Kinda weird, they sent me an offer last month to re-fi with all closing costs on them, my rate dropped from 6.3 to 5.1. I made one payment late in the month in october, maybe they figured I was gonna go belly-up IDK. Notary came by last night and we closed, my monthly payment will drop $140..
Chase lowered my mgt. rate..
- Thread starter BUTCH1
- Start date
with rates so low it makes sense for them to re-fi with you instead of lose your business to a competitor. if rates drop even more, you're now more likely to re-fi with them, right?
IndyColtsFan
Lifer
- Sep 22, 2007
- 33,655
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I had an adventure refinancing with Chase and I don't think I'd do it again. They sent me an offer to refi so I started the process. Then they told me that I didn't qualify, then told me I did qualify, and also were going to charge me a significant fee. I couldn't get straight answers from them at all.
In the meantime, I got yet ANOTHER offer from Chase to refi, with zero closing costs, no fees, etc. The Chase people from the first offer found out that I got the second offer, tried to invalidate it, and told me I had to go through them. I told them to get screwed and fortunately, I had filed all the paperwork with the second group and they had submitted everything before the first group found out. So I dropped from 6.125 to 5.125, no fees, and the lady came to my house one night and my wife and I signed everything.
My loan officer was almost impossible to contact, he twice left messages on my ans. machine so I called and left him my cell# on his voicemail and he never called back at all, 3 days ago a notary called and we scheduled the closing last night@ 6:00. I asked him about why Chase was being so nice, he said they are getting around to re-fiing the regular folks after taking care of all the crappy loans they had on hand, he also mentioned that a lot of people (me included) were really suspicious about the offers Chase had been making, he's been doing a lot of 'em as of late. I still think it had something to do with the delayed Oct. payment I made and maybe they thought I was gonna walk on my mortgage, either way I'm a happy camper and my first payment on the new note isn't due to feb 1st, which is even better!..
It would have to be a very attractive offer to get me to deal with chase. I'd also have to have an attorney review the deal.
IndyColtsFan
Lifer
- Sep 22, 2007
- 33,655
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They really pissed me off. I have been a Chase customer for years and they really jerked me around. In addition to the story I posted above, I did try to refinance with them earlier. I had lived in the house for less than a year and contacted them, and they wanted to do all sorts of appraisals, assessments, charge me closing costs, etc. It was a bunch of crap as evidenced by the fact they had no problem doing it several months later with no appraisals or anything.
I hear 'ya, everything seemed to be on the up and up, the notary did a great job explaining what I was signing but Chase's reputation as the F-ing Darth Vader of banks made me uneasy...
I'll never deal with Chase again. I had a credit card through them for years and used it all the time. I didn't use it for two months and it had no balance, then I tried to use it to pay for a hotel (since I had already used it during the reservation process, didn't see it being a problem...). The card wouldn't work, so I called them and they claimed they couldn't even find any record of my having an account with them. I doubt they would have had that problem if I had been carrying a balance...
I have a Chase card, it was Providian but Chase bought 'em out a few years ago, they recently lowered my available credit to the exact amount my balance was at the time, never missed a payment, it seems they are trying to get as far away from unsecured credit as they can..
JTsyo
Lifer
- Nov 18, 2007
- 12,044
- 1,136
- 126
Make the payments anyway if you can afford to. It's well worth it. I would even keep paying the old amount to finish faster.
When I got my mortgage, I bought a few points since I figured the rates wouldn't drop much lower. Brought it down to 4.875%.
Capt Caveman
Lifer
- Jan 30, 2005
- 34,543
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I have my mortgage and credit cards thru Chase. I've always had top notch service from them. Like accessing their website and being able to access all of my accounts too.
When I first closed with them, my closing was delayed and I lost my interest lock. They relocked me in and waived the fees.
Next year, I refinanced down to 4.875% and paid a little more than $1k to do it.
When I first closed with them, my closing was delayed and I lost my interest lock. They relocked me in and waived the fees.
Next year, I refinanced down to 4.875% and paid a little more than $1k to do it.
It was just a straight up re-fi but I will check on the paperwork anyway as I have 3 days to cancel the new loan if I want to (law)..
IndyColtsFan
Lifer
- Sep 22, 2007
- 33,655
- 688
- 126
Yeah, good point. I just checked my credit report because I couldn't remember and it is fine.
alkemyst
No Lifer
- Feb 13, 2001
- 83,769
- 19
- 81
shit, I would hope you already knew the paperwork.
c'est la vie though, GOVERNMENT HELP ME I DIDN'T KNOW WHAT I'Z SINGIN'.
worked for Texas banning HELOC's.
Already know? I signed or initialed 56 pages, the notary said mine was a small one, some go to 175 pages that must be signed. I checked, it's not an HMP loan, just a straight fixed rate re-fi. Might have been a good idea though to hire an attorney to be there..
alkemyst
No Lifer
- Feb 13, 2001
- 83,769
- 19
- 81
JTsyo
Lifer
- Nov 18, 2007
- 12,044
- 1,136
- 126
AgaBoogaBoo
Lifer
- Feb 16, 2003
- 26,108
- 5
- 81
If possible, keep making the sample monthly payments as you were before. If it's a 15 year, you'll save on 15 years of interest expense for that portion of the principal.
$140/month is $1680/year. If tax is 30%, you see a 70% benefit avoiding that interest. So that's $60 a year of savings if you continue your previous rate. For 15 years, that's $900 extra that you will have at the end of all of it. That's for just 1 year of savings - keep this payment rate up and each year that you do it, you'll get an extra $900 (although it decreases). By the end of it, you'll be much better off.
$140/month is $1680/year. If tax is 30%, you see a 70% benefit avoiding that interest. So that's $60 a year of savings if you continue your previous rate. For 15 years, that's $900 extra that you will have at the end of all of it. That's for just 1 year of savings - keep this payment rate up and each year that you do it, you'll get an extra $900 (although it decreases). By the end of it, you'll be much better off.
Last edited:
Crusty
Lifer
- Sep 30, 2001
- 12,684
- 2
- 81
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