Home refinance - Sometimes all you have to do is ask.

[newbury]

We wanted to refinance two mortgages we THOUGHT we had with with our credit union in order to drop the rates by about 1%.

The one we had taken out in 2011 they wanted about $9K to refinance, a big part of it was taxes, title search and appraisal, they said it was because they had "sold" the loan. That was about 10% of the refinance amount.

The one we took out in 2010 for $100K they just sent us a letter and dropped the rate by 0.5 points after we signed it. Total cost to refi 0%.

No taxes, no fees, no new title search, just basically

me to credit union

Can I pay less?

credit union to me

yup, sign here that you agree to pay less

.

IF I had gotten a full per cent drop it would have required a bunch of fees, but about $40/ month savings for JUST ASKING seems crazy. I wish they hadn't sold the other loan.

 

[dmccarty]

Good for you! :thumbsup:

We tried to refi with the Credit Union and they shafted us a bunch of fees and said we could not refi because there were not enough/good enough comparables. We went back to the bank that holds the loan and they did the refi with no problems. The CU can kiss my ...... They have been a real PITA on our old house loan, trying to buy land and then when building a house. The bank treats us much better in spite of all of the trash talk you hear about banks. Our bank treats us orders of magnitude better than the CU. Go Figure. :confused3:

When we did get the refi I was shocked at the rate we got. NEVER did I think we would get a rate that low. I can remember when rates were in the upper teens and I could not buy a house because the rates where 10-12%.

Later,
Dan