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Old 06-01-2015, 02:11 PM
 
Location: Florida
4,103 posts, read 4,008,927 times
Reputation: 9985

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Is anyone getting these in the mail all of the sudden? Im not kidding right now Ive been getting about three of these things in the mail DAILY. Some of them are using the most shady techniques to get my attention too. One of them said time sensitive info with a Federal Eagle and US govt looking envelope. Another said immediate reply required. Another looked like a certified check through the envelope window.

From what I understand of the literature there was a decrease in the mortgage insurance rates so you can "refinance" to get that lower rate. Im assuming the closing costs and mortgage rate itself will be "fine print."

Of note I will not be refinancing my mortgage insurance because I locked in the month before FHA removed the ability to get rid of PMI after 79% remaining balance.
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Old 06-01-2015, 02:23 PM
 
10,265 posts, read 6,491,094 times
Reputation: 10837
I would call that junk mail, spam mail is email. I have been getting a lot of pre approval fake checks for $300K so apparently people sell your name and address to make a buck. I wasn't even seeking half that much for the loan and I would not qualify for $300K.
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Old 06-01-2015, 02:59 PM
 
Location: Florida
4,103 posts, read 4,008,927 times
Reputation: 9985
Its interesting because I closed on my house 2 years ago but didnt start getting these until a few months ago.
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Old 06-01-2015, 03:11 PM
 
10,265 posts, read 6,491,094 times
Reputation: 10837
They want to refinance your mortgage insurance?
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Old 06-01-2015, 03:47 PM
 
3,317 posts, read 7,251,326 times
Reputation: 4095
Recently FHA reduced the monthly Mortgage Insurance component by a considerable margin, triggering the ability for many fha loan holders to do a Streamline Refinance and reduce their payments.

The mailers are typical from some mortgage lenders, who try to make the mail piece resemble one from either FHA itself, or their existing lender. Good pull-through for these types of marketing campaigns is about 3%.
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Old 06-04-2015, 04:35 AM
 
Location: MID ATLANTIC
7,598 posts, read 17,614,249 times
Reputation: 8078
Purely a numbers game. Took call from customer and I told him I did see the numbers working. "But what about all those offers I am getting?". Answer: they do not care if you lose your $400-$500 appraisal fee, I do.
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