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  • Hey far as 'strange' goes, this one takes the cake. But, I've been following along in the Mortgage Rates thread for quite sometime and figured I'd reach out. Long story wife and I bought a townhouse in Northern Illinois in 2005. Obviously became very upside down on the thing, but no big deal. Fast forward several years (and two children) later, and it's time to move into a bigger space. We bought our current house seven or so years ago and rented the townhouse. We made no money on the townhouse, but the rent paid for most of the monthly mortgage note. Got a terrible renter, things went awful, missed a few payments but finally got close enough to break even on it that we sold it two months ago. That mortgage is off our credit report now, which is nice.

    Our current forever house is in Lake in the Hills, Illinois, and I'm wondering if it'd make sense/be possible to refinance...mainly because we're still paying PMI on it. We owe $177,500ish on it, and our interest rate is 4%. Houses in the neighborhood have recently sold in the upper 200's/low 300's. My wife and I are both 38 and teachers, so jobs are pretty secure. We can obviously show a steady employment history. Our credit score isn't great, though, thanks to the issue with the townhouse. We didn't short sell it, but were super late on payments a time or two trying to make ends meet with no renters. The one that comes with our credit card says our score is about 690 or so. We have no other real debt...we pay our credit card off every moth, one leased car at $199 a month (we own the second one outright), and that's really it. 

    I don't know that I want to refi at 30 years, but I'm open to suggestions. Our taxes are crazy high, so our monthly payment clocks in at almost $1,900. Again, no idea if this makes sense or is even possible, considering the ding on our credit from some missed payments on the townhouse. Thanks for taking the time to read this, and no pressure/hurry on anything. I've seen how helpful you've been to other FBGs, and I figures I would start with you before calling some random person I don't have any feel for. Enjoy Sunday!


    Hey Mike,

    Yes, from that we will want to dig into this more for sure. I have a few questions which would be easier to chat over. Give me a call when available: 708-400-1799


    Just starting the process of looking for a broker.  Chadstroma thanks for the advice in this thread.  Any of your guys in the Cleveland Ohio area ?

    Yup- I sent a PM to get your contact info and make an intro for you. 

    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.

    Kind regards,


    My questions:

    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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