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Mortgage help
Posted on 6/11/26 at 2:56 pm
Posted on 6/11/26 at 2:56 pm
So I bought a home in the past year through one mortgage group. About 4 months later they, I guess, sold my mortgage to another company.
Whatever, nothing changed except a slicker on line payment system.
Well now the new mortgage group is aggressively contacting me that they can reduce my monthly payments by and my rate by .5%.
I guess im confused. I want to trust that the company is doing what's best for me but I dont see how they are making money off giving me a deal.
Does anyone here know about these moves and procedures? Is it a type of scam?
TIA
Whatever, nothing changed except a slicker on line payment system.
Well now the new mortgage group is aggressively contacting me that they can reduce my monthly payments by and my rate by .5%.
I guess im confused. I want to trust that the company is doing what's best for me but I dont see how they are making money off giving me a deal.
Does anyone here know about these moves and procedures? Is it a type of scam?
TIA
13
Posted on 6/11/26 at 3:03 pm to vilma4prez
What’s the mortgage company
Posted on 6/11/26 at 3:06 pm to vilma4prez
They probably can through refinancing but that has an upfront fee associated with it. Typically for it to make sense it needs to be 1% change
Posted on 6/11/26 at 3:08 pm to vilma4prez
What are the terms? Any closing costs/fees?
Posted on 6/11/26 at 3:13 pm to vilma4prez
quote:
Well now the new mortgage group is aggressively contacting me that they can reduce my monthly payments by and my rate by .5%.
For only .5% rate reduction; unless you have a very large mortgage it is likely not worth it
Posted on 6/11/26 at 3:13 pm to vilma4prez
Sounds like they’re trying to either sell you a refinance or offer a loan modification. Could be beneficial, or it might not. Personally I’m very skeptical when people try to sell me things. Review all the numbers closely before you bite.
Posted on 6/11/26 at 3:38 pm to VermilionTiger
Amerihome is the company.
And it would cut about $220 a month on payment.
And it would cut about $220 a month on payment.
Posted on 6/11/26 at 3:43 pm to vilma4prez
They want fees. They will reduce your rate by .5%, but put their fees inside the new mortgage.
Posted on 6/11/26 at 4:02 pm to vilma4prez
and would you be extending the mortgage back out to 30 years or whatever? They are wanting you to pay more in interest due to now having more time left on the mortgage and closing fees.
Posted on 6/11/26 at 4:06 pm to vilma4prez
Get you to spend $5,000 on refinancing your loan to save $220/month and then they will sell you mortgage to the next buyer and make even more off you.
Just give it time, they will sell you off (again) after you keep declining their refinance offers lol
Just give it time, they will sell you off (again) after you keep declining their refinance offers lol
Posted on 6/11/26 at 4:29 pm to vilma4prez
Ask them how much they would reduce your rate and what would be your monthly payments would be for a 15 year note.
Posted on 6/11/26 at 5:03 pm to vilma4prez
Ask them if they can just not charge you for .5% of the interest since they are so adamant about it.
Posted on 6/11/26 at 5:15 pm to Roy Curado
quote:
Just give it time, they will sell you off (again) after you keep declining their refinance offers lol
I bought my house in April of 2022. My loan just got bought out (again) a couple months ago. This is the 5th time it's been bought out. It's annoying trying to keep up with it and register new accounts. Then remembering which company held the loan for which months of the year so I can get my tax statements the following year.
Posted on 6/11/26 at 9:00 pm to vilma4prez
you’ve gotten very good advice
to recap:
Ask them for a quote on a new 15 year note, and to list all fees and costs. If it doesn’t look attractive, tell them no thanks and they’ll sell your note soon enough. Then try again.
Your goal should be either fewer years or a substantially lower note on the same years
to recap:
Ask them for a quote on a new 15 year note, and to list all fees and costs. If it doesn’t look attractive, tell them no thanks and they’ll sell your note soon enough. Then try again.
Your goal should be either fewer years or a substantially lower note on the same years
Posted on 6/12/26 at 8:56 am to vilma4prez
quote:
And it would cut about $220 a month on payment.
Thats only one part of the total picture that you should be looking at.
Ask about all of the loan origination fees and other costs involved with refinancing. That amount is either getting added to your principal balance or you're coming out of pocket with it at the refinance closing.
How many years are left on your current mortgage and how many years is this new $220 a month cheaper mortgage going to be for? Is the new loan only really going to be that much cheaper because they're adding years to the backend?
ETA: if its a house you're planning on staying in for a long time and you're not adding a bunch of years to the end of the loan, then it might be worthwhile. Though personally, I'd probably hold out and see if interest rates come down. The fed was expected to have some rate cuts this year, but then the Iran bullshite started and oil prices skyrocketed, which in turn is fueling inflation. So the rate cuts got shelved for now, but I'd think they'd be back on the table once things in the middle east calm down and oil prices drop.
This post was edited on 6/12/26 at 9:00 am
Posted on 6/12/26 at 4:34 pm to cgrand
Thanks folks.
Im comfortable for now, so ill just see if I can squeeze em.
Im comfortable for now, so ill just see if I can squeeze em.
Posted on 6/13/26 at 7:14 pm to vilma4prez
Companies generally make it look like a great deal to get you to drop your pants and bend over.
Posted on 6/13/26 at 7:23 pm to vilma4prez
tell them to call you win rates drop 1.5%
Posted on 6/14/26 at 9:09 am to vilma4prez
You have received good feedback.
It is not a scam, and is a common practice.
Smaller mortgage companies and banks offer deals to get clients and make their money thru fees. Then they sell the mortgage to larger companies with deeper pockets.
They are charging you fees that are added to the amount you are borrowing. You have to balance the lower payment with the higher total cost over the length of the loan.
It is not a scam, and is a common practice.
Smaller mortgage companies and banks offer deals to get clients and make their money thru fees. Then they sell the mortgage to larger companies with deeper pockets.
They are charging you fees that are added to the amount you are borrowing. You have to balance the lower payment with the higher total cost over the length of the loan.
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