You think your Mortgage Company has your best interests at heart! Right? Well, it only has its own bottom line in its little heart of hearts!
It appears that EVERY company you do any business with has an agenda! And Baby It Ain’t you!
The minute you close escrow, THEY SELL YOUR INFORMATION TO EVERYONE in the world!
Today, I got an official-looking letter in the mail informing me that I have $2682.64 available funds. They had a very official File Number, and I need to have my file ID ready when I call to take advantage of TFSB programs.com.
I checked it out for you! I called the “gentleman,” who answered very formally, asking for the file Number, which I gave to him. The interest rate he quoted was not sufficiently lower than what I now have. We bought the rate down a tiny amount for a lot of $$$!
I attempted to ask more questions, and finally, after I grilled him for several minutes, he admitted that the “refund” that was quoted in the email would be my escrow account with Rocket Mortgage. Rocket Mortgage, Thanks a lot for selling my info to every Tom, Dick, and Harry!
BTW, I would have to set up another escrow account!
Goodbye refund!
They would re-fi and establish a new escrow account, and he hedged a bit and
admitted there would be recording fees. I asked the big question: What will the total cost to me be for all this wonderful money?
When I revealed that I had been a realtor for 30 years, he hung up!
If you get one of these letters or phone calls, do what I am doing with mine! Just say “Sorry Sucker, keep trying” and hangup or file it in the circular file called a waste basket!
Interest hasn’t dipped even a small percentage point and will not for a while. You need at least 1 percent to justify a refi. Two percent would be better! Three percent would be golden!
The big Corporations need time to milk us as dry as they can before it goes down for you and me.
By the way, do not succumb to the HELOCs! They are a refi in disguise, with a credit card attached, probably with a considerably higher interest rate for ALL your equity and beyond.
I’ve been there and know better now. Live within your means, and only purchase expensive items on a credit card if you can and will pay it off before you charge more. Do not pay one credit card off with another; it is a vicious cycle that you will never get out of!
Thanks for listening, and will see you later….
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