Refinancing Our Mortgage
Three years ago when we purchased our house in Brooklyn, we were pretty satisfied with the low rate of interest we received. On Thursday last week, we heard that interest rates were as low as they were in the 1950’s. We stopped into two banks to discuss refinancing.
First we went to Dime Bank. Dime offered us a great rate and we loved the people we talked to about the loan. But since we didn’t do the original home mortgage with Dime there would be a lot of transfer fees that were up in the air. At first she said that it could be between 5K and 15K to transfer depending on Chase OR THAT THE OTHER BANK MIGHT WAVE IT COMPLETELY. Weird, right?
So we decided to go to Chase and talk with them. We went to a different branch in Brooklyn and met a mortgage processor who knows her stuff. Chase offered us the same low rate as Dime and we took it because we figured it would be easier to do within the bank. NOW HERE COMES THE STRANGE PART. The bank no longer has any of the original paperwork on file. Meaning, we needed to provide our insurance document again, in addition to the last two years of our W2’s and federal tax papers. Finally we had to provide copies of the last 3 pay stubs. The banker ran our credit reports and Lee gleamed that he had a 826 credit score out of 850.
We started our paperwork on Friday and brought everything back on Monday because we want this refinance to slide through nice and easy. Our friend asked us what we were going to do with the extra money. I knew she would use it on a huge vacation, but we just plan on applying the same amount to our mortgage and paying it off sooner.
Hugs,
marlene
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