I posted this a few days ago, but it bears repeating…
I get three or more of these alerts weekly, and sometimes daily..
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 needed to have my file ID ready when I called 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 $$$ when we bought the house. I continued to ask more questions, and finally, after I grilled him for several minutes, he admitted that the “refund” quoted in the email was my escrow account with Rocket Mortgage. A refi would result in a new escrow account! Thanks a lot!
Rocket Mortgage, Thanks a lot for selling my information to every Tom, Dick, and Harry!
Goodbye refund!
They would re-fi and establish a new escrow account, and he hedged a bit and he 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 on trucking,” and hang up or file it in the circular file, also known as a waste basket.
Interest hasn’t dipped even a small percentage point and will not for a while. In my humble opinion, you need at least a 1 percent rate decrease to justify a refinance. 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 credit card in disguise, with a credit card attached to your mortgage, likely with a considerably higher interest rate that applies to all your equity and beyond. Definition: HELOC – Home Equity Line Of Credit
I’ve been there and now I know better! Live within your means, and only purchase expensive items on a credit card if you can afford to and will pay it off before charging more. Do not pay one credit card off with another; it creates a vicious cycle that you will never escape from.
Thanks for reading, and I will see you later….
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