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That cartoon is soooooo true.
My wife was telling me about all of the 0% offers, and the 5% cash back rewards that all of the cards are offering us. Even though we try to pay cash for most purchases.
I had to clarify it for her, that these offers aren't offered to anyone. Just people like us, that they know they can extract a pound of flesh out of and have good credit.
If we were still renters, and didn't build up our credit like we have by slaming on our mortgage. We would never see these offers.
Hmmmm.. Tough call. I'd say realtors since I paid cash (and cut out the bank), but damn, I bet the other end of the candle is just as bad.
They probably just service your loan. For their purposes, a refinance will have to qualify all over again, b/c they will have to sell the loan, and the rate that they sell it for depends on your credit. Anyway, you should be able to figure out whether a refinance will save you enough to merit the hassle and cost.
BOA services my loan at 3.375 out of one hand. The other hand is offering me refis at higher rates. It seems that the lending dept doesn't have access to the servicing dept data.
Marry, boff, kill: a realtor, a banker, an ISIS recruit.
Hmmm... Marry the banker, divorce him, and take half his money. Kill the realtor. Boff the ISIS recruit and send a video of it to his people so they will kill him.
That's old banking. In new banking, even people who don't need loans will take them and default. The purpose of a loan is so that you don't have to risk your own money while speculating. Furthermore, the bank doesn't care if you default because they just collect the loan fees and sell your debt to someone else.
I stop them immediately to evaluate that logic. I point out that I currently have a loan with them. And they are offering me a lower rate with a lower monthly payment but need to run my credit to be sure that I can afford the lower monthly payment compared to what I pay them monthly today. There was an awkward silence and then “it’s just our policyâ€. No, you assholes can’t run my credit.
A blind call from someone who you don't really know who it is asking to run your credit sounds questionable to me. If you think it might be legitimate, and you can get a lower rate, ask if you can do this at your local branch and pay them a visit. I used to work at Wells Fargo sub-prime auto loan department, and refinancing car loans at a lower rate was normal and common. The people making the phone calls already had your info and new lower qualifying rate, along with new monthly payment info, and were really mostly just asking people to come into the office to review and sign the paperwork. This is how they prevented customers who were good payers from refinancing elsewhere.
I used to work at Wells Fargo sub-prime auto loan department, and refinancing car loans at a lower rate was normal and common. The people making the phone calls already had your info and new lower qualifying rate, along with new monthly payment info, and were really mostly just asking people to come into the office to review and sign the paperwork. This is how they prevented customers who were good payers from refinancing elsewhere.
Home loans are different. They will likely sell the loan, even if they continue to collect on it for the new owner, and to sell it, it will need a new credit score. the new buyer is bidding to buy $x amount of first mortgages, with credit profile blah blah blah, so they need to check the boxes.
Going in, or calling in yourself would be a good idea, or even better, trying one of the extremely cheap options online like cashcall mortgage, or quicken, even though they are a pain to work with, since you aren't buying, a delay isn't a big deal to you.
How about Realtor's with their preferred lenders. Twice the slime.
I think there is massive collusion among the realtors (and Realtors) to keep commissions artificially high. The 3% buyer agent and 3% seller agent seems ridiculous — especially when that percentage is applied equally to $200k houses and $2,000,000 houses. It costs me $130,000 for two agents to work together to sell my tract home in 2 weeks? Wow, I'm in the wrong profession! I get offers in the mail to help sell my house where the commission is 3.5% total, which indicates to me that the selling agent is willing to take 0.5% commission. Why won't the buying agent take that commission too? In another take, the original Freakonomics book has a chapter on why real estate agents don't seem to act in their clients' best interests.
On the flip side, I feel much more comfortable with refinancing. (And, more recently, paying off the mortgage entirely.) I've always had ARMs, so have done 1 loan modification and 2 different re-financings in the last 15 years. I basically visit the finan...
I think there is massive collusion among the realtors (and Realtors) to keep commissions artificially high.
I get a call from my mortgage lender yesterday saying that I have been pre-selected for a refi that can save me money.
I get a call from my mortgage lender yesterday saying that I have been pre-selected for a refi that can save me money.
Already annoyed and ready to hang up, I decide to stay on the line just to see what these goons would say.
They ask me a bunch of questions and then tell me that in order to know exactly the rate they can offer, they will need to run my credit to make sure it hasn’t changed since my loan originated.
I stop them immediately to evaluate that logic. I point out that I currently have a loan with them. And they are offering me a lower rate with a lower monthly payment but need to run my credit to be sure that I can afford the lower monthly payment compared to what I pay them monthly today. There was an awkward silence and then “it’s just our policyâ€. No, you assholes can’t run my credit.
I don’t know who’s worse, lenders or realtors?
#lickmyclit