Comments on: Cheerful Frugality Refinances http://frugalhacks.com/2009/03/30/cheerful-frugality-refinances/ Good stewardship in action. How do you do it? Sat, 11 Feb 2012 00:10:21 +0000 hourly 1 http://wordpress.org/?v=3.1.2 By: Ellen http://frugalhacks.com/2009/03/30/cheerful-frugality-refinances/comment-page-1/#comment-4671 Ellen Tue, 14 Apr 2009 18:54:16 +0000 http://frugalhacks.com/?p=1119#comment-4671 Thanks, Meredith! We have Wells Fargo, so this is really useful info. My dad, the former banker, was just encouraging us to look into refinancing. He thought it would be worth it if we could shave off at least a point and it didn't cost us more than $4,000 to do. Thanks, Meredith! We have Wells Fargo, so this is really useful info. My dad, the former banker, was just encouraging us to look into refinancing. He thought it would be worth it if we could shave off at least a point and it didn’t cost us more than $4,000 to do.

]]> By: Mrs. Vernon http://frugalhacks.com/2009/03/30/cheerful-frugality-refinances/comment-page-1/#comment-4655 Mrs. Vernon Wed, 08 Apr 2009 19:03:45 +0000 http://frugalhacks.com/?p=1119#comment-4655 Thanks so much for the information! I love this site! For anyone else trying to contact Wells Fargo this is the number to call: 1-866-234-8271 and to get a lower interest rate is called a re-modification of the loan. Thanks so much for the information! I love this site!
For anyone else trying to contact Wells Fargo this is the number to call:
1-866-234-8271
and to get a lower interest rate is called a re-modification of the loan.

]]> By: Susan http://frugalhacks.com/2009/03/30/cheerful-frugality-refinances/comment-page-1/#comment-4638 Susan Fri, 03 Apr 2009 13:26:51 +0000 http://frugalhacks.com/?p=1119#comment-4638 We had a Wells Fargo loan as well - in November they sent us a letter offering a "streamline refinance" to a lower rate with no closing costs, etc. as described above. That letter got me thinking. . . .I started looking into refinancing other lenders, specifically credit unions, and ended up moving from a 30-year loan at 6.375% to a 15-year loan at 4.75%. My payment increased a little, but I'm excited about the shorter term! Susan in San Antonio We had a Wells Fargo loan as well – in November they sent us a letter offering a “streamline refinance” to a lower rate with no closing costs, etc. as described above. That letter got me thinking. . . .I started looking into refinancing other lenders, specifically credit unions, and ended up moving from a 30-year loan at 6.375% to a 15-year loan at 4.75%. My payment increased a little, but I’m excited about the shorter term!

Susan in San Antonio

]]> By: Charlene http://frugalhacks.com/2009/03/30/cheerful-frugality-refinances/comment-page-1/#comment-4631 Charlene Thu, 02 Apr 2009 04:18:39 +0000 http://frugalhacks.com/?p=1119#comment-4631 I called and they said they would lower ours from 5.8 to 5.0. They have to verify the application and then it will be locked in. Thanks for the tip!! I called and they said they would lower ours from 5.8 to 5.0. They have to verify the application and then it will be locked in. Thanks for the tip!!

]]> By: Anna http://frugalhacks.com/2009/03/30/cheerful-frugality-refinances/comment-page-1/#comment-4629 Anna Wed, 01 Apr 2009 18:53:03 +0000 http://frugalhacks.com/?p=1119#comment-4629 I don't have WF and when I called my mortgage company to see about a re-fi the rude guy looked up some comparable home sales in my area and told me that they wouldn't approve a re-fi because the house wouldn't appraise high enough. So we're dealing with the problem that we can't re-fi without paying out a lot that would negate the savings of the re-fi. Bummer. I think our house has gone down in value a little since we bought it in 2006. Maybe I should check with WF! I don’t have WF and when I called my mortgage company to see about a re-fi the rude guy looked up some comparable home sales in my area and told me that they wouldn’t approve a re-fi because the house wouldn’t appraise high enough. So we’re dealing with the problem that we can’t re-fi without paying out a lot that would negate the savings of the re-fi. Bummer. I think our house has gone down in value a little since we bought it in 2006. Maybe I should check with WF!

