Landlords! Refi offers maybe finally true

[Ed O.]

For a long time I have recieved many solicitations for various refi programs, boasting of no fees and appraisals, etc, only to find out that I should've never recieved the mail in the first place. Today, for the second time in 2 weeks, chase spent $10-15 to get an overnight package to me to try and get me to refi under a similar program.
To summarize: there's no fees and no appraisal. There's a 5 day window to get in. If you miss the opportunity, too bad, so sad. The requirements aren't terribly rigid and we'll see the rate drop a full 2 points. It does sound way too good to be true, but I'll be faxing in the papers and hopefully closing in 30 days. I have completed the first part of the application.
So, if an offer like this arrives at your house, at least call them up.

[Joshua Dorkin]

Keep us in the loop with how it all goes, Ed.

[Al Williamson]

Ed O. my fingers are crossed. Two points! Excited for you.

[Ned Carey]

Ed O. I got a similar package about a year ago from chase. I refinanced and it went smoothly and saved me about $200 a month.

Good Luck - Ned

[Jonathan Poulis]

Was there any number to call on the package or some sort of contact information. I would like to try this out.

[Ed O.]

Jonathan Poulis
Chase: 866-818-7033

Citi: 866-924-5689

[Mathew Wray]

I know this is an old thread...Ed O. Did the refi from Chase work? I shy away from any refi offers in the mail. They all seem too good to be true.

Mathew

[Ed O.]

Oddly enough, on the Harps, I got 3, Entirely free refis, (citi x 1, chase x 2) completed. The HARP program was 100% designed to force you to go to your existing servicer for the refi.
The other ones have been a bit of a grind. I have one in the que at BOA that's been a nightmare, as expected.
Wells Fargo has jerked me around on rates and fees and I decided not to purse it further with them.
The chase transactions were pretty good.
My refi with Citi was rotten, they dropped the ball and then had to completely underwrite the loan twice. They then needed three attempts to close it after that. It was free at least.
The big banks are getting a great deal too. It's my understanding that for every deal they close like this, they get a huge credit towards the recent mortgage company lawsuits that were curiously brought about by the justice department.
The takeaway from this, you have to work with your existing servicer on a harp deal. There's tons of restrictions if you look at any other servicer than your existing one. Hmm.. I wonder if the lobbyists and fat cats had this in mind...

[Mathew Wray]

Thanks for the update! I'm glad some of them worked out. I guess the hassle with banks is just par for the course.