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Old 07-01-2009, 09:51 AM   #1 (permalink)
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GOOD NEWS: Home Mortgage Interest Rate

Since our power is out at work and we have no windows, our building is pitch black. So, we are off until the circuit breaker is replaced this afternoon. Nothing like a 4 hour work day in a 4 day work week!

So, I checked my mail and got another one of them "Lower your interest rates now" scam letters. You know, the ones you call expecting to get an incredible interest rate, lower payments and the works. Then they tell you "The originating fee is 3.5% of the loan" and that's when you know there is nothing for FREE. Considering I may move at any time, paying $3500 to "Buy Down" 1 point is not worth it, unless I keep the house and make up the $3500 in savings over the life of the loan or at least over 3 years time.....

So, long story short..... I called yet one more place that sent me that "Publishers Clearinghouse Sweepstates" look "Immediate Action Required" letter.....

Turns out, they are telling me "Only for VA personnel, No hidden costs, no origination fees, no transfer fees, nothing. Immediately qualified for a reduction from current 5.5% Interest Rate to a low 4.0 Interest rate, saving $300 a month on my mortgage payments." So...After giving my initial information I got an appointment for an agent to come to the house next week.

We shall soon see if this is for real and for once something GOOD comes from these all letters I been shredding, or just one more scam that I will enjoy berrating the hell out of the bastard all the way out my front door.

Tuesday, 1200.

To be continued.....
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Old 07-01-2009, 09:59 AM   #2 (permalink)
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Re: GOOD NEWS: Home Mortgage Interest Rate

That reminds me. I gotta check my lottery tickets.
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Old 07-01-2009, 10:29 AM   #3 (permalink)
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Re: GOOD NEWS: Home Mortgage Interest Rate

You could always keep the house and lease it out when you move. Get your renters to pay for that new white ZR-1.
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Old 07-01-2009, 12:14 PM   #4 (permalink)
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Re: GOOD NEWS: Home Mortgage Interest Rate

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Originally Posted by vant View Post
You could always keep the house and lease it out when you move. Get your renters to pay for that new white ZR-1.
Vant - I thought o fthat and here in Sierra Vista, we can actually list our houses with the Government to become TDY houses. Since I have 3 bedrooms, they can actually rent it out to 3 personnel and I would be paid their TDY allowance x 3. (My understanding is, about $3700 combined per month) That would leave a nice $2000 after mortgagage is paid. Hoever, I need to reasech that more in depth. It is also my understanding that the military inspect the house prior to move in and prior to vacating and the tennants are charged with any damage or clean fees etc. I just don't want to be stuck with a house when it gets trashed because no one will take care of it the way I do. But if I got the TDY Rental guarantees, I may be in business since I am just 2 miles from the main gate! Brand new home.... (Well, 3 years old now)

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Old 07-02-2009, 07:20 AM   #5 (permalink)
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Re: GOOD NEWS: Home Mortgage Interest Rate

My wife is much younger than me so I'm setting her up financially because I will certainly be gone before her.
Women in her family live to 104 on average.

I just re-fi'd the house at 4.3%.
Instead of a lower payment, I was able to knock 12 years off the loan at close to the same payment.

Bought more life insurance.

Other than the house, we're pretty much debt free.

Last edited by 427 Kid; 07-02-2009 at 07:22 AM.
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Old 07-02-2009, 07:33 AM   #6 (permalink)
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Re: GOOD NEWS: Home Mortgage Interest Rate

let me know what you find out. I am going to buy a second home and refinance my first to a lower rate and rent it out!
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Old 07-02-2009, 08:37 AM   #7 (permalink)
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Re: GOOD NEWS: Home Mortgage Interest Rate

Quote:
Originally Posted by 427 Kid View Post
My wife is much younger than me so I'm setting her up financially because I will certainly be gone before her.
Women in her family live to 104 on average.

I just re-fi'd the house at 4.3%.
Instead of a lower payment, I was able to knock 12 years off the loan at close to the same payment.

Bought more life insurance.

Other than the house, we're pretty much debt free.

Who did you go through for the refinancing?

Th ecomapny that contacte dme was Mortgage Investors Corporation. But there were 2 lists on RIOP-OFF .com blasting them for sneaky stuff.....
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