I think its fair to say that there is a lot wrong with our industry today. Short sales, foreclosures, loan mods, loss of equity, etc., and nobody really seems to be able to figure out how to get it all back on track. Most programs have been totally ineffective to date.
With all that in mind I got a call from my mortgage company last week offering me a "no cost refinancing." I'm about six years into this mortgage at a 6% rate, which was good at the time. Remember, I didn't reach out to my bank, they called me. For no cost, just a reset of the mortgage, they are going to reduce my rate to 5.375%.
Out of the goodness of their hearts, I suspect.
Why are they doing this to one of their better customers, when so many people need help? I've never missed, or been late with a mortgage payment, and I have a lot of equity in the house. I make their portfolio of good loans look better. thats why.
I was told they just don't want to lose me to another lender. So, I put the extra money in my pocket every month, they retain a good paying customer, and somebody who could really use the help...goes without. I've long ago given up trying to figure it all out. Now I just go with the flow.
Richard Iarossi, REALTOR®
Long and Foster® Real Estate, Inc.
Crofton, MD 21114
410-451-6255 Office
443-995-9595 Cell
Web: http://www.RichSellsHomes.com
eMail: Rich@RichSellsHomes.com
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