My bank wants to lower my mortgage rate from 5.6 to 4.8 - Page 4 - PeachParts Mercedes-Benz Forum

10fords · #46 09-26-2011, 11:03 AM

To update my status- I ended up not doing the deal. The bank sent the documents via UPS, which doesn't come to my house (too far out in the boonies), so I didn't get them until 3 weeks later when I happened to be at the country store 5 miles down the road and they said "oh- there is a package here for you". By then all the deadlines had passed so I said to hell with it. If they can't even do that right I don't want to think what else they might screw up.

chasinthesun · #47 09-26-2011, 11:30 AM

Oh yes ,the old ,"The offer is only good till" sales approach .Its called creating urgency by those in the sales dept.I never would buy anything under a timer ,if you want my business then dont put pressure on the time it takes me to think about my decision.

chasinthesun · #48 09-26-2011, 11:38 AM

Oh yes ,the old ,"The offer is only good till" sales approach .Its called creating urgency by those in the sales dept.I never would buy anything under a timer ,if you want my business then dont put pressure on the time it takes me to think about my decision.

aklim · #49 09-26-2011, 01:07 PM

Quote:

Originally Posted by 10fords

To update my status- I ended up not doing the deal. The bank sent the documents via UPS, which doesn't come to my house (too far out in the boonies), so I didn't get them until 3 weeks later when I happened to be at the country store 5 miles down the road and they said "oh- there is a package here for you". By then all the deadlines had passed so I said to hell with it. If they can't even do that right I don't want to think what else they might screw up.

What is your expectation, BTW? If they send it via UPS and UPS cannot deliver, I am not sure that we can legitimately blame them. I cannot know what UPS will or will not do. That is like you blaming me for not sending something to you when I did via UPS and they failed to deliver. Did you expect them to send a bunch of Playboy Bunnies with the contract and have them waiting outside your door till you came home? Once the country store picks it up and accepts delivery, they don't know what is done or not done.

aklim · #50 09-26-2011, 01:12 PM

Quote:

Originally Posted by chasinthesun

Oh yes ,the old ,"The offer is only good till" sales approach .Its called creating urgency by those in the sales dept.I never would buy anything under a timer ,if you want my business then dont put pressure on the time it takes me to think about my decision.

Interest rates change on a daily basis. To have them hold the rate infinitely is not reasonable. If you were buying my car and made an offer, would you expect me to hold it indefinitely till you finally decided to counter or reject the offer? Would you extend me the same courtesy if the situation were reversed?

If you made an offer and I said I'd think about it, I don't expect you to keep that position till I came back with no time limits. I would say that if I don't accept an offer within a certain time or at least show interest in counter offering, you should move on and not wait for a month for me to say "Sorry, not interested.".

panZZer · #51 09-26-2011, 05:54 PM

Quote:

Originally Posted by compress ignite

J.P.Morgan/Chase has Generations of Experience in screwing it's Customers.

They are THE most slick of all the Commercial Banks in CONUS.

I'll find it hard to believe ANY "Offer" from them results in benefit to You.

Chase is the second slimiest out there behind bank of america, Another thing chase has going now are the "free " $150 --now $200 offers for opening up a checking account--with there ridiculous conditions,,
. You must keep a minimum of $1500 in it all the time
. you must agree to move a certain amount from a savings account to the checking every month--oh and that comes with a debit card --and they wana push auto pay for lots of possible fees--that are still possible, if they can cook which ones they pay for you.
bottom line is --they are coviring the base fees for the first yr-- or 16 mos if you accept the "free" $200---After which you got a leech attached to you from them on, with a minimum $12.00 monthly charge, and more if you dont jump thru the other hoops they arranged for you.

Medmech · #52 09-26-2011, 06:41 PM

Quote:

Originally Posted by chasinthesun

Oh yes ,the old ,"The offer is only good till" sales approach .Its called creating urgency by those in the sales dept.I never would buy anything under a timer ,if you want my business then dont put pressure on the time it takes me to think about my decision.

