We have our mortgage with Chase (used to be WaMu). In January, Chase sent us an Express Mail letter notifying us that we could refinance our existing mortgage to a lower rate at no cost to us. We missed out on the opportunity because we vacationing in Hawaii. I called them when we returned home, but they could not extend the time.
Last week they sent us another Express Mail letter with the same offer (expires this coming Tuesday).
Our existing loan is 5.5% - 30 year. They offered to refinance our existing balance at 4.88% for 30 years. We had to answer about 10 questions that would be reported to Fannie/Freddie (some are below):
- Original cost of home
- Purchase Date
- Both employed?
- Any bankruptcies
- Any leins against property
- Is it our primary residence
- Verify employment on one of us (employer, title, address of employer and phone# to verify)
All costs associated with the refinance are waived. Lowers our monthly payment by $260/month at no cost. Once the paperwork is completed they send a notary to our house. No cost - no hassle! We both have steady jobs and excellent credit.
Well, we jumped on the opportunity. Save $260/monthly at no cost/hassle to us. We plan on selling the house when the conditions are right - so the 30 year mortgage doesn't concern us.
Almost seems to good to be true.....what am I missing?