Couple of questions/advice related to previous post. I'm trying to move from a 30 year fixed at 3.625 with 22 years left. Bought for 340K. Currently valued at 400K. owe 225K. credit score 800+. Good incomes, job security.
So, I ended up applying for a refinace of my mortgage at my credit union. The website stated that the rate would be 2.75 for 15 year. Talked to the mortgage supervisor and she confirmed it. Sent her all my information which she sent to CUMA to process. The CUMA person came back with 3.265 for 15 years and indicated that it was the best they could do because of some fee they charge the credit union to process it (no mention of that on website). However, CUMA guy said if the credit union held my refinance, it should be at a much lower rate. He reported that there was no reason they shouldn't do so based on my application.
When I went back to the credit union mortgage supervisor, she said they didn't hold any of their Fixed rate mortgages. I sent her an email indicating that I was disappointed and felt that if they didn't hold any of their fixed rate mortgages, it was misleading to quote rates that the CUMA would not meet due to fees not listed on website. She responded:
I sent this to CUMA to their supervisor to ask for some help in this. but what I am willing to do is honor your rate of 2.75% and do the loan inhouse at 15 Year fixed limited cash out.
Please let me know if you would like to move forward with me.
1. Is a 15 Year fixed limited cash out the same as a 15 year refinance mortgage?
2. If it's a home equity loan, I'd still probably proceed and apply it to my original mortgage and have it recast. Does that make sense?
3. Anything I should ask or have her clarify when I respond?
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