I recently applied for a mortgage refinance and went with a no-cost, no escrow, no prepayment penalty, 30 year fixed at 5.25% with a float down option. Two weeks ago I called up and the guy I spoke with said I could float down to 5.125%. I said that I wanted to do that and thought it was locked. Someone called me yesterday and said that my loan was approved but is still at 5.25%. I asked her about the float down that I had done but she said there wasn't a record of it. Do you think it was an honest mistake/misunderstanding or something shady? The bank is Wells Fargo and I've been happy with them except for this one occurrence.
Which of the three options should I do?
1. Not worry about it. It's only 1 point = about $18 a month. Since I did a no-cost refi if rates drop anymore I'll just refinance again
2. Call back Monday, explain my dissatisfaction and ask again for the 5.125%
3. Play hardball by calling a couple of other banks and try to get a lower rate. If they offer me a lower rate call my bank back and ask them to match it.
I'm leaning towards 3 and if I'm not offered a lower rate than trying option 2. I'm curious to read how other people feel about it.
Which of the three options should I do?
1. Not worry about it. It's only 1 point = about $18 a month. Since I did a no-cost refi if rates drop anymore I'll just refinance again
2. Call back Monday, explain my dissatisfaction and ask again for the 5.125%
3. Play hardball by calling a couple of other banks and try to get a lower rate. If they offer me a lower rate call my bank back and ask them to match it.
I'm leaning towards 3 and if I'm not offered a lower rate than trying option 2. I'm curious to read how other people feel about it.