Unraveling Money – My Exploration of Personal Finance and Productivity

June 15, 2009

End of the line for Union Bank

Filed under: Uncategorized — unravelingmoney @ 3:53 pm

After getting a tip from a commenter and from a friend who is a mortgage broker, I decided to call Union Bank again to request some kind of reduction in interest rate apart from the government loan modification program. The answer? It is, in fact, possible to get a refinance without have 20% equity. Also, the rates these days are much better than what they used to be. The only problem is this: my main loan has a prepayment penalty of 1 year – so I can’t do anything until September. Basically – I’m stuck. No loan modification and no refinance options.

It was promising to hear that my monthly payment would go down signficantly – by over $600. So – I’ll need to figure out the cost and the payoff time if I do this, because I’m sure there will be fees galore from the bank.

This is on hold for now…

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