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.

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!

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

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

They need short term cash.

Not good.

Think Countrywide.

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!

Ours is paid for…

You are not Immune to the Red Tide ..

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

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

Nothing here.

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.

No calls here. Haven't had a house payment since 1998. But the medicare sales group are relentless!

Sometimes you gotta do what you gotta do when a once in a lifetime opportunity arises.

DF

Funny, how old you're information is

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

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.

Mines paid off but I almost took a loan on it just over a year ago at 2.125% on a 15 year. I kind of wish I would have done it and then put the cash in the bank. I've got some cds paying 5.1% now.

Although if I would have taken that 1.1 million loan on my house I may have done something stupid with the money. I wanted to build some smaller spec homes or use them as rentals. It's nice not having a mortgage in sloppy Joe's economy.

Bb

Give them a name, and say FBI. Pause briefly and say “You have the right to remain silent.” They will hang up every time.

I work for a bank and the fee income we receive from mortgages is substantial whether we sell them on the secondary market or to FREDDIE & hold the servicing. There are a lot of people sitting on huge credit card balances who want to refi at a (cumulatively) lower rate.

A lot of calls have been going on to large deposit customers who for the past 15 yrs haven’t moved money out of savings or checking accounts due to money market accounts & CDs paying nothing. Money is now worth a lot of us so we’re offering higher yield products to those customers to keep the deposits in house and support commercial loan growth.

If I don't know who it is, I don't answer the phone. Done.

The schit is going to hit the fan around September watch n see

Screw them SOBs. 10 years ago I asked why the interest rates on CD was so low. Answer---we don't need/want your money---we can borrow the money cheaper from the FED. Put it in your pipe & smoke Bob

I get about four offers a week in the mail. For the last year it has been "refinance and take cash out". Now it is "refinance and pay off those personal loans and credit cards". My mortgage is at 2.75%. Don't need the cash and a 6.25% mortgage. The only credit card I use has a low or no balance. Never carry anything for more than a couple of months. Have a couple of things we bought on 12 months same as cash and 24 months same as cash.

Yep. And if you don't leave a message you get blocked.

Yep. That’s what I do too.

I paid this place off in '07. When we sell it at some unknown time, we'll be downsizing so it'll all be cash.

Your property will appreciate, well unless we have a real crash. Your “Brandon” cash will erode.

Better feel your bank’s pulse before going too heavy with their schemes. A T Bill may or may not be better than a CD.

Annuities are usually with ins companies, so who knows. I’ve been told they, by law, must have over 100% in reserves to cover your annuity.

So, what’s safe anymore. You can’t eat gold or silver.

Guns and ammo could be good barter material. Just depends on how bad it gets. Food and shelter are necessities, of course.

DF