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Old 03-24-2009, 04:21 PM
 
Location: Las Vegas
444 posts, read 1,429,396 times
Reputation: 183

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mod cut: I wanted you guys to know in case you haven't started checking out your interest rate on your mortgage ...

The bank that holds my mortgage is willing to drop my rate 1% just so I don't go looking around for a better deal. That has never happened in my lifetime.

Good Hunting.

Last edited by scirocco22; 03-25-2009 at 09:31 PM.. Reason: not necessarily a local issue but we'll let it stand
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Old 03-24-2009, 04:36 PM
 
Location: central, between Pepe's Tacos and Roberto's
2,086 posts, read 6,098,079 times
Reputation: 952
Quote:
Originally Posted by RedRockAAAA View Post
mod cut: I wanted you guys to know in case you haven't started checking out your interest rate on your mortgage ...

The bank that holds my mortgage is willing to drop my rate 1% just so I don't go looking around for a better deal. That has never happened in my lifetime.

Good Hunting.
Are they modifying your note or doing a streamline refinance for you? Conventional, FHA, or VA? What is the current rate, and would a 1% drop even equal what you could get if you refinanced?

FYI, they don't just drop the rate. At a minimum they will need to modify the note.

Last edited by scirocco22; 03-25-2009 at 09:34 PM.. Reason: quote edited
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Old 03-25-2009, 03:20 PM
 
Location: Las Vegas
444 posts, read 1,429,396 times
Reputation: 183
Will let you know when its completed.
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Old 03-25-2009, 03:55 PM
 
Location: Here and there, you decide.
11,578 posts, read 22,679,105 times
Reputation: 3883
what kind of rate did you have 6%? arm??
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Old 03-25-2009, 05:34 PM
 
1,359 posts, read 2,752,885 times
Reputation: 853
1% is worth $100 a month per $100,000 borrowed.
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Old 03-25-2009, 05:38 PM
 
Location: Here and there, you decide.
11,578 posts, read 22,679,105 times
Reputation: 3883
i was wondering what his interest rate was
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Old 03-25-2009, 07:52 PM
 
Location: central, between Pepe's Tacos and Roberto's
2,086 posts, read 6,098,079 times
Reputation: 952
Quote:
Originally Posted by jjameson922 View Post
1% is worth $100 a month per $100,000 borrowed.
Actually it's not. In simple interest terms it sounds like it makes sense, but in terms of an amortized mortgage 1% is worth more like $65 per $100,000 borrowed.
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Old 03-26-2009, 01:02 AM
 
Location: Las Vegas
444 posts, read 1,429,396 times
Reputation: 183
Even if it did turn out to be $65 per $100,000. $65 X 12 X 30 = $23,400. And I am pretty sure mine will end up over $100. $100 X 12 X 30 = $36,000 in my pocket not their's.

Remains to be seen, if they will ask for any fees. They are slammed right now with requests.

To be continued ... and thank you mod!
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Old 03-26-2009, 09:00 AM
 
Location: central, between Pepe's Tacos and Roberto's
2,086 posts, read 6,098,079 times
Reputation: 952
Quote:
Originally Posted by RedRockAAAA View Post
Even if it did turn out to be $65 per $100,000. $65 X 12 X 30 = $23,400. And I am pretty sure mine will end up over $100. $100 X 12 X 30 = $36,000 in my pocket not their's.

Remains to be seen, if they will ask for any fees. They are slammed right now with requests.

To be continued ... and thank you mod!
I'm not saying that $65 a month is not worth it, just clearing up the misinformation. A 1% reduction in rate is equal to $65 a month less per $100,000 financed, not $100 as jjameson previously stated.
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