NFCU has taken the same "screw you, we have too much business to care about you right now" attitude with us. They wouldn't work with us at all on our current 5.375% mortgage with them, despite our 30 years of business. We'd have a hard time getting that rate today from them without paying points.
Now we're refinancing with a small local bank (Territorial Savings) and I really really hope their 30-year fixed 4.5% with 2.375 points gets finished within the 45-day lock period. (Last week they briefly offered a 4.25% rate but it was gone three days later when we met to do the paperwork.) Territorial says it'll take them a couple weeks just to schedule an appraisal-- which they feel is essential even though we're only going to mortgage about 40% of the home's assessed value. But it seems as if the refinancing business is getting busy again, or else there's a much smaller crew to handle the workload.
We asked NFCU to subordinate their HELOC to our new mortgage and were told that we'd have to reapply. NFCU wanted a new appraisal, new application fees, and a subordination fee. This for a HELOC representing less than 10% of the home's equity. This is the same HELOC that they gave us three years ago along with our no-doc fast-track refinancing that even included a notary driving out to our house to do the closing on our back lanai. I guess those days are over.
Looks like interest rates have hit everyone's sweet spot, and customer loyalty means nothing right now. We also shopped PenFed and USAA and were getting close to applying with USAA when Territorial popped up on a BankRate.com search.
So a smaller local bank in your area might also have a similar refinancing surprise amid the crowds rushing to the big credit unions & banks...
Now we're refinancing with a small local bank (Territorial Savings) and I really really hope their 30-year fixed 4.5% with 2.375 points gets finished within the 45-day lock period. (Last week they briefly offered a 4.25% rate but it was gone three days later when we met to do the paperwork.) Territorial says it'll take them a couple weeks just to schedule an appraisal-- which they feel is essential even though we're only going to mortgage about 40% of the home's assessed value. But it seems as if the refinancing business is getting busy again, or else there's a much smaller crew to handle the workload.
We asked NFCU to subordinate their HELOC to our new mortgage and were told that we'd have to reapply. NFCU wanted a new appraisal, new application fees, and a subordination fee. This for a HELOC representing less than 10% of the home's equity. This is the same HELOC that they gave us three years ago along with our no-doc fast-track refinancing that even included a notary driving out to our house to do the closing on our back lanai. I guess those days are over.
Looks like interest rates have hit everyone's sweet spot, and customer loyalty means nothing right now. We also shopped PenFed and USAA and were getting close to applying with USAA when Territorial popped up on a BankRate.com search.
So a smaller local bank in your area might also have a similar refinancing surprise amid the crowds rushing to the big credit unions & banks...
