I guess you could call this a brag, but I had to tell someone. I refinanced my mortgage at the beginning of 2019 with 3rd Federal. I did a 5/1 ARM as I'm planning to sell/move in about 3 years.
I got an email from them this past week that I had their "flexible" ARM which allows me to relock my rate at any time and if I relock now, my rate would go from 4.49% to 3.29%. It will cost me one time fee of $295, but it lowers my monthly payment by about $220/month. I called them looking for the "gotcha", but there is none. I reviewed the paperwork and can't find any rational reason not to take advantage of this.
Are they really that nice/good or am I missing something?
I got an email from them this past week that I had their "flexible" ARM which allows me to relock my rate at any time and if I relock now, my rate would go from 4.49% to 3.29%. It will cost me one time fee of $295, but it lowers my monthly payment by about $220/month. I called them looking for the "gotcha", but there is none. I reviewed the paperwork and can't find any rational reason not to take advantage of this.
Are they really that nice/good or am I missing something?