This has nothing to do with woodworking, but….
I was in the process of refinance with Countrywide mortgage.
Just looking at the options.
They must have requested a payoff amount from my mortgage holder (Wells Fargo Home Mortgage).
Today UPS arrives with an overnight document from Wells Fargo.
The letter states they had received a payoff request from another lender and would like to offer a refinance with them for free, no costs what so ever. (Other than possibly a notary fee: Less than $100.00)
The letter said to call 1-866-484-3290 Monday through Friday 7am-8pm central time.
The rates are as follows:
10 year loan 5.125%
15 year loan 5.375%
30 year loan 6.000%
I called, answered a few questions, allowed them to run my credit report and now am in underwriting…
They said it may take 2-3 weeks to finalize…
Saves me little more than $100.00 a month.
So, if any of you out there have Wells Fargo as your mortgage holder you might consider calling them to see if it is available to you.
Then you can convince your LOML that you could spend the first 6 months savings on that new ________ you wanted. (you fill in the blank)
Good luck to you all.
{ 9 comments… read them below or add one }
We got a variable rate mortgage just as the Japanese economy began its big, slow meltdown, so our rate started at around 3% and has gone down since then; it’s currently only around 2% I think. Then again, we almost have to pay the banks to keep our money in a savings account, since interest is so low. The interest rate may be better under the mattress . . .
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"…and only the stump, or fishy part of him remained."
Green Gables: A Contemplative Companion to Fujino Township
That is almost 1/2 a percent higher than the national average right now. You should be able to negotiate with them to get it lower.
http://www.bankrate.com/brm/updates/…it=R&product=1
The reason it is higher is that there are no points and no fees… so the reality is that there are negative points to cover closing costs, which drive rate up.
Right,
Don’t look at the % rate…
Look at the apr, which is the rate of the loan and its costs.
These loans have rates of 5.125% and an apr of 5.125% because of no costs.
In California the rates are only 5.25%, but they usually have $1,500.00 to $2,500 in costs. This raises the 5.125% rate to 5.450% – 5.625%
<center>[image]http://home.pacbell.net/wkenddad/NormSmall.jpg[/image]
Are you sure Norm would do it that way?
Measure Twice
Cut once…
Then get more wood…..</center>
I am old and retired, and the most fun I have with telemarketers is listening to all the reasons I should refinance and when they get to the point to asking me how much I owe and what percentage, I love telling them $0.00, it makes my day. Bill
If You can’t be good for nothing, do it for free!
Dud,
Can’t wait for the day when I can tell them the same.
Hats off to ya…
<center>[image]http://home.pacbell.net/wkenddad/NormSmall.jpg[/image]
Are you sure Norm would do it that way?
Measure Twice
Cut once…
Then get more wood…..</center>
17 more payments Bill. Its gonna be a LONNNGGG time before I retire though.
Lee
http://www.leestyron.com
Imagine how fast lightning would be if it bolted straight, rather than zigzagged.
WeekendDad:
Thanks for the tip. I called WellsFargo this a.m. and after 15 minutues, it was a done deal on the refi of my 15 year fixed at 6% to 5.25%, no pts, no costs, apr 5.25. My only cost will be for the notary, and I believe I can probably go to my WellsFargo branch and have them do it gratis.
Hey Lee I didn’t want to retire but they said I was to old to stay in Kindergarten Class. Bill
If You can’t be good for nothing, do it for free!