Something of an adventure

[mdlbear]

This morning I had the fascinating experience of refinancing my house over the phone. Somebody at the bank had noticed that our 30-year mortgage had 18 more years to run at about 1.5% higher than the current rate, and that our $50K equity checking account was nearly maxed out. So they called us. The flower_cat and I went in to discuss our options and do any necessary paper-signing, but as it turned out all they needed to increase our equity line-of-credit was a phone call. Aren't computers wonderful? That and the fact that the house is now worth significantly more than it was 12 years ago.

While that was being approved (which took all of an hour or two) the nice young lady at the bank was researching our mortgage options. A few more questions, and our 30-year mortgage (with 18 years or so left to run) became a 15-year for enough extra to pay off the balance on the second, and with payments only $200/month higher. The last time we refinanced, we spent two hours signing papers.

Should have done it a year ago, of course. I'm a financial idiot most of the time.

Comments

[madfilkentist]

It's just as well that you went in and confirmed it really was your bank that had called. With phone rates getting really low, I suspect phishers are starting to move into telemarketing.

[mdlbear]

Good point, and I think they understand that at the bank (website security may be a different problem). The actual procedure was:

1. call me and invite me to come in and talk.
2. while I'm sitting there, dial the person who collects the info
3. hand me the phone
...
4. call me again -- at this point I've already met the person I'm talking to
5. transfer the call to the mortgage consultant, after introducing her.