]]> By: Charlene http://frugalhacks.com/2009/03/30/cheerful-frugality-refinances/comment-page-1/#comment-4627 Charlene Wed, 01 Apr 2009 03:18:57 +0000 http://frugalhacks.com/?p=1119#comment-4627 I have WF and I will call tommorrow. I have 5.8% right now. Here is another tip- apparently closing costs can be negiotiated! We bought our home last year for 365k and we were being quoted several thousand for closing. The WF agent we worked with did it for $700. It is worth a shot to shop your closing costs too. I have WF and I will call tommorrow. I have 5.8% right now. Here is another tip- apparently closing costs can be negiotiated! We bought our home last year for 365k and we were being quoted several thousand for closing. The WF agent we worked with did it for $700. It is worth a shot to shop your closing costs too.

]]> By: Meredith http://frugalhacks.com/2009/03/30/cheerful-frugality-refinances/comment-page-1/#comment-4625 Meredith Tue, 31 Mar 2009 14:16:57 +0000 http://frugalhacks.com/?p=1119#comment-4625 Isn't that bizarre? Here's what I did: Called the mortgage number on the website. Said I was a current customer interested in refinancing, gave them my loan number. He looked up our account and told me the deal about lowering our rate without refinancing. He was very polite and helpful. I said that no, I knew I could get a lower rate refinancing at my local credit union. He transferred me to the refinance department where they crunched the numbers and told me, yes, if you can get that rate locally, go lock it in now. Isn’t that bizarre?

Here’s what I did:

Called the mortgage number on the website.

Said I was a current customer interested in refinancing, gave them my loan number.

He looked up our account and told me the deal about lowering our rate without refinancing. He was very polite and helpful.

I said that no, I knew I could get a lower rate refinancing at my local credit union.

He transferred me to the refinance department where they crunched the numbers and told me, yes, if you can get that rate locally, go lock it in now.

]]> By: KimC http://frugalhacks.com/2009/03/30/cheerful-frugality-refinances/comment-page-1/#comment-4624 KimC Tue, 31 Mar 2009 14:05:45 +0000 http://frugalhacks.com/?p=1119#comment-4624 What gives? We're with Wells Fargo now, and when I called about refinancing they quoted us at over 9% - with excellent credit! Craziness, I tell you. Now I'm going to call them back to find out who is crazy: me or them. What gives? We’re with Wells Fargo now, and when I called about refinancing they quoted us at over 9% – with excellent credit! Craziness, I tell you. Now I’m going to call them back to find out who is crazy: me or them.

]]> By: Monique http://frugalhacks.com/2009/03/30/cheerful-frugality-refinances/comment-page-1/#comment-4623 Monique Mon, 30 Mar 2009 20:51:18 +0000 http://frugalhacks.com/?p=1119#comment-4623 we are in the midst of a refi too, combining our first mortgage (5.5%) with our 2nd (home equity loan that financed our addition, at 7.25%) into one loan at 4.75% and it will save us $500/month. We have often done 80-15-5 loans to avoid mortgage insurance and we once had a 2nd mortgage that they dropped the rate on without a call from me or anything, that was nice. I just got a letter that said because we were valued customers they would lower our rate. It was also Well Fargo. we are in the midst of a refi too, combining our first mortgage (5.5%) with our 2nd (home equity loan that financed our addition, at 7.25%) into one loan at 4.75% and it will save us $500/month.

We have often done 80-15-5 loans to avoid mortgage insurance and we once had a 2nd mortgage that they dropped the rate on without a call from me or anything, that was nice. I just got a letter that said because we were valued customers they would lower our rate. It was also Well Fargo.

]]> By: Meredith http://frugalhacks.com/2009/03/30/cheerful-frugality-refinances/comment-page-1/#comment-4622 Meredith Mon, 30 Mar 2009 19:17:14 +0000 http://frugalhacks.com/?p=1119#comment-4622 I just wanted to throw that out there. I can't find a specific link to this program, but it was the first option the Wells Fargo mortgage operator told me about when I called. I think it may depend on what your current circumstances: what your interest rate may be in relation to the current rate and how much equity there is in the house. Ours was 6.5%, which is significantly higher than the current rate, and they offered to drop it to 6% without fees/paperwork/closing/apraisal. I just wanted to throw that out there. I can’t find a specific link to this program, but it was the first option the Wells Fargo mortgage operator told me about when I called.

I think it may depend on what your current circumstances: what your interest rate may be in relation to the current rate and how much equity there is in the house. Ours was 6.5%, which is significantly higher than the current rate, and they offered to drop it to 6% without fees/paperwork/closing/apraisal.

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