Local Credit Unions Offer Low Interest Rates and Hassle Free Refinancing

When mortgage interest rates dropped, I knew that I should refinance. I was hesitant because of the hassle it would create. I don’t like the back and forth with banks. The insurmountable paperwork that is involved gives me a headache, right along with all the appointments that I have to make and keep. And, of course, the never-ending fees, attached to the entire process, add up fast. It didn’t seem worth all this trouble.

The Offer:
Then the local credit union advertised their 3.5% refinance deal. Even I realized, it would be now, or never. This rate meant a 2-point drop from my current mortgage.

The Research:
I went to the credit union’s website and read all the fine print. There were some conditions I would have to meet: Credit rating, home equity amount, length of loan, and employment status.

The Contact and Exchange:
I emailed the contact person, included some of my information, and inquired if I would qualify for that deal. She replied the next day and ‘yes’ I did qualify. She mailed a stack of paperwork that included a large stamped return envelope. Since I am a current customer, much of the needed information was already completed. I only updated a few items and signed at the bottom. They needed copies of my last two W-2 forms, homeowners’ insurance policy, and three months worth of pay stubs. Everything went into the return envelope and I dropped it in the mail.

The Outsiders:
Within a few days, I received two phone calls: Home Appraiser and Termite Inspector. Amazingly, we set up a time to meet at my house on one afternoon.
No bugs were crawling around and the appraisal took about three days to come back to the Credit Union.

The Closing Date:
The loan officer called at my work to set up a closing date. I was stunned. The entire process took about two weeks. I never sat foot in the finance department, and I only had to take off from work one afternoon.

It was the easiest thing that I have done in a long time. The extra money each month certainly outweighs the refinance fees. If you are worried about ‘the hassle’, think again. It’s not as bad as it used to be.


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