgTexas, Farm Credit Bank, etc.

But, evidently not. Strange. Lending laws must be different. I googled farm loans Virginia and only got One decent looking hit on the first page: Farm Credit of the Virginias - Loans for Agriculture and Rural Living

The rest were government programs like FSA, etc.

Interesting.

 

[two_bit_score]

Oh

I got the same impression as you did at first, too.

 

[oldnslo]

If anyone finds a good deal with a bank/mortgage co./etc. that will refi FARM type property (more value in the land than the house) PLEASE let me know!

I would LOVE a lower payment on Mossflower Woods!

Thanks,
David

Haven't had a farm loan in years so don't know for sure but have the Federal Land Bank and Production Credit Association both gone away? These where the two lending institutions that I dealt with in the mid 80's for farm.

Federal Land Bank was for property and PCA was for "Chattles", I.e. Cattle machinery, etc..

Good luck