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Refinance Offer Didn’t Pan Out

July 17th, 2020 at 08:15 pm

I got a marketing flyer from my credit union for home loans about a month ago. The rate to refinance was lower than my current rate with PNC and there were no fees or closing costs. It seemed like a no-brainer. After seeing Amber’s success in refinancing, I was inspired to follow-up.

I talked with the representative to verify the no costs, including no prepayment penalties, and then gave them to go-ahead to move forward. The paperwork arrived a few days later and I read the fine print. I saw a gotcha. They assumed that the homeowner’s insurance had a low deductible. I deliberately have a high deductible because I figure that’s what EFs are meant to cover. It keeps my premiums lower. I called to see if that requirement was negotiable and unfortunately it wasn’t. I asked them to trash the application. It’s not worth saving money in one place only to spend it in another.

2 Responses to “Refinance Offer Didn’t Pan Out”

  1. Amber Says:

    Oh no I’m sorry to hear this. I actually used a broker vs the bank, I found the experience to be better

  2. rob62521 Says:

    Sorry it didn't work out. You are right, it isn't worth saving money in one place only to have it got out elsewhere.

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