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Refinance Already!?!

March 31st, 2009 at 04:35 pm

We received a letter in the mail from a mortgage corporation trying to get us to refinance. They not only knew when we got the loan (Nov 2008) but how little we paid as a down payment (3.5% due to it being FHA) versus our home's appraisal value.

And they still wanted us to refinance with them with no closing costs for a 0.25 reduction in interest. Say what? Is it just me or is that weird? I mean what are they thinking? I realize our area isn't losing home value but still. Don't they want people to have 20% equity? I just thought that was very bizarre.

Given that we have escrow I would never consider getting a loan with a mortgage corporation, too much risk that the selling of the loan would cause issues. I picked a stable bank for my loan and plan to leave it there till paid in full(15 years).

Weird.

Posted in Rants | 5 Comments »

5 Responses to “Refinance Already!?!”

  1. Petunia Says:
    March 31st, 2009 at 05:21 pm 1238520061
    1238520061

    We have gotten these type of solicitations regularly - and we have owned our house for 12 (or is it 13?) years. I'm not sure but I think they can get some of this information from property tax records. We have never taken anyone up on their offer. Smile

  2. Cylenchar Says:
    March 31st, 2009 at 06:05 pm 1238522747
    1238522747

    Yeah, I would have expected needing to have 20% equity. Of course, part of the refi process is they get an appraisal done, so who knows, our house may have 20% equity in it already, especially since we got it as a short sale.

  3. elementaryfinance Says:
    March 31st, 2009 at 08:22 pm 1238530951
    1238530951

    Yes, I get these types of things frequently. It seems odd. It must be public record somewhere.

  4. Cylenchar Says:
    March 31st, 2009 at 08:50 pm 1238532640
    1238532640

    Elementary,

    yes, it's all in public records, so all someone would have to do is search for it. I don't doubt there are programs that sift through looking for recent sales and collecting the information to put into a orm letter like the one we received.

  5. momsfirststep Says:
    April 1st, 2009 at 04:30 am 1238560215
    1238560215

    You can get this information from the county recorder's office or through a commercial database such as Choicepoint.

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