No. of Recommendations: 4
Sometimes there is a happy ending after all (and not just at massage parlors). I came home from work yesterday to find one of those refi offers in the mail from Chase (holders of my first mortgage), the kind where they say "just sign here" and the loan is magically reduced from 5.25% to 3.25%.

I've gotten these offers in the mail before but the fine print pointed out that I wasn't eligible due to our HELOC. I assumed that would be the case this time as well but I called anyway and the nice lady I talked to said that they would submit the subordination request to PNC (holders of my HELOC) and that they haven't been getting any resistance from PNC on these subordinations. So the HELOC will stay in place as-is but the first mortgage will get a nice drop in interest rate.

Otherwise, no appraisal (yay!), no closing costs, etc. Just a reset to a new 30 yr term at a lower rate. Can't beat that, especially given the rock and hard place we may have been stuck between due to this comps/appraisal situation.

Thanks to everyone for their input. Hopefully this won't be an issue when we eventually do sell our house (probably in a couple of years).

Print the post  


Useful Resources
Our Home Center has all you need to make buying and owning a home a great experience. Get or refinance a mortgage and much more!
Buying/Selling a Home FAQ

Mortgage Professor
Offsite resource for mortgage questions.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.