11-12-2012, 05:56 PM
after hearing of other people getting it in the past year and assuming i was simply not eligible, UPS delivered a mortgage rate reduction letter from Chase today. with no appraisal and all fees waived my mortgage rate could be reduced from 6.125% to 4.125%. I owe $54,000 on this loan and am underwater with that. i also have a $28,000 out on a line of credit so there's no way i could hope to refinance other wise.
i have a few questions but their offices are closed today so i thought i'd pick the forum brain as someone else might have done this.
1. Is this for a new 30 year loan or can i keep going on my current time frame? With pre-payment of principal i've gotten it down to a 25 year loan and have been enjoying the feeling of pecking it down.
2. This offer holds even with the HELOC if it was with a bank they listed but it's not. They say there are other options in that case. Anyone know what those options might be?
i have a few questions but their offices are closed today so i thought i'd pick the forum brain as someone else might have done this.
1. Is this for a new 30 year loan or can i keep going on my current time frame? With pre-payment of principal i've gotten it down to a 25 year loan and have been enjoying the feeling of pecking it down.
2. This offer holds even with the HELOC if it was with a bank they listed but it's not. They say there are other options in that case. Anyone know what those options might be?