With that logic it's a safe bet that you will never be at a closing table with the new rules set forth by your government. If disclosures are not signed and returned to the lender within the time parameters for the specific loan and loan type the deal is dead....

Local2ED · #53 09-26-2011, 06:41 PM

Quote:

Originally Posted by 10fords

My mortgage is with Chase and they sent me an offer to lower my fixed rate from my current 5.6 rate down to 4.8. There are no closing costs and other than the rate change the terms are exactly the same, other than of course I am starting my 30 year loan from the beginning again. I am 4 years into my current loan so if I continue to make the same payment I will pay it off approximately 3.5 years sooner and save about 50k. Is this a no brainer or is there a catch I'm missing. According to Chase it is because I make my payments on time and they don't want me to go somewhere else since rates are going down. Any expert advice?

Why not pay cash?

MTI · #54 09-26-2011, 06:52 PM

It would probably be a good thing for banking consumers if there was a way to get banks and lenders to standardize their offers, in clear non-technical language, so that a consumer could compare offers and terms . . . and possibly have legal rights against lenders than mislead or fail to disclose terms and conditions. Like they say, there ought to be a law . . .

10fords · #55 09-27-2011, 12:47 AM

Quote:

Originally Posted by aklim

What is your expectation, BTW? If they send it via UPS and UPS cannot deliver, I am not sure that we can legitimately blame them. I cannot know what UPS will or will not do. That is like you blaming me for not sending something to you when I did via UPS and they failed to deliver. Did you expect them to send a bunch of Playboy Bunnies with the contract and have them waiting outside your door till you came home? Once the country store picks it up and accepts delivery, they don't know what is done or not done.

I told them if they sent it UPS that I had to use a different address, but they said they were sending it USPS. Which carrier uses Playboy bunnies so I can request them next time?

10fords · #56 09-27-2011, 01:10 AM

Quote:

Originally Posted by Local2ED

Why not pay cash?

Because I am a self employed contractor. I can't force others to provide for me, while providing substandard service (nor would I want to). Funny thing is you will be wishing you were in my shoes when your masters finally succeed in killing their golden goose, because I actually provide something people want, instead of requiring by government dictate that everyone pay for my miserable existence, and piss poor performance. People like you are dependant on people like me for your survival, but I am not dependant on you for my survival, so what are you going to do when people like me refuse to prop you up anymore? You're screwed sweetheart

aklim · #57 09-27-2011, 09:46 AM

Quote:

Originally Posted by 10fords

I told them if they sent it UPS that I had to use a different address, but they said they were sending it USPS.

Which carrier uses Playboy bunnies so I can request them next time?

Fair enough.

If the sum involved were large enough, I'm sure something could be arranged. We did send a hooker to deliver a contract once. Made sure it got signed with the black ink pen instead of the white ink one though.

aklim · #58 09-27-2011, 12:01 PM

Quote:

Originally Posted by MTI

It would probably be a good thing for banking consumers if there was a way to get banks and lenders to standardize their offers, in clear non-technical language, so that a consumer could compare offers and terms . . . and possibly have legal rights against lenders than mislead or fail to disclose terms and conditions. Like they say, there ought to be a law . . .

Non technical language is pretty vague. I can see that being a problem from an enforcement point of view. As they say, "Say what you mean and mean what you say.". If I said I will sell you a dog and not specify it's breed, you might not like it when you pay pure bred prices for a mutt. That is the question I have when you ask for "non-technical" language. How would you make it more specific without using technical language since day to day words are very unspecific.

MTI · #59 09-27-2011, 06:42 PM

CFPB > Consumer Financial Protection Bureau

chasinthesun · #60 09-29-2011, 11:38 AM

Medmech ,thats the reason why rules are set,to protect the consumer ,but the govt have set other rules up that seem to not be working so well.I can give you examples and details if youd like.