Posted on: 14th Oct, 2009 05:29 am
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?
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.
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.
However, why wait. If you want to know if you can refinance, call the 800 customer service telephone number and ask them.
correct...don't wait for your lender to tell you. do your own homework and call to check first.
