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Joined: Aug 2003
Posts: 39,411 Likes: 66
Campfire 'Bwana
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OP
Campfire 'Bwana
Joined: Aug 2003
Posts: 39,411 Likes: 66 |
Anyone here still getting banks calling - begging to refinance your low rate mortgages to something else?
They're relentless. I mean, 3 call rule. If I've said "no" 3x - assume I'm not going to re-finance my house/mortgage from 3% to something higher today.
I'm getting 2 calls a week and at least 2 fliers in the mail a month. Things must be pretty bad in the mortgage business right now.
Me
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Joined: Jan 2010
Posts: 23,590 Likes: 3
Campfire Ranger
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Campfire Ranger
Joined: Jan 2010
Posts: 23,590 Likes: 3 |
going thru that right now
underwriters are idiots
have you paid your dues, can you moan the blues, can you bend them guitar strings
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Joined: Jan 2012
Posts: 26,719 Likes: 13
Campfire Ranger
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Campfire Ranger
Joined: Jan 2012
Posts: 26,719 Likes: 13 |
going thru that right now
underwriters are idiots Yeah^^^ We just 'refied' at an amount that is less than half of what was on our prior mortgage. The underwriter put us through pure hell over it. The 'old' mortgage was just 4 years old and we were already ahead by 2.5 years worth of extra principal paid but the underwriter just couldn't see how we could make a monthly payment that was over $1K less than what we were currently paying[less the extra principal paid]. I was near pulling out my last 3 hairs!
FJB & FJT
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Joined: Nov 2010
Posts: 37,249 Likes: 14
Campfire 'Bwana
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Campfire 'Bwana
Joined: Nov 2010
Posts: 37,249 Likes: 14 |
Bankers “sell” money. The old saying, if you really NEED money, bankers are hesitant to make such a loan.
If you don’t need money, they’ll break a leg to convince you to take their money.
The fact they’re chasing you guys tells me y’all are solid, the kinda people bankers love to lend to.
Take it as a complement.
DF
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Joined: Mar 2010
Posts: 24,419 Likes: 19
Campfire Ranger
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Campfire Ranger
Joined: Mar 2010
Posts: 24,419 Likes: 19 |
Anyone here still getting banks calling - begging to refinance your low rate mortgages to something else?
They're relentless. I mean, 3 call rule. If I've said "no" 3x - assume I'm not going to re-finance my house/mortgage from 3% to something higher today.
I'm getting 2 calls a week and at least 2 fliers in the mail a month. Things must be pretty bad in the mortgage business right now. According my friends in the mortgage and banking business it is getting really bad and trending worse. Commercial real estate will be first along with more banks
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Joined: Jun 2007
Posts: 22,005 Likes: 3
Campfire Ranger
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Campfire Ranger
Joined: Jun 2007
Posts: 22,005 Likes: 3 |
They need short term cash.
Not good.
Think Countrywide.
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Joined: Sep 2014
Posts: 21,988 Likes: 13
Campfire Ranger
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Campfire Ranger
Joined: Sep 2014
Posts: 21,988 Likes: 13 |
Haven't borrowed in 20 years.
Haven't paid a mortgage payment in about 7.
Hope to never owe some SOB anything ever again in my life.
Haven't even gotten a letter offering a loan in years.
Used to get checks that were pre approved loans, "cash them if you want a loan".
We probably have crappy credit scores!
Parents who say they have good kids..Usually don't!
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Joined: Feb 2010
Posts: 15,868 Likes: 10
Campfire Ranger
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Campfire Ranger
Joined: Feb 2010
Posts: 15,868 Likes: 10 |
NRA Life,Endowment,Patron or Benefactor since '72.
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Joined: Feb 2008
Posts: 8,685 Likes: 2
Campfire Outfitter
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Campfire Outfitter
Joined: Feb 2008
Posts: 8,685 Likes: 2 |
You are not Immune to the Red Tide ..
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Joined: Jan 2017
Posts: 8,962 Likes: 6
Campfire Outfitter
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Campfire Outfitter
Joined: Jan 2017
Posts: 8,962 Likes: 6 |
Makes me laugh went to the bank last month to pay my visa statement. The teller told me you can just make the minimum on it. I laughed and told her I was retired now and the shoe was on the other foot. She gave a funny look and I said you pay me interest from now on out not the other way around. My retired rule #1 if you can't pay cash don't buy...mb
" Cheapest velocity in the world comes from a long barrel and I sure do like them. MB "
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Joined: Nov 2015
Posts: 15,527 Likes: 29
Campfire Ranger
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Campfire Ranger
Joined: Nov 2015
Posts: 15,527 Likes: 29 |
My schit was paid for until I used a heloc last summer for a do it now or never 45acre tract of land I’ve looked at since a kid
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Joined: Nov 2002
Posts: 33,845 Likes: 21
Campfire 'Bwana
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Campfire 'Bwana
Joined: Nov 2002
Posts: 33,845 Likes: 21 |
Conduct is the best proof of character.
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Joined: Apr 2018
Posts: 1,086 Likes: 1
Campfire Regular
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Campfire Regular
Joined: Apr 2018
Posts: 1,086 Likes: 1 |
Have not had a mortgage in 30 years.. makes retirement easy
Gun Owners of America
Escapee's RV Club
Elks
Moose
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Joined: Nov 2002
Posts: 33,845 Likes: 21
Campfire 'Bwana
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Campfire 'Bwana
Joined: Nov 2002
Posts: 33,845 Likes: 21 |
Have not had a mortgage in 30 years.. makes retirement easy There are other methods...
Conduct is the best proof of character.
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Joined: Feb 2010
Posts: 16,187 Likes: 5
Campfire Ranger
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Campfire Ranger
Joined: Feb 2010
Posts: 16,187 Likes: 5 |
Have not had a mortgage in 30 years.. makes retirement easy There are other methods... Not owing money and having an income stream or 3 is a proven method.
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Joined: Nov 2015
Posts: 5,768 Likes: 5
Campfire Tracker
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Campfire Tracker
Joined: Nov 2015
Posts: 5,768 Likes: 5 |
No calls here. Haven't had a house payment since 1998. But the medicare sales group are relentless!
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Joined: Nov 2010
Posts: 37,249 Likes: 14
Campfire 'Bwana
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Campfire 'Bwana
Joined: Nov 2010
Posts: 37,249 Likes: 14 |
My schit was paid for until I used a heloc last summer for a do it now or never 45acre tract of land I’ve looked at since a kid Sometimes you gotta do what you gotta do when a once in a lifetime opportunity arises. DF
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Joined: Aug 2009
Posts: 9,921 Likes: 1
Campfire Outfitter
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Campfire Outfitter
Joined: Aug 2009
Posts: 9,921 Likes: 1 |
Funny, how old you're information is
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Joined: Nov 2010
Posts: 37,249 Likes: 14
Campfire 'Bwana
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Campfire 'Bwana
Joined: Nov 2010
Posts: 37,249 Likes: 14 |
My banker just offered me a 4.86% 7 mo T Bill.
Beats next to nothing from a savings account. And 7 mo isn’t tying up money too long. That’ll take it around to hunting season.
DF
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Joined: Feb 2007
Posts: 11,834 Likes: 3
Campfire Outfitter
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Campfire Outfitter
Joined: Feb 2007
Posts: 11,834 Likes: 3 |
Don’t have a mortgage, so not getting refi calls. Paid ours off 20+ years ago and have moved twice since and paid cash.
Did have a “Jimmy Carter” mortgage at over 15% in 1979. I don’t pay much attention to people bitching about a 5% mortgage.
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