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Is it true that your bank will notify you if you qualify for a refinance based on the new eligibility of owing up to 125%? Can I take my current loan to a different bank and see if they will refinance it for me?

chrisburns · Posted: Wed Oct 14, 2009 6:30 am Post subject:

The bank will not notify you. You have to actively engage a mortgage professional so they can run you through the automated underwriting system and see if you qualify for the program.

jveenstra · Posted: Wed Oct 14, 2009 8:59 am Post subject: Refinance

Many banks notify borrowers that they may be able to refinance. Some lenders just put a note on the monthly mortgage statement.

However, why wait. If you want to know if you can refinance, call the 800 customer service telephone number and ask them.

gmakerley · Posted: Wed Oct 14, 2009 9:48 am Post subject:

correct...don't wait for your lender to tell you. do your own homework and call to check first.

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