Dec
20
Loadbetty asked:
I’ve had great luck with a 1 yr ARM’s - it’s served me very well for the last several years - I’m with a bank that doesn’t sell your paper which is also nice - I’ve refinanced in the middle of the year term twice with no problems - At $250 total closing costs, I make up the money within 2 mos. I only refinance when the rate is a full point or more less…they are now putting me off and “refusing” to allow me to refinance - the only reason given is “they don’t want to, and the 1 yr ARM’s are only for “new” money” This is a load of crap and I know it - NOWHERE in my contract does it say that I can’t refinance either to another 1 yr ARM or a 30 yr fixed at no charge - ANY time I want - they are crossing their arms and holding their breath and refusing. I’m not going to let them get away with it that’s for sure - what is the best course of action? My calls and personal visits are obviously not working. Is there anything else I can do short of a lawyer?? Thanks!
You’re right Enoriver - except, they solicited me to get into a not so good deal (5 yr balloon), when I asked all my options, one of them was another refi of my 1 yr ARM - now they don’t want to do it because they aren’t going to make enough money from it - they would have a hard time dumping me I think - excellent credit, never late - especially now that the focus has been on the scumbags of the mortgage industry - you’re probably right - just think they have to provide me a better answer than “I don’t wanna.” Thanks for your answer.
Jacob
I’ve had great luck with a 1 yr ARM’s - it’s served me very well for the last several years - I’m with a bank that doesn’t sell your paper which is also nice - I’ve refinanced in the middle of the year term twice with no problems - At $250 total closing costs, I make up the money within 2 mos. I only refinance when the rate is a full point or more less…they are now putting me off and “refusing” to allow me to refinance - the only reason given is “they don’t want to, and the 1 yr ARM’s are only for “new” money” This is a load of crap and I know it - NOWHERE in my contract does it say that I can’t refinance either to another 1 yr ARM or a 30 yr fixed at no charge - ANY time I want - they are crossing their arms and holding their breath and refusing. I’m not going to let them get away with it that’s for sure - what is the best course of action? My calls and personal visits are obviously not working. Is there anything else I can do short of a lawyer?? Thanks!
You’re right Enoriver - except, they solicited me to get into a not so good deal (5 yr balloon), when I asked all my options, one of them was another refi of my 1 yr ARM - now they don’t want to do it because they aren’t going to make enough money from it - they would have a hard time dumping me I think - excellent credit, never late - especially now that the focus has been on the scumbags of the mortgage industry - you’re probably right - just think they have to provide me a better answer than “I don’t wanna.” Thanks for your answer.
Jacob
Comments
One Response to “Shady Banks/Mortgages.what recourse?”
For you currently have probably specifies whether or less getting new mortgage to write you want one the contract you are correct refinance with another bank whenever you are prepayment penalties but strongly doubt it says you is simple then if your facts are always guaranteed to get refinance with that specific bank whenever you want one.