Posted on 02/15/2012 1:52:36 PM PST by Razzz42
You got that right.
Thanks for that. Some people will never get it.
Actually, mine is a VA Streamline so it’s a done deal. I set up new escrows but get my current escrows refunded. Bottom line is it cost nothing and my interest goes from 5.25 to 4.125 saving me almost $200 a month.
There is no appraisal but it wouldn’t matter anyway. No government loans, Fannie, Freddie, FHA or VA, are included in this wonderful “deal” they cut. Ain’t that a kick. A guy under water on a “B” paper loan gets his principle cut but the guy next door with an under water FHA loan doesn’t get his cut.
I think this deal is for investor friends of the politians only. And I’m sure the five banks are going to make some heavy obama contributions.
Your bank is broke. Only funny accounting says they can carry real estate or supposed assets at the value they say it is and not what today’s true market value is, like if they had to sell it now on the open market. (FASB: Financial Accounting Standards Board regulations)
Any cash was forced into banks via Federal Reserve policy and then the Federal Reserve holds that same money it gave banks and pays those banks interest on it. Makes no sense but sure looks good on paper and/or computer monitors.
When interest rates go to 2.99%, do it again.
that’s my plan...with a VA Streamline I think the payment has to drop by $50. Another 1 per cent would do that.
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