[bizi]

Dear friends, We have been trying to refinance our home mortgage for the past 2 weeks at least.
and are getting the run around with the interest rate.
WE were quoted 4.25% for a 10 year loan. which is fantastic if this actually happens.
we received paper work in the mail saying that the rate was a floating rate that we had choosen. Which we did not we wanted a locked in rate etc.
I was on the phone with the loan officer for a long time yesterday....I was exasperated....she called me in the middle of my last water color class and I took the call ....and proceeded to give me the run around about the floating rate. I finally said do you want our business???? Change it to a locked in rate other wise we will go else where. But I had to get all angry and yelling at her. It was awful.
she said she would talk to her supervisor again and call me today.
I was so upset that I had to leave the class with out finishing, I needed to get out of there I could not let it go and finish painting so I left. came home still upset, took extra klonipin to calm me down which I never do and had a couple of beers. We have already had them do the apraisal so we would lose money if we went with a different company, I already have a girl friend (loan officer) who is able to lock us in a rate we would lose about $450. So jeff wants to wait and see if they can give us the locked in rate since we already have them as our mortgage holder. You would think they would be treating us better!!!!!!!!
anyway no call this evening.....~sigh
I am not good with numbers but if our loan amount is to be paid off in 9 1/2 years the way we have been paying on it and its at 6.6% interest rate. going to a 4.25% rate is much better except for the $3,500 closing costs. Part of me says it is not worth it.
jeff said he would intervene....I felt all out of sorts and getting hypomanic about it...
bizi

[Mari]

Dear Bizi,
This stuff is stressful.
I'm sorry that you are feeling upset.

With our loan they lowered the interest rate a little and then charged us a fee to do that at closing. We ended up paying the same amount over the life of the loan as we would either way. (Actually, I did not point this out to hubby. Apparently he did not read over the paperwork as carefully as I did -- he was only focused on the interest rate.)

My point is this is hard to deal with. Realize that this is difficult.
And no, the banks are not being nice to people even though we are paying them.

It's going to be ok.
I hope Jeff can help.

M.

[waves]

Hon,

getting treated like that would drive me batty, banananananas, nuts, crazy, creeped out, raving mad. and i would be obsessing about it.

i'm really sorry it had to ruin your painting class too, that really bites!

it does suck it took you getting angry to get her attention, but you know what, you did well. you got the message across. stood your ground. those people are trained to twist money out of people. if you have a contact at the other company where you can get a fair deal AND better treatment, you might consider eating the $450.

Certainly, when they call back - LET Jeff intervene. You did your bit. Now, don't let this get you manic.

it's ok about the Klonopin and the beers... it can happen. you don't usually do that, that's what counts.

Be kind to yourself now.

Sending you lots of

((( huggggggggs )))

~ waves ~ still awake...

[Isis]

Dear bizi, when you get hassled about this, think of me. You've got to be better.
I am clueless, much more than you could ever be, and let husband deal with it all.
He is not brilliant at it, but knows enough people who can give him good advice.

[bizi]

We are probably going to switch and go with my friend the mortgage broker and eat the $450.
went with a slightly higher interest rate to not have any points to pay. She is coming to our house on sunday to go thru the paper work.
very convenient for people who work full time she was very easy and accomodating, and my friend so I trust her.
I finally did get a call back from the supervisor today and the rates had changed so we can still go with my friend and have it be better, over the long road. I wonder if this is a smart thing to do?
bizi

[Dmom3005]

Bizi
I really am glad you can switch and still do this. I think you will be fine.

It bothers me the way banks are dealing with people now days.

Donna

[DiMarie]

Bizi,
Would it hurt to put it out of mind until after the weekend and see what their next move is. that is a HUGE closing cost and long term I don't know that you would be any better off? Need someone good with the amoration (sp) for that.

That is where they are hooking people in is the lower rate,
and floating % .
Between that and the closing cost is $$$$

Could you argue misrepresentation to get appraisal fee back if they do not lock in at the rate?

Consider two, if you make a 1/2 payment every two weeks, or add that mount of the $4,000 broke down to each month, how much earlier you could pay the loan off.

Did you check into a home equity and pay off the mortgage?

I am not good about the numbers, but I knew making the extra month payment every year was reducing the principle.
Really considering using the 401K and pay it off as opposed to withdrawing and making payments.
I hope it falls into place and things work out for the best financially
di

[bizi]

I called a loan officer from my bank and asked her if she would be kind enough to go thru the numbers with me and she did.
refinance the house would save almost 10K minus the closing costs still is about $6k savings so it is worth the refinancing. But If I was headed to the hospital which is not worth any amount of money to stay out of there,,,not sure if that makes sense but you get what I am saying. My peace of mind is priceless.
bizi

[BlueMajo]

Dear Bizi !!!

Hate to read you are feeling stressed and hysterical due to money/loans ! I know perfectly how you feel... ugh... hang in there... At the end everything will be alright

I wish I could say more things, but, I cant I know how you feel... I have similar problems... oh well... all the best for you ok ?

breaaatthhheee....

[Pamster]

So sorry about this Beth! I can't even imagine how frustrating and upsetting this must have been. They should have honored the original agreement...Try to let it go and go with the best numbers or your friend's bank/service if you feel more comfortable with her...Don't beat yourself up over this, the supervisor should have honored the agreed upon interest amount.