Got The Mortgage Reduction Offer from Chase

[Jimmypoo]

She just needs a sofa to sleep on to be happy!!

.

[sunfalcon]

We got the same thing from Chase last year. Painless, easy. New 30 year term, but we are paying it off early.

[graylocks]

YIPPEE SKIPPIE!

just got off the phone with Chase. they are pretty sure my HELOC bank will cooperate with the rate reduction process. the new loan would be a 20 YEAR loan at 4.125%. the required monthly payment would be slightly higher than i'm paying now but still less than what i have been paying since i've been steadily chipping away at the principal. i could either continue doing that or start putting more money into the HELOC.

though this doesn't affect the actual money in my pocket right now, long term it saves me money and psychologically i would feel so much better with my interest rate lowered in recognition of good financial behavior.

[Speedy]

They want 4.125% for either 20 or 30 years? If you can still get the 30 year mortgage, go with that. If not, congratulations!

[graylocks]

Speedy wrote:
They want 4.125% for either 20 or 30 years? If you can still get the 30 year mortgage, go with that. If not, congratulations!

20 years was the offer. and that's what i actually wanted. i'm 8 years in on the current loan and with the prepayments i've been doing i knocked off almost another 4 so my time was down to 18 years. the thought of starting another 30 year loan at my age was demoralizing. if i keep pre-paying even half of what i have been doing it knocks down to a 16 year loan.

[Speedy]

Great!